Consumers depend on reliable energy services. However, the process of extracting natural resources from the ground and converting them into energy products is complicated and presents significant challenges for Energy companies. These challenges range from the early stages of planning drilling targets to efficiently transporting resources on a massive scale, to marketing finished products to consumers competitively — all while prioritizing safety, managing a reliable service, and turning a profit.
Energy companies rely on data from various sources to understand the moving parts in each stage of operations. Permitting data in addition to data from environmental sensors, drilling machinery, and customers provide essential business insights, but many Energy companies are missing an opportunity to transform their operational practices with a source of data that boasts strategic insights on both competitor and consumer behavior: location data.
Location Data: An Untapped Resource
Location data provides Energy companies with rich information about how people move through space. Understanding mobility is critical to understanding human behavior, and mobility insights support transformative decisions in each stage of operations in the Energy industry. From optimizing upstream efforts in the planning and exploration phase, to midstream and downstream efforts like transportation and marketing, Spectus empowers Energy companies to visualize mobility trends, understand behavior, and make data-driven decisions that improve operational efficiency and increase profits throughout the business.
Location data provides competitive insights that support extraction planning. Understanding competitors’ field activity is valuable information during the exploration and planning phase of oil extraction. Location intelligence tools help businesses infer where competitors may be drilling for oil by highlighting areas with high rates of cell phone activity that are probable drilling target locations. With deeper analysis, companies can infer which competitors are most likely to be drilling at these targets by associating trajectory activity between jobs with specific machinery yards. The ability to benchmark competitors’ visitations with real-time data feeds via APIs is a game changer for Energy companies seeking a competitive advantage.
Location data also helps improve midstream operations by providing insights that support transportation route optimization and risk mitigation in gas pipeline transmission planning.
By analyzing historical and real-time trajectory data such as traffic patterns and the speed and frequency with which a route is traveled, energy service companies can determine ideal routes to transport natural resources more efficiently and dispatch crews to restore outages faster. Learn more about how Spectus can optimize the routes your company relies on with our Trajectory Analysis.
Mobility insights also help Energy companies mitigate risk and improve safety during pipeline planning. It’s essential that Energy companies understand the types of properties around potential sites and forecast areas poised for growth. Parks, hospitals, restaurants, and schools all have an effect on an area’s growth potential. Real-time Density Metrics can help Energy companies visualize mobility trends and plan pipelines safely around High Consequence Areas.
Location data can also improve downstream operations by supporting marketing efforts and location optimization. By analyzing density and demographic trends Energy companies can improve geomarketing efforts and increase customer lifetime value by targeting campaigns to the right customers at the right times. Trade Area Analysis is another useful tool to help optimize ideal retail locations based on regional demographic and trajectory trends such as spending potential, demand by store location, and the routes that customers take to visit a store.
The Bottom Line
Mobility insights have the power to transform operations from the beginning to the end of the energy lifecycle. From planning and exploration to transportation and marketing, location data enhances operational efficiency to drive profits and is proven to be an indispensable tool in a strong competitor’s toolkit.
Want to learn more about how Spectus can transform your business with location intelligence? Contact our sales team for more information.