"Data-centric solutions empower us to make decisions with precision, offering a deeper understanding of patterns and opportunities," says Swastika Nevaskar, a leading data scientist at Costco IT. With a career spanning over a decade, she has embraced this data-centric strategy and etched her name as a visionary who transforms raw data into strategic decisions.
As businesses grapple with the dynamic challenges of 2023, the demand for wiser decision-making has never been greater. According to industry forecasts, adopting data-centric approaches is projected to surge by 25% this year, underlining its pivotal role in shaping the corporate landscape.
According to Nevaskar, this surge reflects a growing realization that success is about data accumulation and cultivating insights that translate into action. The true success of data-centric solutions lies in wisely extracting meaningful insights from a sea of information. Once mastered, it can produce game-changing insights that propel business processes forward.
An Overview of the Oil & Gas Industry and Data-Centric Solutions
The dynamic landscape of the oil and gas industry needs paramount precision and efficiency. This is where the concept of data-centric solutions has emerged as a game-changer. According to Nevaskar, this transformative approach places data at the core of decision-making, ushering in a new era where insights derived from data drive every strategic move.
Data-centric solutions shift from conventional decision-making to a methodology driven by data-driven insights. Industries before, specifically the oil and gas sector, heavily depended on time-tested procedures, expert intuitions, and established best practices for decision-making. While these approaches had merits and delivered results for decades, they also came with inherent limitations. The complexities of modern reservoir dynamics, rapidly fluctuating global demand, and intricate supply chains make it increasingly challenging to achieve consistent and optimal outcomes using traditional methods. Errors, inefficiencies, and missed opportunities arose, costing time and resources.
The advent of data-centric solutions emerged as an answer to these challenges. This new approach, leveraging vast amounts of data and cutting-edge analytics, revolutionized how the industry perceived and tackled problems. Rather than relying solely on experience or gut feelings, it utilizes data to inform and validate every step of its operations. From reservoir analysis to supply chain optimization, every aspect of the oil and gas industry benefits from the precision offered by data-centricity.
According to Nevaskar, the growing adoption of data-centric solutions responds to the intricate challenges of a rapidly changing business landscape. Understanding this significant impact, she uses her expertise to let data-driven decisions, grounded in evidence, yield favorable outcomes that will propel the industry forward.
Transforming Raw Data into Strategic Decisions
Nevaskar's journey begins where complexity meets innovation seismic data processing and imaging. Leveraging her Master of Science (MSc) in engineering Mathematics and Ph.D. in Geoscience at Dalhousie University, Halifax, Canada, she dives into the intricacies of subsurface images, unravelling the mysteries hidden beneath the Earth's surface. Her proficiency in delivering clean subsurface images for complex geologic environments stems from her 12 years of professional experience.
However, things are not always as good as they seem for Nevaskar. While at a prominent US-based oil and gas corporation, she faced formidable challenges posed by complex datasets characterized by a notably unfavorable signal-to-noise ratio. This is where her problem-solving expertise shines a spotlight. Using cutting-edge, proprietary tools called R-shape, she meticulously eliminated undesirable frequencies from both the high and low ends of the frequency spectrum.
The data scientist mentions that data enhances visualization and illuminates pathways for informed decisions. Understanding this, Nevaskar dedicated herself to running analysis, statics, and noise reduction procedures through multiple iterations, resulting in an ultimately final, top-tier image, empowering their interpreters to discern the hidden potential beneath the subsurface.
However, that is not all. During Nevaskar's tenure as an Imaging Lead Processor, her exceptional talent came to the forefront as she skillfully led the integration of multi-lined 2D data from diverse seismic surveys into two cohesive 3D surveys. This intricate process yielded a seamless and high-fidelity image of a pivotal prospect lead.
Nevaskar's proficiency in harmonizing data from various orientations and sources—including an east-west 3D continuous long offset survey, a 3D north-south survey, and northeast-southwest oriented pre-processed 2D lines represented a formidable technical expertise and achievement. This statement strongly echoes her journey as she orchestrated and navigated multiple projects worth over $200 million. She also produced seven publications and 20+ internal reports & success stories on project cycle time reduction by 10-50%, saving a budget of several $100M.
Nevaskar also let her leadership skills shine by building and nurturing teams of 15 to 25 technology professionals who bridge the cross-functional expertise to ensure accurate and impactful solutions. Her cross-functional expertise bridges the chasm between domains, enabling her to craft real solutions that resonate across disciplines. Her adeptness at managing partners, vendors, and teams amplifies her impact, transforming seismic data into collaborative progress.
With all this expertise drawn from his dynamic and challenging roles, Nevaskar mastered breathing new life into data that might otherwise be considered outdated. This ability isn't just about saving time and resources; it's about the intrinsic value of vintage data—a trove of insights waiting to be unlocked.
"Data-centric solutions empower us to make decisions with precision, offering a deeper understanding of patterns and opportunities," Swastika asserts.
A Counter-Narrative Emerges
Despite the undeniable impact of data-centric solutions, some approach it with skepticism. Professor Alex Thompson, a vocal critic of the trend, challenges the notion of over-reliance on algorithms. He cautions that data is valuable but cannot supplant human intuition and creativity. Thompson's perspective introduces a new angle to the story, fueling an ongoing discourse on the role of data in decision-making.
However, Nevaskar contends that data-centric solutions don't replace human judgment but augment it. According to her, the beauty of data lies in its ability to provide a foundation of evidence and insights, serving as a compass to guide human intuition.
She mentions, "The interplay of human insight and data-driven insights creates a teamwork that can lead to the most well-informed choices."
The Transformative Role of Data-Centric Solutions
The 2023 Data and Technology Report reveals that organizations fostering data-centric cultures are 1.5 times more likely to achieve their strategic objectives. This game-changing impact highlights the importance of Nevaskar's role in the industry.
By infusing her approach into their strategies, businesses can embrace a paradigm where every move is well-informed, empowering them to navigate uncertainties and elevating decision-making processes.
As industries navigate a more digitized oil and gas industry, the impact provided by Swastika Nevaskar offers a blueprint that will inspire businesses to weave together data-driven insights, strategic acumen, and collaborative prowess to elevate companies to greater heights.
