Data analytics is way forward for downstream sector firms – Energy360
In order to survive the numerous challenges facing the Nigeria downstream sector, firms must take advantage of the huge opportunities in data analytics in order to maximize profit and remain relevant in the volatile oil and gas sector experts have said.
In the maiden edition of the “Fuel Meets Tech” event, Abayomi Elebute CEO of Energy360 Africa Limited, a retail technology company providing services for the oil industry performed a demo demonstrating how station owners and executives operating in the downstream sector must embrace data analytics as it helps to monitor and reflects on business activities such as pump activities, tank movements, payments and so much more.
“Data analytics provides business insight by allowing downstream firm have pricing insight, know what price point will draw customers, increase profitability and also provides insight to what customers want at their preferred point of purchase,” Elebute said.
Elebute said with Data analytics, downstream firms can adapt new ways to sell based on how customers are buying and also have marketing insights which is based on delivering personalised promotions and optimization marketing spend.
“Data analytics provides new and improved control measures for firms with real time visibility of operations at stations, terminals and depots ,” Elebute, said.
The company top shot further said that there are untapped potentials in social media as technology is crucial for survival with recent gradual explosion of data.
“Most of the downstream firms current data with necessary assumptions can be used to predict transaction patterns such as customer sales, replenishment planning, gross margin.”
Speaking with pressmen after the event, Elebute mentioned that the company is on a mission to make the power of data analytics available to station owners and executives supporting them to make data-driven decisions.
“Over 52% of business professionals today need to data-driven decisions within one day. Without the cutting edge real time analysis on activities especially at fuel stations, fuel businesses will find it difficult to grow at their desired rate,” Elebute ceo of E360 Africa said.
Over the years the downstream sector of Nigeria’s oil and gas industry is bedevilled by plethora of challenges, which have virtually wiped out the margins of the oil marketing and trading companies, as well as other importers of petroleum products.
Energy360 said its is well position to provide services for firms operating in the downstream sector which will protect their revenue and improved margins through elimination of losses as a result of fraud and leakages.
“Energy 360 analysis provides optimise business process for firms and real term visible accessibility to tanks data, pump data, station data even across to depot and terminals monitor data remote,” ceo of Energy360 said.
Energy360 also ensures real time holistic view of operations, revenues and red flags across all stations as it also provides automated replenishment, forecasting and reducing the risk of fuel scarcity.
Founded in 2017 and active in over 60 stations; Energy 360 remain committed to developing business technology solutions that will connect, analyse and optimise business processes that will ensure maximum profitability.