There has been a recent breakthrough in software technology that can effectively solve the data deluge problem. This ambitious technology can improve the reliability, quality, and usability of numerical data. Intelligent Data Quality Improver (IDQI) is an AI that can manage and interpret mass volumes of numerical data from various platforms.
IDQI is being headed by Scotland’s Innovation Centre, The Data Lab, software company HyperDAP Ltd and the Oil and Gas Innovation Centre. This venture was first launched in 2019 after increasing cases of data issues. The launch was held at the University of Aberdeen which supported the software development for over a year.
Experts have shown that most industries struggle with processing, interpreting, and handling excess quantities of data. Data-intensive industries run the risk of losing valuable information that would aid in production. If a company does not have proper examination and interpretation, the data has very little value.
With the help of a monitoring dataset, the IDQI theory has been tested, verified, and validated. The tests showed that IDQI boasts three major benefits:
- It uses numerical data from prior research, development, and production. At present this is not possible due to poor data quality which results in unreliable information.
- Instead of acquiring new datasets, IDQI will allow the reusing of existing datasets. This will aid in saving cost and time.
- It also gives users extraction of further information and knowledge which was masked by uncertainty due to low-quality data.
The Chief Executive at The Data Lab, Gillian Docherty explained, “This wonderful project is a great example of how data, without processing and interpretation, can go to waste. This doesn’t just apply to the oil and gas sector and I would encourage industry leaders from any sector to get in touch with The Data Lab to discover how data can enhance your research and development work.”
The Aberdeen-based software company HyderDap decided to invest in IDQI technology to help solve the numerical data quality problem. Not just in the oil and gas industry but every data-intensive industry.
Here is what sets IDQI from existing data software:
- IDQI will measure the quality of numerical data and propose strategies to improve it. If the data fails to reach the given context-dependent and user-defined level.
- It will also analyze the effect of the improvement techniques used for the data quality. IDQI will then suggest alternatives in case the data quality fails to reach its target after improvement.
- IDQI will register user decisions on data quality improvement strategies. With the help of this knowledge, IDQI will improve and guide industries through new strategies.
To overcome the limitations of the current systems, IDQI uses AI software technologies that manage huge datasets. This software will highlight data quality and improvement during analysis. It will further focus on the intelligent specification of separate workflows to get valuable results.
Using advanced AI techniques, this innovation can perform the following tasks. Firstly, it can improve the production of data analysis and quality. Next, it gives users the platform to run multiple workflows in real-time. Lastly, IDQI will identify optimal solutions by exploiting machine suggestions.
Collaborators working on this project have stated that IDQI has the potential to ‘revolutionize data interpretation across all sectors, bringing greater insight than ever before.’ The IDQI concept was part of an independent peer-review, which is a mandatory approval process by the Oil and Gas Innovation Centre. Industry experts raved about the new concept and how it will change the way data science works.
One of the reviewers rightly pointed out, “Hydrocarbon accounting is an area of business in which small changes in the effectiveness of data handling and systems quality can have a disproportionately large impact on financial gain/risk reduction/accounting robustness.”
“As such, it is an ideal area for investment and the application of new technology in pursuit of those business gains. This area of business is also characterized by a large dominance of bespoke systems of very different vintages and technologies, and lack of competition in the service sector providing the niche but essential specialist services in this field.”