DRIL-QUIP a master data process where we have this raw data and the metadata tied to it , and we put it through a series of processes in our system to get to the point where it becomes useable . It ’ s the exact same process that we would use for raw material .”
The second leg is the data analysis that turns finished data from the data engineering team into information , insights , and descriptive data that can be used to make decisions .
“ We have to have time to be able to go out and positively change the direction of where we ' re going ”
MICHAEL WELLS VICE PRESIDENT SUPPLY CHAIN , DRIL-QUIP
Wells ’ third leg — predictive and prescriptive analytics — closes the loop . “ We use insight from analytics to predict a lot of things , not only for the customer , but for the supplier . And we are able to use that insight to help influence how we work with our customers and how we work with our suppliers .”
So , what was the aim of this significant investment in data science ? “ We saw digitalisation as a way for us to use the exact same processes with fewer resources more effectively and more efficiently than our competitors and to deliver products to our customers in a more consistent manner ,” Wells says .
Time was also an important factor in the digitalisation equation – a form of currency that Wells wants to spend developing the more intangible , though no less important , facets of the business : ESG goals for environmental stewardship and diversity and inclusion . businesschief . com 383