This white paper presents an elaborate insight into statistics as a service and the value it provides to a large spectrum of industries in delivering sustainable results. The paper also highlights future challenges confronted by statistics on the whole

1. Employing Business Statistics to
Analyze Data
This white paper presents an elaborate insight into statistics as a
service and the value it provides to a large spectrum of industries
results. The paper also highlights future challenges confronted by
statistics on the whole.
R
Your Outsourcing Partner

2. CONTENT
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oil & gas industry..............................
requirements....................................

3. whitepaper-Employing Business Statistics to Analyze Data
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It also entails the practice of assimilating and evaluating the data which is
followed by summing up the data in a mathematical structure. In addition, sta-
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sis of a procedure that statisticians or analysts use to distinguish data. Statistics
are widely used in several areas today. The idea of randomized controlled trial
which happens to be an investigational method and is widely used in the pres-
ent dayin biomedical and pharmaceutical research and several other industries
is largely driven by statistics. Statistical techniques also happen to be a core
feature of several software applications that use machine reasoning, one of
which is facial recognition software. It has been used in a court of law to evalu-
ate whether a sequence of events led to incriminating circumstances or it was
just coincidence. As a matter of fact statistical analysis is being extensivelyused
today to predict the outcome of prominent sporting events and also to analyze
polling scenarios.
Statistical tools are required to deduce the meaning of a set of data that has
been accumulated. However, data precision may vary with the accuracy of the
tools that are employed to collect the data which results in data being generat-
ed from a random procedure. Data is rampant today. With the advent of the
internet people leave behind large volumes of data while accessing a website
or availing an online service. For instance; large conglomerates like Google and
Facebook (to name a few) accumulate large volumes of data about people who
extensive studies to understand the dynamics of how a webpage’s design is
instrumental in attracting visitor or test the probabilitywhether a particularvisi-
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pass millions of respondents which generates a large amount of data. The role
of statistics is to streamline this data and make it readily available for use in a
format that is precise and comprehensive, often following a mathematical
format.
Basically statistics refers to numeric
analysis that largely involves applying
quantitative facts, models and abstracts
to experimental data or real life scenarios.

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whitepaper-Employing Business Statistics to Analyze Data3
Similarly, the oil and gas industry through its complex
operations such as discovering and churning out
hydrocarbons generates a large amount of data,
to deduce and amalgamate this data. This warrants the
need to deploy statistical techniques in oil and gas
industry operations.

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In the present day, statistics are being used in almost all areas be it, education,
manufacturing, oil & gas, pharmaceuticals, research, government etc. For
instance; lets’ consider the pharmaceutical industry. The pharmaceutical indus-
try employs rigorous statistical checks on every new drug before it reaches the
end user. In the educational arena statistics are being used to understand the
academic inclination of the student population and also to highlight the poten-
tial of education for future generations. It is also being used to evaluate student
performance. In manufacturing statistics are being employed to assess the pro-
ductivity of the manufacturing process. They also use the probability theory to
test the production procedure for unforeseen contingencies and devise alter-
native strategies to circumvent such contingencies in future. Research organi-
government bodies also deal with a large amount of data related to the popu-
as the data that is extracted is structured in a precise format and presented
accordingly
The oil and gas industry in general deals with large volume of data which is vital
towards arriving at strategic technical conclusions. With an objective to under-
it, oil and gas organizations have vastly relied on statistical data and heavily
invested in software, visualization tools and other technologies. With a marked
growth in all-encompassing computational tools such as; reasonably priced
sensors that extract and disseminate valuable data, combined with innovative
tools that analyze data and enhanced storage abilities are revealing more
potential each year. It is now possible for oil and gas manufacturers to acquire
areas that were beyond the scope of access, with an objective to enhance oil
and gas industry operations. Arriving at such statistical conclusion facilitate oil
and gas organizations to enhance their production capacities almost six to
eight percent. A survey of more than four hundred executives from various sec-
tors revealed that organizations employing superior statistical measures dou-
whitepaper-Employing Business Statistics to Analyze Data 4

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whitepaper-Employing Business Statistics to Analyze Data5
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cal aspect of the oil and gas industry. This aspect of the business is taken care
of by employing frequent inspection of the facility. Inspection is initiated to
ascertain and express that the condition of the pressure levels and sustaining
structures are stable. A large portion of such inspections are undertaken using
the sampling inspection method. Sampling, as the word suggests undertakes to
inspect just a portion / sample of an entire system. It would mainly involve
inspecting a part of the pipeline and using statistical tools to predict the overall
condition of the entire system. The sampling inspection method heavily relies
on two primary modes of statistical tools to arrive at results they are; extreme
value analysis and compliance testing.
The most prominent challenge that is being faced by statisticians today is the
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ent people. The reaction of an average individual to big data would be about
data security. They would be concerned as to who would be accessing their
personal information and how? For those in the IT sector big data would relate
to problems in storage, management, communication and computation.
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es. They would be concerned as to how to extract vital information from data
repositories that are voluminous and intricate.The question that looms large on
their minds is whether they would be able to utilize traditional analytical tools
to mine the data and the quality of voluminous data. Though big data will
statisticians should ensure they don’t miss
Wall Thickeness
WT-nom
WT-min
T-Remnant LifeT-First Detection
Time
Compliance
Extreme Value
Corrosion
Rate
Detection
Therehold
Figure :Demonstrates the application of the said two statistical tools
Source:TERPSTRA S. Use of Statistical Techniques for Sampling Inspection in the Oil and Gas Industry.; 2009:1-19

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Guires Outsourcing happens to be one such outsourcing agency that under-
takes a diverse range of activities amongst which statistical services are a core
component. Guires understands the intricacies involved in statistical activities
organizations to advance their day to day operational procedures in a thor-
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tistical analysis for drilling and production of oil and gas. Statisticians at Guires
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ysis strategies. Moreover, the highly experienced and dedicated team of statis-
ticians at Guires is committed to a project right from commencement to termi-
nation. Guires can also act as statistical specialists who extend exceptional ser-
vices through the research process or even liaise with oil and gas organization’s
internal team of statisticians to facilitate the achievement of preset objectives
As mentioned above statistical activities are undertaken byalmost all organiza-
tions including the oil and gas industry. The primary concern of oil and gas
organizations’ is to extract oil from the earth that too in extreme circumstances.
Undertaking statistical activities would require an oil and gas organization to
employ statisticians or use in-house resources to execute statistical tasks. In
case the organization opts to use in-house resources that are not equipped to
execute the task, it would result in loss of time, resources and the end result
other hand, employing statisticians as a full time employee can be a rather
question to opt for outsourcing their statistical activities to external organiza-
tions. By outsourcing the task of statistical activities to external agencies, oil
and gas organizations can concentrate on their core activity which is producing
have to worry about diverting their existing resources into doing something that
extends beyond their area of expertise and they also obliterate the risk of loss.
All they have to do is choose the right outsourcing partner and contract the task
of executing statistical activities to them.
whitepaper-Employing Business Statistics to Analyze Data 6
statistical analysis for drilling and production of oil
insight into analytic design and build intricate
statistical analysis strategies.

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Enhance Productivity – Outsourcing to an external vendor can contribute
-
tivity of an organization.
Attention on critical areas – Through outsourcing, organizations can maximize
their focus on critical areas aiding them to boost other aspects of their business.
Quality – Through outsourcing, organizations can ensure that the quality of the
outsourced task is up to the mark.
Core Competency- -
cial as third parties are more equipped to undertake and execute the task at
tasks as KPO’s have the technical resources and the manpower to execute such
tasks to the satisfaction of their clients.
One point contact – Guires connects you with the right personnel who fully
understands your requirements and harnesses their expertise and know-how
in delivering the project. This ensures that there is no ambiguity or any confu-
sion in executing the project.
Complying with international standards –Guires ensures that the statistical
services provided adheres to international principles and standards which ulti-
Reduce client stress – Once a project is outsourced to Guires, clients need not
can expect the desired output within the pre-determined timeline.
Non-disclosure agreement – Before initiating the project, a non-disclosure
agreement is signed with the client and the project members. This is done with
and will not be shared with others.
Management support – Every project is individually supervised and
micro-managed by Guires management that has extensive expertise and expe-
rience thereby providing valuable feedback and insights which is aptly utilized
to streamline the project.
Timely delivery – At Guires, it is ensured that projects are delivered on time in
a concise and satisfactory manner.
whitepaper-Employing Business Statistics to Analyze Data7
Top reasons to choose Guires as your outsourcing
partner

9. About Guires
To learn more about how Guires services and solutions help solve your business and IT challenges Con-
tact a Guires representative or visit us at
Established in 2011, Guires offers multiple solutions which includes; research assistance, management-con-
sulting, technology, outsourcing, analytics, 3D animation, marketing and sales solutions across industries. As
a third party strategic service provider, we are multidisciplinary in our approach and we adopt a highly indus-
trialized process that is underpinned by a robust SLA that conforms to industry best practices. Outsourcing
solutions that we offer are not only flexible but also cost effective. With more than 100+ clients, Guires serves
healthcare and life sciences, retail, travel and transportation, insurance, mortgage, logistics and telecom
industries. We offer value added services to organizations across the globe especially in the UK, US, Europe
and UAE. The company is headquartered in Chennai with sales offices in London, New York, Canada and UAE.
We are passionate and committed to the industries we serve and are renowned for our process excellence,
domain expertise, global delivery and technology.
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