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How Synthetic Data Boosts Data Monetization and Creates New Revenue Streams
In the oil and gas industry, there’s a wasteful practice called flaring. At extraction sites, the first thing to come out of the ground is associated gas. It’s fuel, but it’s volatile; if it escapes uncontrolled, it could do a lot of damage. Ideally, oil companies would capture it and sell it, but many lack the technology to do that safely. Instead… they burn it.
Not only is it terrible for the environment, it means these companies are literally setting fire to their most valuable resource. What a spectacular waste of potential revenue. Sounds crazy, right? But think for a moment about your most valuable resource: your data. What lengths do you go to to stop it from escaping your organization, unchecked, where it could wreak havoc? Do you periodically have to destroy it, in line with compliance regulations?