Exxon Mobil Shows How Palantir's Foundry is Making Them Stronger
Palantir works with a variety of different companies on various tasks to optimize and make their businesses more efficient. A few months ago, there were some leaks showing that Exxon Mobil was using and working on Palantir's Foundry, and recently those rumors came to light.
Exxon is one of the world's largest energy companies, supplying oil to all parts of the world. They recently released a case study on explaining how Palantir's Foundry software allows them to operate in a stronger and more efficient manner.
From the original article,
"ExxonMobil is adding powerful new features to its Mobil Serv Cylinder Condition Monitoring service through partnering with Palantir Technologies, a leading builder of operating systems for the modern enterprise. The coming enhancements combine ExxonMobil’s extensive maritime knowledge and engine lubrication expertise with Palantir’s best-in-class digital platform and analytics capability to deliver detailed insights into vessel operations and help protect engine components from premature wear.
These improvements are derived from ExxonMobil’s patented technology and substantial library of onboard test results, which contains more than three quarters of a million data points. Palantir Technologies’ Foundry platform will enable complete integration and advanced analysis of these records, enabling vessel operators to benchmark their engines’ performance against similar models in a range of operating conditions, whilst enabling broader organisational benefits such as trend analysis across entire fleets and similar vessels."
Palantir's Foundry as an enabler
The unique way in which Foundry is helping Exxon has to do with the integration of advanced analysis within Exxon's records of data.
A company like Exxon has millions if not billions of data points all ranging from drilling, accounting, marketing, sales, geographic intelligence of refineries, and much more. The ability to analyze all those data sets and perform regression models to gain insights into the business and how it can be more optimized is where the Palantir moat comes in.
“The collaboration will Palantir Technologies has allowed us to significantly enhance the power, precision and speed of our Mobil Serv Cylinder Condition Monitoring solution. We can now fully leverage the big data we have gathered in our experience to develop and deploy even more powerful data-based insights, when and where they’re needed,” said Ioannis Chatzakis, Global Marine Technology Program Manager, ExxonMobil. “Vessel operators will be able to use this data for their own analysis within the platform and connect to existing vessel management platforms to help them holistically manage fleet operations and improve overall efficiencies.”
With Palantir Foundry, ExxonMobil will be able to use a much greater range of historical data to generate insights and provide recommendations, while fleet managers will be able to understand how the performance of their vessels compares to that of any other vessel in ExxonMobil’s database in a fully anonymous way.
“Our Foundry platform closes the loop between analytics and operations, empowering decision-making. Organisations around the world use our tools to help them do their most important work,” said Matthew Babin, Head of Energy and Natural Resources at Palantir Technologies. “Working with an organisation like ExxonMobil at massive scale, for an industry as critical as global maritime shipping, is what we built Foundry to do.”
As Matthew Babin said above - ExxonMobil has massive scale. Foundry is a thick software offering primarily built for organizations that have that massive scale because their tools enable the time to value from analyzing the data that is received towards making a decision to simply be faster and more efficient.
One can argue that the thick nature of the software is also holding Palantir back from achieving even more in terms of their sales cycle, but the software being as powerful as it is legitimizes the moat and and ability for them to actually be able to deliver value to companies such as ExxonMobil.
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