The IoT is conquering a range of industries achieving efficiency and saving costs (we’re talking billions). The Oil and Gas industry is definitely in need due to lower prices taking hold, and in order to still generate revenue, new technologies are required for better decision making. With increased sensor functionalities and wireless networks, the shift to information based value is enabled.
First and for most, IoT is enabling a competitive advantage and resources of revenue for businesses. New forms of connected marketing are allowing more visibility into the complete hydrocarbon supply chain, and by removing physical constraints, O&G companies are reaching wider target audiences. Secondly, with operational technologies locations of complex resources are found with maximum productivity and minimum cost due to increased functionality of sensors.
Understanding past actions and predicting future trends is crucial for efficient management and taking action in real time. Frequently overseen, but not less important, is the need to reduce health and safety risks. By correlating data, it is possible to gain insights from oil fields focusing on location awareness and environmental factors.
So how does it actually work? Smart sensors measure inputs and create information that is passed through a network and communicated to a cloud platform. The cloud platform aggregates the data and with data mining algorithms the information is analyzed and translated to meaningful insights leading to spot on actions. It is crucial to analyze the huge data volumes comprehensively since sometimes too much information is as valuable as non at all.
The O&G industry has been automated for years, but with IoT every aspect will be addressed for successful operations and customer engagement. When following specific business goals, the use of IoT can extend value beyond imagination. Feeling left out? Contact our team of experts to let IoT enhance your business firstname.lastname@example.org and visit the Atomation website.