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The oil and gas industry is an early adopter of Internet of Things (IoT) technology, and for good reason. Energy providers leverage many of the same IoT components used in other industries, including remote sensors, machine learning and the cloud. When connected and combined with business processes such as alerts, IoT systems enable operators to monitor systems and react safely and in real-time to production issues as they arise.
IoT provides multiple business benefits for oil and companies. For example, remote systems can be configured to send alerts to smartphones or other mobile devices when equipment maintenance may be needed, or pipe pressures fall outside the norm. In upstream situations where a single pump failure might cost $100K per day in downtime, such investments are easy to justify. Similarly, downstream providers can use IoT to track fleets of ships and delivery trucks in realtime, pinpointing each vehicle’s exact location.
Using IoT to help protect the environment is yet another important use as all energy providers focus more on environmental concerns and social issues. Leveraging IoT to track waste and hazardous spills in order to make quicker business decisions is one example.