Title

The Internet of things as we all know have started to transform the oil and the gas industry at the rapid space, along with the industry experts who have been projecting that the IOT industry can eliminate the unplanned well outages and boost the crude output by 10 percent increasing the profit by nearly $1Billion for all the large Oil and gas companies. In fact, the research studies have also shown that there will be an increase in the GDP by 0.8% and even more by the next decade. With so much of potential, it does make sense why 62% of the oil and gas industry are turning to develop a digital strategy and transforming their business.

In order to over come these challenges and sustain the various business growth plans, the companies even today are looking forward towards the different kinds of innovative technologies. The https://www.sensitek.com/blog/security-is-job-one-for-the-iot-sensitek/" target="_blank" rel="nofollow">internet of Things and Cloud are the key technologies for both the oil and the gas industry that will help them achieve an operational kind of an efficiency. IOT has also been successful in helping the industries deal with the different kind of challenges such as violating the oil prices, ensuring the safety of the workers, accessing the data and the last but not the least monitoring the remote assets and the fuel shipments.

Through the blog post today we would be talking about https://www.sensitek.com/iot/" target="_blank" rel="nofollow">what is Internet of things, and how has it turned out to be beneficial for both the oil and the gas industry. Let's have a look at it in detail below.

So What is Internet of Things About?

Internet of Things is a term that is used to describe an ever expanding network of the internet connected devices, and the systems that can communicate the data in real time without having any kind of a human involvement.

One of the best example for https://www.sensitek.com/blog/features-added-car-without-significant-investment/" target="_blank" rel="nofollow">Internet of Things is the smart home devices like that thermostats. This is a device that turns out to communicate the entire energy usage data to your mobile through an app, the light bulbs, adjusting the level of brightness depending on the time of the day.

But when it comes to the Oil and the Gas Industry, The IOT turns out to take the form of both the sensors and the monitor inventory levels and pumps out the performances allowing you to perform the various tasks at ease.

Benefits IOT Industry Leads The Oil and Gas Industry Too:

Decreased Safety Risks: Safety even today turns out to be the biggest concern be it internally or externally. IOT to this will help in reducing the risks by identifying the potential issues before they turn out to become the actual problem or the safety hazards. After all remote troubleshooting here means turning out to have constant and efficient regulation of the oil rigs. And a fully leveraged IOT integration also means having less travel and potentially dangerous work for personal.

Increases the Revenue: In the recent years the reduced oil prices have actually turned out to increase the competition between the oil and the gas companies. And most of the organizations even today are looking out for strategies that will help them tighten the margin, and improve their bottom line. But if you focus entirely on the short term costs cutting measures, it actually could turns out to stifle the long term business success. Having a https://www.sensitek.com/blog/5g-iot-marriage-made-between-earth-heaven/" target="_blank" rel="nofollow">right investment made in IOT will ensure that the companies are more and more strategic towards cost reduction, helping the pinpoint in efficiencies and improving the accuracy of demand predictions by streamlining the expensive kind of processes.

Improves operational efficiencies: According to a research study conducted by the Rigzone, the oil and gas industry will be facing huge losses in the upcoming years, as the aged workers will retire and there will be no one to replace them. The big data analysis and the remote visibility here will help the organizations manage their assets at ease, use their finding to optimize production. Leveraging the various https://www.sensitek.com/dealers/" target="_blank" rel="nofollow">benefits of IOT can turn out to reduce the troubleshooting time from days to minutes, allowing them to spend more number of time on the other operational aspects of the business.

Improves the process of decision making: Being technology professionals in both the oil and energy industry, you have always used the data to make an informed decision along with the ability to make the right calls and drive in more success depending on the quality of information that they are trying to receive. So instead of going ahead and relying on the various estimations and guesses informing your drilling strategy, IOT gives you the access to a constant transmission of real time data especially when you pair your sensors with a reliable IOT technology.

To Conclude

Internet of things these days is quickly advancing and rapidly alternating the different ways, the oil and the gas companies have been collecting and managing information. https://www.sensitek.com/blog/5g-iot-marriage-made-between-earth-heaven/" target="_blank" rel="nofollow">Investing in IOT will ensure that you are not just prepared for all the future technology trends but will also help you improve the bottom line improving the safety of the workers and stay ahead of your competition.