Assuming the global cost base of manufacturing today is US$25 trillion, 2%–4% cost savings from the Internet of Things (IoT), and 50% penetration of IoT, we can project $500 billion in potential cost savings for Oil & Gas.
IoT is connecting people in more relevant, valuable, and meaningful ways; delivering the right information to the right person or machine in real time…as a country we are not going to win on efficiency gains based on cheaper labour to drive down costs. We are going to use our expertise and knowledge of mining and […]
In the oil and gas industry, the promise of IoT applications lies not with managing existing assets, supply chains, or customer relationships but, rather, in creating new value in information about these. An integrated deployment strategy is key for O&G companies looking to find value in IoT technology.
The Internet of Things is expected to be a catalyst to intelligent decision making in the mining sector and will overall improve how traditional processes and activities are done..loT has the ability to streamline the flow of information, enable real-time decisions and open new opportunities in mining by simply connecting people, machines, items, and services.
With people and machines coming online together, the industry needs to stay ahead of the curve in determining their strategy for how to use this technology to their advantage…The Industrial Internet of Things is enabling oil and gas companies to make decisions “on the edge” – where digital and physical worlds meet.