The use of IoT has revolutionized every industry, the gas and oil industry is not the exception. Now, according to past statistics, most injuries are caused by insufficient knowledge about how an asset is used. This is why a handful of individuals, such as construction workers and maintenance personnel, need safety. And this is exactly what the use of IoT in the oil and gas industry has improved, since it has reduced the risk to people’s lives.
Furthermore, it has also digitally transformed all the information regarding assets, so one can easily track information about them, such as where they are and their condition.
IoT has created a new skilled workforce for the oil and gas industry mainly because the skills that were in use a few years ago are no longer relevant or needed. To meet business requirements, it was crucial to re-skill people and adapt them to the new technology.
Main Benefit: Asset Monitoring
As technology advances, assets have become more important. It is also crucial to manage them. Asset mapping is a method of managing an asset. This method includes information, such as the asset’s location, status updates, maintenance, and other important information.
The ability to send alerts to workers about an asset can increase efficiency and productivity. Organizations have seen large savings in time and money through the implementation of IoT within the oil and gas industry.
While there was a good amount of data in this industry, it was difficult to get a full understanding of this information. The IoT footprint in the oil and gas industry has allowed for increased interaction between people and machines, which has enabled automation.
Monotonous tasks have been reduced and human involvement has been limited to decision-making. Smart asset monitoring automates all of these functions and increases accuracy, reduces costs, saves time, and eliminates noncompliance.
Smart asset management in this industry has transformed many businesses into digital platforms. This is not all. In addition, companies can now make profits from the physical assets and machines that used to be a burden in their industry.
Why adopt IoT in This Industry?
It is not enough to see how IoT has revolutionized asset management in the oil and gas industry. It has also increased revenue, and it has helped those who invested in this sector to build a strong network.