Representative End User Clients
Representative Automation Clients
Representative Software Clients
Various industries have started to take advantage of Industrial Internet of Things (IIoT)-related technologies, such as remote monitoring, advanced analytics, and Big Data. These technologies are helping industry participants automate operations, improve production, reduce costs, and enhance safety. Long considered slow to change, owner-operators and service companies in the oil & gas industry have also started to implement these technologies and capture the related benefits.
These advanced technologies all relate to the trend toward digitization (or “digitalization,” which is essentially the same thing), which can help industrial organizations improve and transform their business operations and processes. Advanced technologies available today are not only helping the industry digitize the vast quantities of data generated, but also to turn this data into actionable insights.
Digitization Benefits to the Oil & Gas Industry
Digitization offers many potential benefits for improving efficiencies and reducing the costs associated with exploration and production. As the oil & gas industry is adjusting to a new market environment of oil prices hovering at around $50 per barrel, improving efficiency has become a top priority for many owner-operators. To this end, digitization brings improvement in many areas, one key among these is asset health and integrity.
Bridging the Digital Gap
A huge data gap exists in the upstream oil & gas and other process industries. Most process industries are asset intensive and generate huge amount of asset data every day. However, most end users struggle to get the most value from their data and find it difficult to manage and model the data. As end users realize that data is becoming critical in today’s competitive environment, they are looking at data analytics to gain an insight into how to best utilize this asset data. End users can take advantage of data analytics platforms to aggregate this data from disparate sources. They can apply analytical models to predict failures of critical equipment components and use the information to prioritize maintenance activities. Data analytics along with IIoT connectivity and machine learning, are helping end users close this data gap over time and better maintain critical assets.
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Keywords: Industrial Internet of Things (IIoT), Digitization, Oil & Gas Industry, Industrie 4.0, Remote Monitoring, Analytics, Machine Learning, ARC Advisory Group.