IoT and the Oil and Gas Industry
The IoT is changing the way that businesses in all industries operate. In the oil and gas industry, the IoT is used to improve efficiency and increase profitability.
Benefits of the IoT
The oil and gas industry is one of the most asset-intensive sectors in the world’s economy. By implementing IoT solutions, oil and gas companies can significantly boost efficiencies, cut costs and increase profits. Proper IoT integration has the potential to positively transform the way that oil and gas is produced.
The IoT makes it possible for oil and gas companies to collect and analyze large amounts of data from equipment and consumers. This puts them in the perfect position to change their practices to make their business more efficient.
IoT integration is expected to save oil and gas companies as much as 20% on capital expenditures. It is also predicted to cut operating costs by 3-5%. These reductions could make closed fields a viable option again.
Oil and gas companies that do not adopt IoT solutions will not be able to remain competitive in the market. Those that have not done so already are already missing out on a number of opportunities to optimize their operations.
How it Works
Instead of helping oil and gas companies manage their existing assets, supply chains and customer relations, IoT solutions for the oil and gas industry are focused on using information to improve these important elements of each business. Data is used to help oil and gas companies increase efficiency and reliability while creating new value.
A properly integrated IoT solution can help oil and gas companies make their operations safer. Operators can receive notification of potential issues before they are able to cause a problem. Connection to the IoT provides superior visibility of operations, making it easy to monitor asset performance and investigate accidents safely and remotely.
Build to Suit IoT Solutions
Mint Controls provides IoT solutions for a variety of industries. Our solutions are custom tailored for every business. We work directly with you to identify and meet your company’s IoT needs. Please contact us for more information.