By Sanjeev Verma
The Internet of Things (IoT) has completely changed the way we live. Many industries have undergone a sea change because of these new technologies. The biggest sector to benefit from this new technology is the oil and gas industry. Today, the oil and gas industry is using the Internet of things to improve the way they work. IoT is a connection between physical devices and the internet. With IoT, smart devices can connect and exchange data.
In the oil and gas sector, IoT technology plays a huge role in improving the processing of ideas and generating credibility for the business. It provides advanced concepts and solutions much accepted by the industry for better growth and productivity. Also, involving IoT technology potentially increases the industrial revenue by an impressive 1.2%. Given the importance of IoT, here are some of its most cutting-edge use cases in the oil and gas sector.
- Smart Inventory Management
In a competitive global market, being agile and efficient can be the differentiating factor between profit and loss, success and failure for business houses. For a company to be successful, it needs to keep the flow of goods and services and the cash flow low. Today, companies use technologies to boost performance, increase agility, and deliver measurable results. Similarly, the oil and gas sector can use IoT to improve its performance and gain actionable insights for exponential growth.
- Real-time Wireless Level/Volume Monitoring
The sensor devices follow a data-driven approach to collect relevant information from the assets. This gives rise to real-time wireless monitoring in the industry, which triggers instant notifications for the managers to take care of. Wireless sensors are easy to install and provide great connectivity within the tank farm network. It increases the actual potential of the O&G industry through its accurate data extraction and processing it further to create actionable insights. Thus, causing an impact on the industry with effective level and volume monitoring.
- Temperature and Humidity Monitoring
Large tanks require frequent monitoring, and it is quite difficult for the managers to follow a traditional approach for the same. So, they are now installing advanced sensors and integrating their entire industry with a smart IoT-based solution capable of monitoring everything. Large tank farms benefit from an IoT-based level monitoring system that captures accurate temperature and humidity within the tanks. It then generates illustrative reports, stating all the possibilities of loopholes and suggestive improvements that can be followed for better productivity.
- Pressurized Tank Monitoring
An IoT-powered system for level monitoring in industries provides improved production planning. With the help of ultrasonic sensors attached to the assets to identify the level of differently oriented and sized tanks, it has become easier for industrialists to stock level data. It helps detect an accurate amount of pressure as required in a particular tank and triggers alerts for the managers whenever there’s ant depletion or another issue.
- Energy Optimization
Energy costs in the petroleum sector represent one of the major cost factors, making energy optimization a crucial way to deal with industrial expenses. Most petroleum businesses improve their energy efficiency by 10-20% with the help of data-driven approaches and advanced analytics. Also, IoT technology contributes to the judicious use of energy resources and serves as a user-friendly platform for better productivity.
- Indoor Environment Monitoring
The factories are built closed and in far-away areas that require better reach from the manager’s point of view. Installing wireless devices like sensors and gateways gives a clear picture of what is happening around the entire factory. The sensors are strongly interconnected via LoRa or LoRaWAN connectivity through a gateway device. It improves the communication process between the equipment. The gateway is further connected to dashboard that displays all the required information about the indoor environment.
- Machine Monitoring
Machine monitoring is one of IoT's most essential use cases in the O&G sector. The sensors are installed on the machines, which extract relevant data and display it on the connected dashboard of the manager. Smart machine monitoring has its perks of putting everything on automation mode and responding with better business growth and strategic decision-making outputs.
The oil and gas industry is booming with the advanced stuff and relating a lot with the acceptance of IoT in different sub-domains. It is all set with preventive equipment maintenance, remote operability, machinery optimization, trucking fleets in real-time, advanced data analytics, etc. The technology also contributes to the industry with employee safety benefits and the security of the workers in disaster-prone areas. The real-time alarm feature is one of the advanced methods that beholds quick decision-making from the manager's side and much before anything happens.
So, IoT technology is transforming the O&G sector by applying its best use cases. The involvement of machine monitoring, equipment maintenance, sensor and gateway connectivity, actionable insights, advanced analytics, etc. is booming the industry at another level. If you are seeking a tremendous technological solution, installing an IoT-based system will provide the most required resources for business growth.
Sanjeev Verma is the founder and CEO of Biz4Group, based out of Orlando, FL. He has conceptualized the idea of Biz4 Brand and founded Biz4Group and Biz4Intellia. He has 20+ years of experience in boosting IT-based startups to success. In the past, he has worked on leadership positions with Marriott Vacations, Disney, MasterCard, State Farm, and Oracle. The company headed by him excels in developing, implementing, and monitoring digital solutions ranging from IoT solutions and products, mobile and web development, and digital marketing to full stack development and CMS solutions.