Internet Of Things disrupting the Smart Asset Management in Oil and Gas Industry
IoT has been reported to put a total economic impact of $3.9T to $11.1T within five years. Well, among this data let alone the Oil and Gas Industry is reported to have an economic impact of about $930B within the next 8-10 years.
The applications of IoT will change the entire face of the industry through improved digitalization, safety, and amplified profits. Also, it would allow the companies associated with this to save money, time, and assets on the go.
What is Asset Management in the Oil and Gas Industry?
Asset Management deals with managing and monitoring all the assets of the concerned company. It has been a significant breakthrough in the industry. The reason being the Oil and Gas Industry has been under pressure to improve its safety and operational results.
The money invested in the industry needs constant optimization to reduce any extra cost or labor that may be costing the overall production. As we all know, Oil and gas industry suffers through continued price volatility. It makes every company spend time analyzing each penny spent on the production.
The ultimate goal for Asset tracking is to save money and time. In the earlier days, asset tracking was a huge affair that involved the use of the workforce, excel sheets, and everything that included less use of technology.
It means the use of more labor, time, and money. To tackle this issue, the IoT based Smart Asset Management system is brought into action which will provide a much efficient and operational single strategic system to manage and monitor their assets digitally.
IoT Enabled Smart Asset Management in the O & G Industry
Asset tracking using the Enterprise Asset Management system will enable better productivity through optimizing production and making production predictable. Such IoT based software will do everything that had been done earlier. It includes traditional methods such as managing assets, monitoring them, controlling processes, location of the assets, etc.
But this software has much more to what traditional methods can provide:
Well, you are aware of the fact that IoT offers a smart solution by integrating every process digitally and reducing human intervention at the most. The primary advantage of using IoT sensors in the Oil and Gas Industry is that they can monitor multiple pipelines at an instance without any manual intervention.
Companies can digitally track the location of drilling sites, location of pipelines, and filter for any replacement that may have cost an enormous sum of money for inspection. Not only this, these sensors have brought a considerable advantage of reducing any physical checks and routine tasks and increases accuracy by helping companies to monitor significant processes such as the inventory and Oil and Gas shipments.
Like we spoke about how these sensors can track the assets in its location. Similarly, if any of the items are reported to be missing from the inventory, it can automatically check the data from the supplies and track the location of shipments immediately.
2. Predictive Analysis and Maintenance
The idea behind predictive analysis to find the solution to the problem before it takes place. Well, many assets need routine repair and maintenance, but this analysis makes sure to provide accurate data about which asset is likely to fail in the days to come and needs proper action.
Every asset as connected to an IoT sensor automatically sends data about it to the central system. It helps to keep in check of about every activity and the health of that asset periodically.
Well, if these sensors predict any errors in these assets which are not working in their optimal condition, a signal would be sent to the central system where the managers in charge would take necessary actions to prevent any further damage.
These data are fed on the cloud regularly such that the management has access to the data needed at any time for better operations of those assets. These processes have increased the failure of substantial assets which otherwise needed complete replacement every year due to lack of proper information and increased cost.
3. Real-Time Updates
This is yet another aspect of how IoT has leveraged the face if Asset Management. With the advent of such software, you can access any data and information over your Mobile phones using the Intelligent Asset Management Cloud.
You can get real-time data and reports on your screens and track all the progress likewise. All your devices are connected to GPS, the Internet, satellite, etc. which can provide you with live locations, help you save data over the cloud, and monitor each asset easily.
By using EAM in companies, the managers across the globe can access information collectively on all the fields and take into account the operations that are taking place from your device or application.
Internet of Things is no more technology of the future; in fact, it is here now. Companies and individual owners all around the globe are intensely using this technology to make their tasks more comfortable and more efficient. Either be it home automation, real estate, O & G, Manufacturing, etc., you think of something, and the applications are present there.
The Oil and Gas company has taken over a massive move in implementing and using this technology in the best way possible to increase efficiency, save money, time and allow businesses to flourish.
In the days to come, almost every company dealing with Oil and Gas would be leading the way through asset monitoring and tracking their operations. As more and more applications begin to tighten up in this sector, the better the data handling would become the more disruptive Smart Asses Management would be.