Smart asset management to limit equipment downtime eventually improves the overall operational cost. Adoption of IIoT technology will also promote the automation of various processes with minimum human intervention.
A huge number of sensors attached onto the pipelines across the oil rig for examining oil leaks can be easily monitored using IIoT devices.
Timely condition monitoring of sensors and other equipment will marginally reduce the maintenance cost.
Untimely breakdown of machines and equipment directly impacts the cost of production. Predictive analysis using the IIoT devices alerts the machine operator about the expected breakdown and thus preemptive measures can be taken to avoid the failure or make an alternative arrangement for ensuring uninterrupted functioning of the machine.
The integration of connected devices in this industry will touch-base with every segment of the oil and gas supply chain from operations to customer engagement. IIoT will play a crucial role in fleet management which is one of the strongest pillars in the supply chain management in the Oil & Gas industry.
Embracing the IIoT technology is essential for the oil and gas sector because it is the highest revenue generating industry in context of Indian economy.