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The Industrial Internet of Things harnesses the power of big data to improve efficiencies, particularly in asset-intensive industries such as oil and gas. As more and more machinery becomes loaded up with sensors and connected to the internet, there are predictions that the IoT could slash costs. Analysts at Nomura, for example, say this could make oil and gas companies more profitable at $70pb than they were previously at $100pb…
A quiet revolution is under way in asset-intensive industries, thanks to the advance of the Industrial Internet of Things (IIoT). And as one of the most asset-intensive sectors in the economy, the oil and gas sector is set to be one of the biggest beneficiaries.
The internet of things is widely perceived as a consumer phenomenon that will allow smart appliances to turn themselves off and on, order your milk when you run out and make sure your house is warm when you get home from work.
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