Energy companies increasingly adopting IoT for operations

According to a recent report released by Inmarsat Enterprise, energy companies across the globe are utilising Internet of Things (IoT) within their operations.

The report, dubbed The Future of IoT in Enterprise”, found that the technologies are being applied to streamline business strategies, ultimately aiming to reduce expenditure and increase profits.

47% of energy companies surveyed by Inmarsat note that cost saving opportunities are prioritised when using IoT.

37% suggested that improving health and safety was the most important aspect of implementing the technologies, with another 37% placing increasing automation at the top of the agenda.

“The energy industry is at a fundamental crossroads,” commented Gary Bray, Director of Energy at Inmarsat Enterprise.

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“The volatility in the price of oil and rapid adoption of electric cars and renewable technology are just a couple of the factors putting serious pressure on some energy businesses’ margins.”

“Rather than energy businesses extracting as much fuel as possible, we are increasingly seeing a focus on profitable volume, which can be extracted and distributed at the lowest possible cost to boost margins and improve profitability.”

“It is no surprise therefore that oil and gas producers are looking to the technologies of digital transformation to help them reduce these extraction, distribution and operational costs.”

“Rapid digitalisation of the sector will create an ‘Internet of Energy’ network that incorporates interconnected, intelligent measuring and monitoring systems with real-time visualisations of consumer usage data.”

“This can be integrated into automation systems that instantly adapt to fluctuations in availability or demand and enable predictive maintenance of assets that will extend their lifespan, maximise resources and minimise wastage.”