Internet of Things in the Oil and Gas Industry

Technologies have transformed businesses through various modes and created immense value for the society. Some of these technologies are disruptive, their impact in society have been profound and have changed our daily lives in some way or the other. The world is witnessing a dramatic revolution whereby every physical object is connected to the Internet through the ‘Internet of Things’ (IoT). This revolution is also being termed as the Fourth revolution, the third revolution being the Internet. Innovations on IoT are expected to bring about significant business benefits worth billions of dollars across various industries. Physical Objects which were isolated earlier are being connected to global networks capable of generating vast amount of data that can be analyzed to generate valuable information. According to Gartner, “With increased competition and lower revenue being generated through lower oil prices, now is an opportunistic time for forward-thinking CIOs to drive digital convergence and thus make their organizations more competitive”. The paper depicts the use and benefits of Internet of Things (IoT) in the Oil and Gas industry.