Critical industries, including the pharmaceutical industry, are increasingly utilizing data to make better decisions about operations. Investments in big data in pharmaceuticals will account for more than $7 billion by the end of 2021.
With growing global market uncertainty, digital transformation is becoming more prominent in many industries in efforts to reduce costs and streamline operations. However, the transition from legacy processes to new and faster digital technology is something that is leaving some organizations behind. While the transition to a digitized work environment is receiving minor push-backs from employees, it is proven that digital investments can achieve cost savings and create business growth. According to Forbes, the integration of technology in the workforce can save large companies up to $16 billion. While there are challenges that companies face using a more technology-focused foundation, the benefits outweigh the disadvantages.
Chemical manufacturers face specific challenges in inventory management because of the potentially volatile nature of the materials they are storing, handling or shipping.
The majority of pipelines in the United States are at least 50 years old, with some 3,300 reported leaks and associated with 80 deaths and almost 400 injuries over the past five years. This is just one example of the need for improved asset integrity management in the oil and gas industry.
Manufacturers face challenges with keeping assets and personnel safe, as well as improving efficiency and recruiting new hires into the sector. IoT technologies such as intrinsically safe tablets and IoT sensors that are certified to operate in hazardous locations are helping to modernize manufacturing, especially in industries like oil and gas or chemical, where combustible environments restrict the use of most mobile technologies. Deploying these solutions in hazardous area manufacturing operations enables organizations to streamline their processes, greatly improve safety and attract and retain a modern labor force.
The networking of interconnected sensors and other devices with manufacturing, energy management, and industrial applications is known as the Industrial Internet of Things (IIoT). Distinct, yet related to the general Internet of Things (IoT), the IIoT will have profound implications for various industries in the coming year.
As the oil and gas industry continues to seek more tech-savvy digital natives, we are simultaneously seeing digital transformation technologies become integral components of this sector's modus operandi. Tasks that were previously completed by hand - because electronic equipment suitable for explosive environments was not readily available - are now increasingly automated or quickly done by personnel using certified mobile devices. Connected workers are able to drastically reduce their time spent on data entry and increase their accuracy in reporting, and "smart" machines are able to predict and solve potential problems before they impact productivity. These advancements in the oil and gas sector are reliant on the interconnectedness of people and machines with data. With more and better data, plus the means to use that data for improved decision-making, processes can be streamlined and optimized, time can be saved, and most importantly, risk and loss can be reduced.
During the third annual Operation Convergent Response (#OCR2019) event Nov. 19-21 at the Guardian Centers in Perry, Ga., USA, Aegex integrated our NexVu IoT Solution in realistic disaster scenarios to demonstrate the power of real-time contextual data to assist emergency response.
Internet of Things (IoT) deployment in the oil and gas industry is expected to reach $39.4 billion by 2023, according to a BIS Research. In oil and gas, IoT consists of sensors that monitor everything from pump performance to air quality to inventory, plus the machine learning and artificial intelligence tools that enable companies to automate tasks. So, why are oil and gas organizations so eager to embrace IoT? Here are a few reasons:
The recent Offshore Europe 2019 exhibition in Aberdeen, UK, was an opportunity for Aegex Technologies to showcase our NexVu IoT Solution, a modular, wireless, intrinsically safe sensor solution that can monitor more than 60,000 bespoke combinations of gases and ambient conditions in oil and gas operations to spot patterns and streamline processes.