The next level of value comes when each business unit analyses and applies the data from these remote assets and other integrated 3rd party systems. Customers can then proactively schedule their business activity for days, even weeks out. However, to maximize the flow of data from one department to the next, proper planning and a customized implementation is necessary.
When leveraging IoT to connect your people, assets and processes, there are three incremental value steps that should be considered. First, define your desired operational goals and determine how you will calculate your initial ROI. Then, learn how to analyze and correctly apply various data points, notifications and alerts, in order to make rapid, intelligent business decisions. Finally, define your long-term business goals, which integrates all facets of the business, resulting in a new working standard which drives efficiency throughout your entire supply chain. See diagram below:
By applying logical rules that affect multi-departmental processes, rapid and intelligent decision-making becomes the norm. Transparency between the customer and your suppliers becomes a day-to-day occurrence and forecasting seasonal, economic, or inventory fluctuations become standard practice, enabling your organization to reduce capital expenses and increase productivity.
IoT is changing the world. Leaders in the petroleum industry realize the value of an integrated IoT strategy. It’s no surprise that improving efficiency across an organization reduces cost while providing a reliable, safe, and productive environment. A sound IoT strategy also sets the pace for creating new revenue streams and more value for the customer.