The Internet of Things (IoT), while still in its infancy, has started to be used in many different industries, such as manufacturing, agriculture, and energy. IoT allows you to monitor your assets, while minimizing the resources necessary to do so. With network connections being prevalent in our homes, offices and the factory floor, we’re beginning to see a significant rise in the number of connected machines within the oil and gas sector.

Addressing misconceptions

There is a misconception around IoT that if we simply collect large amounts of data we’ll become more efficient and save money. That’s not how it works. Getting the data is only the first step; and even then I’ve seen many organizations fail at this. It’s about collecting the right data, insightful data, and then analyzing it to predict future trends. That’s where the benefit lies.

For organizations that are looking to utilize IoT to become more efficient, now is a good time for them to develop a strategy and to move on it. Within this strategy, they should start to understand how IoT and its connected technologies might fit into their organization, and what problems it could solve.

I’d also like to see Canadian governments get involved in supporting the growth of IoT. If we can improve pump performance just by one percent, whether this be through Research and Development tax credits or education programs, we would provide over half a million additional barrels of oil per day. That’s $19 billion per year.