AI for Oil and Gas
Internet of Things (IoT) systems and other tech strategies are swiftly being integrated into a swathe of industries. From the minerals and mining sectors, to finance, to healthcare – the world is going digital. These connected technology solutions help accommodate more consumer and enterprise needs.
This rapidly-expanding digitalization era presents the need for enterprises to step up their game to show up for the next industrial revolution. Companies that can’t find the time or assets to invest in connected technology solutions – a progressively growing necessity – may not thrive or even survive in this increasingly technological climate.
The IoT and other connected tech markets are projected to grow by 2027 to over $2.4 trillion annually, according to a Business Insider report. In 2019, there were approximately 8 billion IoT devices across enterprises and industries. By 2027, that number is projected to be over 41 billion.
What do these solutions and new technology mean for your enterprise? What advantages can your industry experience from these digital innovations?
Artificial intelligence (AI) and self-learning machines are just some of the many connected tech solutions for enterprises to begin integrating into their infrastructure. On a grand scale, we want to look at what these connected technology solutions can realistically do for your enterprise.
The Power of Automation
This industrial digital transformation brings with it more autonomous equipment and systems than ever before. In fact, in the industrial IoT landscape, intelligent sensors will be equipped to every piece of machinery and device. Improved automation means being able to put more focus into the end product instead of the steps in between.
What goes hand-in-hand with automation are the improvements connected technology solutions offer along the supply chain. Facilities can experience downtime reduction, which results in increased productivity and lower operating costs.
While the initial investment to integrate digitalization into your infrastructure can be costly, it does eventually pay for itself. As quality problems along the supply chain get resolved, you can anticipate decreased operating costs, less material waste and fewer employees on the floor at one time.
Likewise, automation and other digital strategies help an organization reduce how much time it takes to get a product from design to market. Overall, the cost savings is a valuable enough solution on their own to warrant making the digital transition. Gaining access to actionable data from devices ensures an enterprise is adding value to their business more efficiently and quicker than with past technology.
Better User Experiences
Industrial data goes further than improving systems and processes at enterprise sites. As industry 4.0 takes a more consumer-centric approach to business, the customer’s experience is a top priority. Connected technology solutions enable companies to uncover, track, monitor and analyze customer data in real-time.
What do these connected solutions then do with all this customer data? Focus on enhancing and personalizing each consumer’s shopping journey. A business can use past experiences and other big data to predict trends and fine-tune supply for demand.
Picture personalized store coupons you’re likely emailed or can access on the store’s mobile app. Another example: the location trackers on packages to help you know when the shipping vehicle is close with your order.
Big Data Brought to Life
Using predictive analytics from industrial data, companies can mitigate assembly line injuries. Body tracking sensors and specialized connected technology solutions can optimize a production worker’s tasks while protecting them from excessive physical stress.
Sensors can alert staff of the need for any changes in productivity or processes through consistent monitoring. Over time, staff can ease into working smarter – not harder – to avoid injuries, more efficiently tackle work, and so much more.
When the pandemic hit, most industries scrambled to accommodate this rapid change in how the world functioned. Over the next few weeks, the globe was made to promptly shelter in place. For many industries, this exposed the cracks in their supply chain systems, some of which had likely been building for years prior.
Healthcare and other capital intensive industries began to submerge themselves in connected technology solutions. Digital strategy roadmaps that were mapped out across a year to a decade were narrowed to weeks or even days for some enterprises. As reality set in, businesses hastily embraced this new digital transformation to recover from supply chain disruptions and find modern solutions to remotely engage with customers.
The healthcare sector as well as other asset-intensive markets, such as distribution, oil and gas, manufacturing, transportation and more, were transformed through connected technology solutions. The industries that once dragged their feet to move forward for industry 4.0 are now at the forefront, awaiting the next digital innovation.
Just for the healthcare industry alone, the pandemic sped up the path to telehealth training, easier collaboration, mobile and wearable devices for connected health platforms and so much more. The extent of what connected technology solutions can do for each industry emerges more every day.
Is your enterprise on the right digital transformation path? What next steps will your industry take to embrace current and future technological advancements?
What is connected tech?
Often referred to as Smart Connected Technology, connected technology is an embedded form of tech that comprises processors and sensors. If products have this tech, they’re typically able to connect with other products and/or the environment in some way.