Dashboard’s commentary on “Internet of Things can have massive impact on Oil & Gas”
“…yet, as Cisco recently reported, only half of the companies in the industry leverage data for effective decision making; fewer than one-third can deliver the right information to the right place in a timely manner; fewer than one-fifth are connecting people in more relevant and value-added ways; and only one in 14 companies is integrating the right equipment, devices, and machines to capture materially useful data. While unit costs continue to fall in many industries—by more than 30% in sensors, 25% in bandwidth, 33% in computing, and close to 40% in storage – Oil & Gas costs continue to rise, with the real cost of extracting a marginal barrel of oil increasing by 75% in recent years…” Consultancy.uk
Dashboard comment – This issue lies at the heart of what Dashboard is seeking to ach
ieve. At a recent Corporate Venturing summit, making sense of the exponential growth in IoT was compared to walking into a room where 1000 people were talking – and trying to make sense of one conversation! As IoT devices proliferate, businesses naturally will want to take advantage of the huge benefits that wise deployment can bring. As Mark Salkeld, CEO Petroleum Services Association of Canada, recently said “This is a cost war not a price war, and weapon of choice is innovation” so it is clear that oil companies are leading the way in trying to drive cost out of production and supply. Whilst IoT clearly has a massive role to play in streamlining industrial processes, making sense of all of the data emanating from these devices, and blending that data with existing data sets is a monumental undertaking. Foremost a Data Analytics company, Dashboard is well placed to develop, supply and support solutions that address this precise challenge. Our team has extensive experience of blending and analysing vast amounts of disparate and ‘stranded’ data, and is creating IP in the field of analytics and dashboard visualisation.