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Introduction

With Internet of Things (IoT) at a high point in the hype cycle, expectations can become unrealistic. To derive full value from IoT, producers and services companies must understand the additional IT components that are required.

Highlights

  • IoT technologies are a powerful tool for managing the myriad complex processes that define the capital- and asset-intensive upstream oil & gas industry. But IoT technologies cannot deliver full value in isolation. They only fulfill their potential when integrated with other enterprise data and analytics tools.

Features and Benefits

  • Assesses key factors shaping the business climate in upstream oil & gas.
  • Explains why technology investments, including IoT, tend to be cost-effective in heavy industries.
  • Explains the importance of data integration and IT/OT integration in deriving full value from IoT investment.

Key questions answered

  • What types of enterprise applications should be deployed along with IoT systems to deliver maximum benefit from IoT?
  • What are the key considerations facing upstream companies in selecting solution providers in IoT?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Fundamental dynamics of the crude oil market keep worsening

  • A major supply/demand imbalance keeps pushing prices lower
  • The industry has contracted sharply in response

Digital transformation, including IoT investment, remains an effective strategy in a difficult market

  • Investments in information and operations technologies tend to be cost-effective in heavy industries
  • Ovum survey data show IoT is a high priority
  • IoT solutions are at an early stage of adoption, so their potential benefits are largely untapped

To deliver full value, IoT technologies need a solid digital foundation and complementary applications

  • A digital foundation requires the thorough integration of applications data
  • Integration of information and operations technologies sets the stage for IoT solutions
  • Enterprise applications must complement core IoT systems

Operators must be prepared to deal with multiple vendors

  • Few solution providers have the expertise to deliver complete IoT solutions alone
  • Solutions will often involve not just multiple technology vendors but consultancies and integrators as well

Appendix

  • Methodology
  • Further reading
  • Author

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