Many Energy and Natural Resource (ENR) companies still rely on static, error prone data sources. Using static data in assumptions that are made on actual production costs, operating capacity, and yields is no longer sufficient to compete successfully in today's market, a situation made more problematic given that the ENR industry faces reduced market prices for products, increased costs for operations and an onslaught of new competitors.
The Internet of Things (IoT) — which IDC defines as a network of networks of uniquely identifiable endpoints or "things" that communicate without human interaction using IP connectivity — is a transformational technology that is reshaping the ENR industry. While various aspects of IoT have been utilized in the ENR industry for some time, today the IoT can serve as a foundation for Digital Transformation (DX), the process of using big data, analytics, social and mobile technologies to move away from static, error-prone data to leverage real-time insight, and in the process create new business models, and products and services.
This IDC white paper examines the IoT imperative for companies in the ENR industry. We highlight IoT scenarios now and in the future, that illustrate how the integration of "things" with data and processes can generate value for ENR companies.
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