Industrial IoT and digitization will loom large as the industry professionals gather at this year’s Offshore Technology Conference (OTC) in Houston, Texas, May 1-4. Over the past few years the industrial IoT has grown beyond information technology concerns (gathering data, data processing and security, etc.) and now includes predictive maintenance of assets, prognostics health management (PHM), reducing cost and nonproductive time, eliminating breakdown and failure.
One of the first steps in realizing the benefits of the IoT for the energy industry is to create intelligent machines/digital products. As evident from consumer product devices, for example smart watches, soon if not already, oil and gas equipment will also need to perform more than just a mechanical function and must become smart or intelligent. Continue reading