There has been much discussion through the years in many sectors of the economy around what the “Internet of Things” (IoT) can do to transform the way we work and live.  In brief, the IoT is about networking “things” like devices and even life-forms so that information may be collected from these things over time and form the basis for analysis and decisions.

IoT inevitably involves sensors, wireless technology of some description, a cloud to aggregate data, and analytics to create insights from this data.  Many people have encountered this business paradigm in their personal lives, whether it is through wearable fitness trackers (maybe you are counting steps, and then uploading that information to an App on your smart-phone or into the cloud), your internet-connected Emerson thermostat, household security system, or your smart TV.  These are consumer examples of the IoT phenomenon, and collectively are described as the wearables or Smart Home sub-segments.

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SCADA and other remote monitoring systems introduced a step change to the industry in the area of operational efficiency by providing a positive impact on run-time, production and reduced operating costs. However, with low commodity prices and lower producing wells, there is still a challenge for business cases to justify putting monitoring on all assets.

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