Whitepaper

The Importance of the Edge for the Industrial Internet of Things in the Energy Industry

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The Importance of the Edge for the Industrial Internet of Things in the Energy Industry

By Stephen Sponseller, PTC

It is clear that the Industrial Internet of Things (IIoT) has arrived—and is here to stay. Today’s IIoT is perhaps best defined by interconnectivity. This enables better monitoring, information gathering, role-based information presentation, and operator situational awareness—and ultimately leads to improved decision-making, increased optimization, improved safety, and lowered costs.

The Energy Industry in particular is well-positioned to take advantage of the IIoT. The industrialized world needs energy, and the demand for hydrocarbons will not diminish in our lifetimes. But with the price of oil hovering around $50/barrel, companies need to reduce costs to be profitable. A recent MIT Sloan School of Management case study1 estimated that an unproductive day in a liquefied natural gas (LNG) facility could cost as much as $25 million. It also estimated that this happens an average of five times a year, costing a company $125 million per year per facility in unplanned downtime.

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