Developing an internet of things (IoT) business model for increasing operational efficiency and employee productivity in Indian public sector retail oil outlets

Abstract

Our society is going through a rapid transformation from unconnected objects to connected ‘Things1’ that can generate data themselves. The data thus generated is examined to draw out rich information. Known as Internet of Things (IoT), this new disruptive technology is set to transform the daily activities of everyone through higher efficiency and richer experience (Intel, 2014). The IoT revolution is touching almost all areas of the Oil and Gas operations across Upstream, Midstream and Downstream. IoT enables objects to get connected to the internet and sends data from these which can be analyzed to evaluate their performance and well-being. IoT is an enabler for bringing about economic and business value to organizations across industries.