HOW IOT CAN REVOLUTIONISE TANK STORAGE

Cyann Fielding explores how the Internet of Things is improving safety and efficiency at terminals across the world. The Internet of Things (IoT) refers to a network of physical objects, known as ‘things’, which connect and exchange data with other devices and systems over the internet. The Industrial Internet of Things (IIoT) is a branch of IoT where devices are networked together for industrial applications. In the tank storage industry, this allows for data collection, exchange, and analysis between sites and operations, as well as the facilitation of predictive management to improve productivity, cost efficiency and asset maintenance. Deanna Zhang, founder of etechmonkey and ETM Advisors, says: ‘Incorporating more IoT and other types of digitalisation technologies have been a way for the oil and gas industry to optimise operations in the middle of a volatile and sometimes challenging price environment. Implementing IoT also naturally creates more transparency and traceable systems of record, which can help on the ESG side.’ Some IoT solutions can also offer greater visibility of the supply chain and logistics. IoT can give a more accurate view of work processes and...