Many factories have started implementing smart autonomous solutions to gain better productivity. Similarly, the factories that involve fuel inventories require an innovative solution that keeps an accurate track of the fuel quantities in the storage tanks. It produces reports regularly to enable more competent management regarding inventory updates.
A smart and innovative management system based entirely on the Internet of Things has resulted in lower fuel consumption and records. With its automation techniques and simplified management, the IoT concept has become a popular part of the fuel industry. It also enables judicious fuel usage, eliminating the possibility of fuel wastage. As fuel prices rise, consumers seek more efficient and economical solutions to fuel monitoring. This is crucial in providing managers with accurate fuel information to detect stock availability.
The Internet of Things defines the network of physical objects through sensor connectivity, advanced software, and relevant technology collaboration. Inventory management in the petroleum business is considered difficult when the managers follow traditional ways of process execution. Using a smart IoT-powered level monitoring solution, they can enhance their profitability in numerous ways.
Biz4Intellia has thus introduced a smart and advanced level monitoring solution that includes beneficial features for petroleum managers, as listed below.
Level Monitoring Features that Boost Fuel Inventory Efficiency
There's an easy way to process even the complex industrial functionalities with IoT. It enables automation and analytics through a data-driven approach, advancing the functionalities within and outside the industry premises. The use of technology-based systems enables the managers to focus more on enhancing the business growth and increasing the actual potential of any business.
1) Sensor-based Inventory Monitoring
Sensors are used to provide data for cloud-based digital dashboards that monitor the performance of equipment and fuel inventory levels. Sensors that monitor the inventory levels of oil storage tanks on the shore can automatically send trucks to empty the tanks, considering the refilling of inventories. Employees are also provided with early warning signs of possible safety issues like vacating the premises in case of disasters. This helps to prevent severe injury and casualties.
Further, real-time notifications from oil tank sensors enable continuous pumping and trigger alerts on the user’s dashboard. This allows for inventory transportation optimization and minimizes downtime. Digital dashboard visualizations that are cloud-based provide insights and help drive better decision-making.
2) Reduced Overhead Costs
The Internet of Things technology primarily reduces the overall maintenance costs in the oil and natural gas industry, increasing the tank life in the long term. It potentially helps predict even the unidentifiable loopholes and significantly eliminates them. It analyses the condition of the entire plant and gives managers the ability to determine what can be improved from an industrial perspective.
A smart level monitoring solution has in-built sensors that extract data from the assets. It is then processed by gateway connectivity to produce accurate results. These results eliminate excess costs using a data-driven approach, thus boosting the efficiency of fuel inventories.
3) Automated Tasks
Traditional methods of asset processing require immense labour to supervise and manage the data and plant operations. They also had to lead the base in crucial management tasks, which created the possibility of errors and excessive fuel consumption at times. This would lead to inaccuracy and require a lot of manual labour, which results in high maintenance costs.
IoT-based solutions like level monitoring eliminate this problem by automating industrial functions through sensors and data-driven techniques. It allows faster processing, precise insights on fuel consumption, and an overall disruptive approach, assisting managers in keeping real-time track of fuel inventories without additional staff.
4) Digital Twin for Assets
A digital twin is a tool that can help improve the asset management and performance of oil & gas companies to a large extent. The digital twin can predict potential maintenance issues and optimize operating parameters to extend asset life and decrease downtime. It helps you quickly resolve industrial problems and form a repair plan whenever needed.
The use of the digital twin can also warn you about the exact fuel consumption patterns and allow better decision-making in the real world. Additionally, it is possible to compare performance across assets and perform root-cause analyses, which can help improve evidence-based asset management. You can extend these benefits using a digital twin based on virtual or visual reality.
5) Operations Monitoring
IoT-based advanced sensors in oil fields are installed to continuously analyze oil composition (oil and water, gas, etc.). The data extracted is transferred through advanced gateway connectivity, which introduces the industrial details in the form of reports. The readings are enhanced by laboratory tests and simulated field conditions, impacting the industry's overall performance. In IoT, statistical models also estimate flow rates and composition to improve planning and fuel usage for production. Hence, the use of sensor-enabled solutions allows the industrialists to monitor their operations effectively and boost the efficiency of fuel inventories.
It seems impossible to boost the efficiency of fuel inventories that primarily involve colossal tank farms in daily lives. But, with the help of IoT-based solutions like Biz4Intellia’s fuel level monitoring, it is easier to keep a real-time track of the fuel consumption patterns and stock availability. It increases the efficiency of fuel inventories through automated data extraction, predictive analytics, and actionable insights.
