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Excerpts from the podcast:
Rio: Recently I wrote a case story about a company with 50 oil rigs, and part of the process of extracting oil and gas out of the ground involves cleaning the gas so it can be sold. This cleaning of the gas involves a compressor. What happens is the hydrocarbons in the dirty gas will accumulate on the compressor blades and eventually cause an unplanned failure. In the case of BHP Billiton, they implemented an IOT solution that involved extracting data from the sensors on the compressor, putting it into a cloud applications, applying some analytics on top of that, and then they could use that to predict failure, they could predict it out as much as six months.
Rio: The OEM’s provide these asset-monitoring services. What’s essentially happening is the maintenance of the equipment being outsourced, or some portion of the maintenance is being outsourced to the OEM. This of course starts to make sense with the more complicated pieces of equipment at least initially, and broader later on. This is opening new opportunities for maintenance departments to do a better job of providing high up-time with the equipment.