Abstract
Objectives: To identify the gap in the adaptation of IoTs towards meeting the customer expectation for services in petro-retailing in India. Method: Review of available published research articles, case studies, published article in journals and websites on uses of IOTs in various sectors like retail, telecom manufacturing, supply chain management, oil & gas etc. Findings: Technological advances have had a significant impact on both consumers as well as industries. While internet changed the way human interact, Internet of Things (IoT) is expected to change the way machines interact. Adding a networked layer to regular objects has transformed the way we use and interact with them. Industries like healthcare, manufacturing, telecom, etc have seen significant changes with the introduction of IoT. Oil & Gas industry has also seen implementation of IoT but the adoption has varied according to sector. Upstream sector, involved in exploration and drilling, has seen significant adoption while Mid-stream sector, involved in transport and storage, has seen only specific application. IoT solutions have been used for cost optimization as well as improved operations management. Downstream sector (including refining and retail) has seen only limited adoption. Novelty: IoTs are the technology on which future society is going to ride. The use of IoT is going to have huge impact in service industry including petro retailing. Hence the analysis of gap in adaptation shall be helpful for the academician’s, managers in Oil & Gas industry for further review, study and implementation. Keywords: Internet of Things; Indian fuel retail; IOT in oil & gas; new technology adoption; customer experience
Highlights
Technology has impacted industries in multiple ways, bringing innovation and creating great value for the society
It has been observed that IOT deployment should be linked to specific business priorities, which can be broadly described under three categories of increasing scope (a) Improve reliability, (b) Improve cost & capital efficiency of operation by increasing productivity and optimizing the supply chain and lastly (c) Create new Value
In the upstream sector, assimilating diverse data sets is becoming easier with the deployment of thousands of new sensors and improved handling of the increased complexity
Summary
Technology has impacted industries in multiple ways, bringing innovation and creating great value for the society. James Watt’s steam engine heralded the 1st industrial revolution while computers led the most recent. It was the advent of Internet which fundamentally changed how we interact – with the world as well as each other. Internet of things is becoming a revolution in the current scenario. It is changing the very interaction between objects and human. There are a wide range of IoT applications from smart wearables, smart homes at a personal level to smart city, etc. It has greatly improved the quality of lifestyle for consumers
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