Stuart Morstead, COO of Arundo, was recently interviewed by Xconomy. “Heavy equipment is becoming instrumented. Now, what do I do with all of that information?” Stuart explains that by leveraging massive amounts of data to look at historical trends, but also build a predictive set of models to do a much better job of understanding and manning the asset. This allows companies to avoid unplanned downtime an address issues before they happen.
Users can reap massive benefits from this type of data learning. Increasing the production rate of an offshore rig by about 10 percent could increase production by about $100 million in potential new revenue, at September’s oil prices.