Nearly half of businesses have identified cost saving opportunities as one of the main reasons they are deploying Internet of Things (IoT) technologies.
That’s according to research by mobile satellite company Inmarsat, which reveals this comes ahead of other drivers such as improving health and safety (37%) and increasing automation (37%).
The survey of 100 energy companies from around the world shows many are trying to optimise their operations and streamline business strategies in the hope of reducing expenditure and increasing profit.
In addition, 48% of businesses expect the main benefit from the deployment of IoT to be greater workforce productivity, further underlining the significant effect it can have upon the profitability of operations within the energy sector.
Gary Bray, Director of Energy at Inmarsat Enterprise, said: “Rapid digitalisation of the sector will create an ‘Internet of Energy’ network that incorporates interconnected, intelligent measuring and monitoring systems with real-time visualisations of consumer usage data.
“It is clear that IoT holds the key to unlocking huge cost savings for the energy sector.”