When we talk about the latest technological advances and innovations, IoT is one notable mention that just cannot be overlooked. Giving every device with internet functionality the power to interact and work seamlessly with humans, IoT is one massive technology! The technology is being aggressively worked upon these days and it is speculated that the year 2020 will mark a global investment exceeding the US $70 billion in IoT. Let’s see how businesses are adopting IoT for critical asset management.
The internet of things, or IoT, is a simple technology to think of. However, it can accomplish an endless number of tasks when putting to use. Batch processing, industrial management, supply chain management, inventory, home, and home appliances management, managing massive production units and industrial plants and lots more – IoT empowers and drives many sectors!
Its ability to offer cloud-based remote device management is something that is unbeatable and highly secure as compared to all the other pre-existing ways and means.
Well, now that we have done an introduction, let us move on to the main subject of this discussion – Why is everybody using IoT for Asset Management these days? Before we answer this question, let us understand asset management, call for IoT in the same, and why IoT is the best solution for it.
Asset Management – A basic overview and need for Asset Management:
An asset can be understood as any resource of a company that is of importance in accomplishing the business processes. For example, for a logistics company, its fleet of vehicles is an important asset. Some of the best examples of the asset-intensive industries are Heavy Machinery and Construction, Oil & Gas, Transportation, Logistics, and Equipment Rental etc.
For all these businesses, managing their assets that are out of their sight and investing in solutions for monitoring them remotely, are the two major investments. And, even if the companies invest a lot of money in both these activities, the efficiency and quality of service still lack!
This is why most of these companies and industries are going to use the IoT based asset management solutions in the near future – as per the latest study. IoT-enabled solutions for asset management offer a lot of many advantages, which comprise the next segment of this discussion.
IoT for remote monitoring and asset management:
IoT is the best technology that is secure and fool-proof when it comes to cloud-based remote device access. The technology employs the benefits of analytics, internet, and Wifi connectivity to single-handedly manage the processes, assets, workflows and traditional solutions for asset management. So, with the help of IoT, one can have a consolidated system for monitoring, tracking, and analytics that is highly efficient. Further, the system is scalable and can be customized endlessly from one business scenario to another.
Also, IoT offers a small asset management system with remote monitoring and analytics solutions with useful insights and predictive maintenance.
Now, let us move on to learn about the benefits of IoT based asset management.
IoT-enabled Asset Management System – Benefits:
Increased operational efficiency
IoT increases operational efficiency. Imagine a solar power plant where thousands of panels are connected to power production. Now, in case a single panel gets disrupted or damaged, the entire plant gets affected. A manual check and resolution will consume days, while a smart IoT platform for energy will be able to detect the issue once it occurs. The IoT based system will also be able to convey the exact location of the fault, the nature of the fault and the control or prevention measure as well.
Hence, IoT is a boon for boosting operational efficiency.
Productivity is enhanced
When you know whether your vehicle is idle or not; whether it is overused or underused and whether your employee is playing truant or idling away the time or not, then nothing can stop you from increasing productivity. Further, IoT allows cloud-based remote device access so that you can easily do a cursory check on all the inventory, transport, devices and networks without any hassle in a few minutes or hours. All this can be done on a daily basis as well. So, now your staff or manager doesn’t have to spend hours finding out these and many more mundane, yet crucial bits of information.
Resources are used efficiently
With a smart asset management system, you can invest all your resources in a better and more efficient manner. All the entities such as devices and people are interconnected via a massive internet-based system. So, the system is fool-proof and calls for efficient working.
Better checks for safety and compliance
IoT based asset management systems offer warnings and alerts of all kinds to the managers. For example, suppose a machine is operating at an unnecessarily fast pace or is producing a massive vibration, the same will be conveyed to the person responsible for machines well advance in time. This will help them in avoiding any disaster in time and also avoid defective batches or a halt in production because of unknown reasons. Similarly, the IoT enabled sensors can be employed to detect any leakage of gas or fuel etc.
Maintenance and Repair Automation
The big industries with massive production lines and assembly chains etc can find IoT-based maintenance and repair solutions highly beneficial. The addressing time and repairing time are greatly reduced and the overall working efficiency is enhanced.
Some other important benefits of IoT-based asset management system are:
- A consolidated ecosystem that is smart and responsive
- Real-time alert reporting
- Optimization of overall equipment effectiveness
- Digital transformation and innovation
So, this brings the discussion to a closure. We hope that the above-mentioned information might have offered you an insightful takeaway for using IoT for asset management.
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What are the key benefits of IoT to Asset Management?
There are numerous benefits that IoT provides in critical asset management such as Increased operational efficiency, Resources are used efficiently, Maintenance and Repair Automation, Productivity is enhanced , Better checks for safety and compliance
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