Role of IoT in the Transformation of Asset Management

IoT happens to be a trending technology phenomenon shifting from academia to industry standards. It is due to the accessibility of affordable connectivity, various sensors, scalable cloud platforms, storage processing and injection capability of big data platforms, smart machines, and mobile application learning tools. Numerous service providers and industries concentrate on developing unique solutions for interconnecting things to bring a radical transformation within their industrial operations. Today, industries have surpassed the acquaintance phase with the Internet of Things and are presently penetrating the experimenting phase. From mining, healthcare, construction to manufacturing, business throughout all verticals work with ample equipment tools, and machines. This is where effective asset management comes in. 

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Productive Asset Management comes with a significant impact on the bottom line and operational productivity of companies. Asset Management opens up compelling possibilities for optimizing asset lifecycle management as well as equipment efficiency. 

Tracking and Asset Management with IoT devices are expected to enhance thrice in the upcoming year. It is anticipated that there are likely to be 267 million active trackers globally throughout the supply chain, construction, mining, and other markets. This piece of writing throws light on the working advantages applications and significance of IoT in asset monitoring and Management. It will equip you in adopting the latest advancements in Asset Management for streamlining your business operations. Let’s get started. 

Asset Management

Asset Management is a systematic procedure of maintaining and tracking valuable items concerning any organization or business entity. It can incorporate human assets such as human resources or transferable assets like vehicle fleets, cranes, or non-moving ones like raw materials, industrial equipment, and finished goods. 

An asset can be considered as a particular single device or an intricately complex structure including many sensors. Such assets require maintenance in hydraulic, mechanical, and electrical aspects for making them workable with a specific regulatory framework. Asset monitoring also involves tracing every device, either small or big, in a business. It provides every detail regarding the location, condition, performance, and status of the device in real-time. Furthermore, it assists in improving and balancing productivity with low cost-effectiveness. 

In simple words, asset monitoring and management can be stated as a systematic procedure where things happen to be categorized, maintained, supervised, detected, operated, replaced, and upgraded cost-effectively. It takes the entire life cycle of an asset into consideration ranging from the time of purchase to disposal. Thus, by keeping an eye on the entire asset lifecycle there is a chance of decreasing operational costs, increasing productivity, improvising the bottom line of business, and prolonging their durability. 

Challenges in Asset Management

The traditional process of maintaining assets includes handwritten lists, visual inspections, and Excel sheets for tracking the present position status and performance of equipment. This approach happens to be inefficient and labor-intensive without a doubt, hence failing to offer sufficient asset data. As there is a lack of visibility, important assets are also highly susceptible to vandalism and theft attempts. Apart from that, low insights into the actual health of the equipment indicate that they are usually serviced too late or too frequently. 

As far as mission-critical machinery is concerned, a particular failure may disrupt the entire production line partially or wholly, hence leading to expensive downtime and product delivery delay. Contrarily, schedule-based, redundant, and preventive monitoring that oversees real-time machine conditions, happens to be inefficient, thereby bringing in extra waste and expenses. The challenges of asset monitoring and management additionally amplify geographically dispersed and hard-to-access industrial places with many unattended assets. This is where IoT comes in. 

Internet of Things For Asset Management

IoT and big data in the field of Asset Management help to make spaces and things smart and connected. It helps the management with essential data on the location, condition, and status of the assets and facilitates their continuous management in real-time. Big data and IoT systems for asset monitoring engage a broad range of technologies like sensors, meters, beacons, GPS as well as management, visualizing, and data analytics tools.

Advantages of Asset Monitoring Based on IoT

Asset monitoring or management based on IoT offers staff, executives, and customers a pretty good amount of advantages and capabilities that were previously unavailable. Here are some of the benefits: 

  • Data-intensive and automated Asset management can help eliminate human errors. 
  • Enhanced efficiency and speed of the overall inventory procedure along with optimized cost.
  • Effortless and prompt access to all assets. 
  • Real-time status, positioning, and condition tracking of assets. 
  • Enhanced asset transfer throughout the supply chain. 

IoT for Asset Management and monitoring have been already implemented in various fields. Healthcare happens to be one of those industries which are presently adopting the solutions and connected Technology for solving the previous problems like losing resources, long waiting lines, lack of hospital equipment, and management and staff time wastage. 

Apart from the above-mentioned benefits, there are connectivity and personalized benefits as well. With proper Asset Management, one can bid goodbye to the period when various devices were required to be operated for numerous tasks. 

With the help of the Internet of Things, you can operate and control numerous items from a particular device. For instance, you can connect your mobile or smartphone with a TV and you can change the channels from your smartphone as well. Other than that, in the case of social media, personalization plays an important role in making data relevant and likable for you as a user. 

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Wrapping Up

The demand for IoT gadgets for asset monitoring is likely to increase by three times in the upcoming year. Industries like manufacturing transportation for trials as well as agriculture can benefit a lot from this technology. IoT happens to be the next generation method concerning Asset Management and monitoring software. Though it is relatively new, it comes with the potential to transform the game. The possibilities spun off by the Internet of Things happen to be humongous and it brings a ray of hope to serve as the new technology edge that businesses can leverage. It is specifically true for organizations that look forward to embracing change for the better.

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