The IoT market is expected to reach USD 11 Trillion by 2025, most of which is contributed by insights generated by connected devices in the materials-reliant sector. – McKinsey
Nowadays, most of the industry verticals such as manufacturing, oil & gas, power & utilities, renewable energy, industrial machinery, etc. have assets within the physical confines of an enterprise or are spread across various geographies. These companies deal with a horde of problems even after investing millions of dollars in their assets. The challenges they face are the poor health of assets, higher maintenance costs, high mean time to repair, pilferage, theft, poor performance, which lead to failure in tracking return on asset (ROA).
Also, industries need to frequently monitor their assets to know:
- What work is each asset doing?
- Whether the asset is overutilized or underutilized?
- What is the current location of the asset?
- What will be the lifetime value of the asset?
- What is the health of a machine?
This is where IoT solutions like asset monitoring and analytics solutions turn out to be a boon for enterprises. The modern IoT-enabled smart asset performance management provides a more comprehensive approach to asset management and asset monitoring compared to the traditional physical asset management approach.
Some of the IoT smart asset solutions include:
- Remote Asset Tracking
- Asset Health/Condition Monitoring
- Predictive Maintenance
- Asset Workflow Automation
- Asset Lifecycle Management
These IoT solutions or variations bring the intrinsic value of automation, innovation, and digital transformation to any industry or a business process. The smart asset management system supports businesses to make the most of the connected devices, real-time data while providing actionable insights for data-driven decision making.
Other than the intelligence on how assets are performing, the smart asset management and remote monitoring and analytics solutions also provide valuable insights from machine data, which helps supervisors to predict the failure of critical assets, adopt predictive maintenance, and automate business processes.
Some of the benefits of leveraging smart asset management
Improved asset efficiency
The efficiency of the fixed and portable assets is a key factor for competitiveness in the asset-intensive industries. The performance of assets can be improved drastically by constantly monitoring the operating patterns in real time, predict asset behavior, avoid asset downtime, and improve the asset productivity. With smart asset technology, enterprises can manage asset in a radically different manner by turning market challenges into competitive advantage offering great asset value.
Intelligent assets at your disposal
Generally, smart assets include IoT-enabled intelligent assets which can identify, store and share important information. The connected network of smart machines offers valuable operational insights and indefinable business value. The cost-effective connected devices and sensors can be integrated into any equipment that will give business-centric data about products, vehicles, or any other assets.
Monitoring assets from anywhere, at any time
With smart asset monitoring and tracking, businesses can track their assets all the way through the supply chain. Whether it’s a fleet of trucks, energy grids, or some industrial machinery, IoT provides a digital identity to all of these enterprise assets. This identity can be tracked easily to give out information regarding the status, condition, and location of assets in real-time. Similarly, remote asset monitoring helps in tracking assets, resources, and products while providing complete visibility, which ultimately would optimize supply and demand.
Predicting equipment failure in advance
An unplanned downtime can cost organizations an arm and a leg so they must invest in smart asset management using advanced analytics to predict business disruptions. With the sensor technology, a proactive and self-healing environment can be created wherein organizations can foresee business needs, prevent machine failures, and avoid unscheduled interferences.
The final say
To make your businesses smarter and more intelligent you must incorporate smart asset management solutions. Enterprises that embrace asset monitoring and tracking solutions can easily convert real-time asset operational data into actionable insights to make informed decisions. We have an IoT team, capable enough to understand your challenges and offer the right solution according to your business needs. Schedule an appointment to know how we can help.