Automated remote asset monitoring is gaining widespread adoption in all industries. With a proper asset monitoring solution in place, businesses can get deeper information about their assets, know about asset health, availability, productivity, and location; all of it accessible to them from a single point. Such solution can maintain an accurate record of all the active assets and eliminate all the ghost assets, thus providing a clear picture of how assets are utilized in each process.
Almost all the industries that rely on assets to get things done can benefit from a properly implemented asset monitoring solution. In this blog post, we will cover how smart asset monitoring can help enterprises in the manufacturing, power & utilities, and healthcare sectors maximize machine uptime and get the most out of their assets.
Manufacturing is one of the most asset-intensive industries, where tracking and monitoring of assets along the entire supply chain is much required. A lot of companies do not consider asset tracking as an absolute priority and end up with cluttered operations due to service failures and delivery delays. The manufacturing industry also faces the challenge to monitor multiple plant locations at once as they are lacking a remote asset monitoring solution that is accurate and gives real-time information.
IoT-enabled asset monitoring!
- Types of assets
- Current challenges in asset monitoring
- IoT-enabled asset monitoring
- Business use cases
- Chatbots benefits for enterprises
- Realizing value with IoT
How to overcome these issues with remote asset tracking and monitoring
Asset tracking and monitoring solutions allow businesses to easily track and monitor all the connected assets that are used during different stages of the manufacturing process. In this day and age when customers have a list of brands to choose from, manufacturers need to make sure that they meet the demand by accelerating the production process while maintaining the utmost quality. In such a case, companies cannot afford to underutilize their much valued production machines due to unexpected breakdown or loss.
A lot of moveable assets are used in the production line, which can be tracked with the help of asset tracking solution. Similar IoT solutions will not only allow the users to know the exact location of the assets, but also allow them to know various other parameters associated with asset health and efficiency. With asset health data, companies can get a better idea of how many assets are performing as expected and how many are underutilized.
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Power & utilities
The power and utilities sector often lacks the required efficiency and strategized processes, which results in increased costs due to manual asset monitoring and inaccurate inventory management. Companies also fail to file claims before equipment warranties expire, thus adding extra costs of equipment replacement or repair. Such issues interrupt the smooth-running operations and increase unexpected machine downtimes, thus affecting the bottom line.
How asset monitoring can address these challenges while providing added benefits
With a smart asset monitoring solution in place, companies can reevaluate their business processes by bridging the gap between their operation processes with adoption of industry best practices. An asset monitoring solution that combines different modules such as inventory management, asset tracking, condition monitoring, operation management, and calibration management can be considered ideal to overcome the challenges that the power and utilities sector currently faces.
With an IoT-powered asset monitoring solution, companies can utilize predictive maintenance to detect abnormal machine behavior, measure KPIs to detect anomalies, and predict equipment failure to reduce the cost associated with machine repair or replacement. The real-time data gathered with an IoT system can allow companies to process warranty claims on time, provide uninterrupted asset uptime, and ensure that all the processes have the required assets up and running whenever needed.
According to Gartner, 10 to 20 percent of a hospital’s inventory is misplaced or goes missing every year. Besides that, it is estimated that almost $5000 worth of equipment goes missing per bed. This amount can reach to millions every year, which some hospitals just can’t spare for missing assets. Not only that, looking for those missing equipment wastes a great deal of time for hospital staff, which can be otherwise utilized in improving patient care.
How asset monitoring can bring an end to all these problems
With an asset monitoring solution, hospitals can get a clear idea of how many of their assets are currently active and how many of their assets are available for use. Instead of searching for the required asset, hospital personnel can simply see if the required asset is available, if so, they can also track the location of the asset, saving them a lot of time.
Connected assets allow businesses to easily track moveable assets and determine whether they are located in their pre-defined area of use. Healthcare processes involve a lot of different processes, each of which uses a range of different equipment and monitoring devices. If any of these assets is lost or is not available in its pre-defined location, it can significantly impact the patient care and medical procedures. Asset monitoring and management can maximize asset availability, prevent theft, reduce costs, and detect whenever any connected asset leaves its pre-defined usage area.
If your business relies on asset performance, we have developed the right solution for you. Softweb smart asset monitoring solution will allow you to get the most out of assets.