Are you tired of dealing with complex software systems that are drastically different from each other? Do we not have any solution for this matter? The Internet of Things refers to the collective network of interconnected devices as well as the technology that enables communication between devices and the cloud as well as between the devices themselves.That is what you call the IoT technology. On the other hand, as our topic suggests, how exactly does this IoT affect the assets of your enterprise? As we all know, asset management as a whole entails growing and controlling every component of an asset methodically. What your company’s future will look like over the next few years depends on how its different assets are used, such as for operations, maintenance, and sales. That is why you need to have a centralised system that has been integrated with the other pillar systems to boost business value.
In this article, we will be exploring what an IoT solution is, and how its integration with other systems impacts asset monitoring. Plus, we will discover the perks of having an IoT solution with sophisticated integration for your business through this article.
What is IoT for Manufacturing Operational Assets?
First, let us give you a brief introduction to IoT applications for industrial assets. IoT refers to both the larger system of interconnected devices as well as the technology which permits communication between them as well as with the cloud. Billions of electronic devices have been linked to the internet as a result of the development of affordable processing units and high-bandwidth connectivity.
One of the most extensively used IoT applications is asset management, which is significantly accelerating industrial growth. This indicates that a variety of sectors are adopting IoT due to its limitless possibilities for automation and digitalisation. It dramatically increases the potential of common items by enabling them to broadcast and receive information via sensors. It is now easier to monitor the equipment, operations, and overall environment thanks to the adoption of IoT technology.
How Can IoT Assist in Asset Integration?
Tracking Assets Remotely
Businesses must prioritise asset monitoring to cut down on costs and avoid potential losses. Yet, being consistently present to ensure accurate monitoring can pose a challenge. Luckily, advancements in technology have led to the availability of IoT as a valuable asset management solution for companies to efficiently monitor and track their assets in real time via their smartphones. How can this be done? By integrating sensors within assets, authorities can easily observe their locations, statuses, and operational conditions.
Asset Health Checking
Why do you need to spend on human labour when you can get it done by technology in no time? This is one of the many reasons why businesses should implement IoT for their asset management. Utilising this technology for asset management lets companies keep an eye on the health of their assets without the need for staff involvement.
IoT-based asset management could reduce running costs and prevent loss by sounding alarms and warnings whenever a system malfunction, the temperature or humidity comes up, or a component is likely to wear out, etc.
Lifecycle Management of Assets
This is capable of handling every phase, starting with need identification and continuing through implementation. The initial stage is dashboard management, which allows you to access all of the asset’s details. Support centres get automated notifications that can be used to help in an emergency. If there is a condition issue with the asset, it immediately sets off an alert that notifies the plant management of the problem in the functioning as well as the root cause, saving the manager’s time in locating the issue. Without any difficulty or mistake, this digitalized technology handles many aspects of asset lifecycle management.
Does it always need to check the inventories for the items that are out of stock or need to be purchased? With this new age technology, it is not necessary anymore. All of the procedures involved in the workflow of the assets are programmed utilising sensors. In other words, assets can be designed to operate autonomously depending on their functions.
For instance, while maintaining asset inventory, if the system observes that an extra element is out of stock and will need to be maintained, it will send an inquiry for purchase to the vendors without having to obtain approval from the relevant authorities.
It might be difficult to constantly keep an eye on the asset to learn about its present condition, upcoming maintenance, damage, etc. it is possible that you will frequently overlook or even ignore it. IoT could potentially be utilised for predicting asset maintenance needs to increase usefulness.
A maintenance checkup is necessary for the machinery in the industrial sector since it appears to be about to malfunction. The industrial machinery looks to be about to malfunction, thus a maintenance inspection is required. IoT asset management could gather all relevant data about the equipment and, employing a predictive analysis, send a request for repair to the maintenance technician.
Identifying the Perks of IoT-based Asset Monitoring
Now let us move on to the perks of implementing IoT along with other systems for your business operations and how it will be beneficial in a way to lead you to achieve success.
This is the number one perk of employing IoT technology in asset management. The latter integrates sensors to track and keep an eye on the asset in real-time. Using your mobile devices, you could frequently access detailed information on operating performance, location, and asset status. This will help with reducing expenses, optimisation of inventory, process efficiency enhancement, and non-compliance elimination.
Keeping Eye on Assets Round the Clock
As we have already pointed out, it is hard to monitor the assets manually, let alone continuously. When the temperature has risen, it is impossible to see the machine’s operation while standing close to it. Alarms and cautions are necessary to keep you informed in case such an urgent situation arises. You can track your assets with this technology without the involvement of any personnel.
Protecting Assets from Stealing
Now you know that swift repairs can be carried out by automation or manual intervention. But what if someone wants to steal your company assets? It is no longer possible with this software. Real-time monitoring that is not just limited to certain business circumstances but also to prevent stealing is made possible by the deployment of sensors stocked with thermal cameras that are capable of identifying movement and body temperature to set off an alarm.
The said program supports strategic modifications that increase the effectiveness of the asset management system your company is currently employing. It reduces overall costs starting by automating processes, preventing failures, and streamlining maintenance procedures by monitoring and promptly delivering alarms.
Cerexio IoT Technology to Enhance Your Asset Value
Do you want the asset management in your company to become a digitally interconnected smart space? Cerexio presents you with our sophisticated IoT software to fill the gaps in asset management with its high-tech industry 4.0 standards. Cerexio IoT technology is the most convenient way for you to strike a balance between industrial information systems and company assets. Boost the value of company assets with Cerexio today!
Boost Your Asset Value with Cutting-Edge IoT solutions
Since you have already gone through our blog article, now you understand, the company’s overall asset management requires a powerhouse of various sophisticated software. When all of them are integrated with IoT, the benefits it will provide are uncountable. However, you should be able to be in a position where you can choose the best IoT software for your business. Though there is a lot of software out there, what you need is the best for sure.