How IoT Is a Game-changer for Asset Management

Asset management is one of the original IoT use cases and has proven to bring real value across myriad industries. IoT asset management refers to the tracking and management of individual connected assets via devices and sensors to capture and report information. IoT devices connect assets to a central platform, allowing you to utilize real-time data streams to monitor, track, and manage the lifecycle your assets.

This has been a game-changer for many companies, who previously relied on error-prone and laborious manual procedures. In fact, according to a study from Webisoft, companies utilizing IoT for asset tracking have enjoyed an impressive increase in efficiency, with a 20% decrease in maintenance costs and a 15% increase in overall equipment effectiveness. In other words, IoT has transformed asset management, revolutionizing traditional practices and driving productivity and success.

Connecting your assets with IoT devices and sensors allows you to gather both real-time and historical data on the status, condition, and performance of each asset, as well as automating your processes, reducing operational costs, increasing productivity, enhancing safety and security, and extending the longevity of your assets.

Resource optimization

IoT technology plays a pivotal role in maximizing asset efficiency and minimizing waste. It does this through continuous monitoring and analysis of data, which provides deep insights into asset usage and performance. This gives you a clear understanding of how, when, and where your assets are being used, thus allowing you to have a more informed and strategic allocation of your resources.

In real terms, this means identifying where resources are over or-underutilized, leading to adjustments that can lead to a reduction in operational costs. This kind of fine-tuning of resource distribution ensures that each asset is used to its optimal capacity, avoiding unnecessary costs related to things like energy and maintenance.

In other words, making the right assets available and functioning at the right time means you can maintain high performance standards.

Real-time data

Real-time data transforms asset management. IoT sensors allow you to receive constant updates on the condition, location, and usage patterns of your assets. This information drives data-driven and informed decisions about everything from maintenance schedules and asset deployment to resource allocation. It also allows predictive maintenance, preventing issues before they escalate and therefore saving you money, time, and manpower.

If we look at Industrial IoT, integrating IoT technology allows manufacturers to analyze and monitor three crucial aspects of their equipment: availability, quality, and performance. This real-time information minimizes losses and downtime.

Predictive maintenance

This is a key application of IoT in asset management. Analyzing data from IoT sensors allows you to use predictive algorithms to estimate when an asset is likely to require maintenance or replacement. When compared to traditional reactive maintenance, your business will become far more efficient and cost-effective, and costly downtimes will be greatly reduced.

This is a significant shift is how a business approaches asset care, with IoT devices generating critical data on everything from temperature and vibration to overall wear and tear, which ultimately gives you a comprehensive view of each asset’s status. In real terms, this means you can detect patterns and irregularities that could indicate potential equipment breakdown or failure. Anticipation potential issues before they escalate into failures allows you to plan and target maintenance intervention, rather than working from a reactive maintenance schedule.

Scalability

IoT technology allows you to adapt seamlessly handle a growing number of assets and the accompanying surge in data without losing performance of efficiency. IoT technology allows you to swiftly adjust your asset management strategy and make considered decisions by utilizing both real-time and historical data. This could involve maintenance scheduling, resource allocation, or performance optimization. The ability to react quickly to market or other business changes means you have the competitive edge over those still mired down in old practices.

Security

IoT technology allows you to track your assets in real time, making it easier to locate and recover stolen or lost assets. Furthermore, IoT devices can provide alerts in the event of unauthorized access or tampering, allow you to take swift action.

Conclusion

Marrying IoT with asset tracking means many industries are being transformed, with new standards for operational efficiency being set. There are myriad benefits to be enjoyed by implementing IoT in asset management, ranging from automation and cost control to enhanced monitoring and improved accuracy.

As IoT technologies evolve, so too will the impact they have on your business, with new opportunities being unlocked. Business is an ever-evolving landscape – and IoT is not just a technology advancement, it’s an inescapable strategic imperative for any business who wants to keep one step ahead of the competition.

If you would like to learn more about how IoT enables asset management, please get in touch.