How to keep track of business value with smart asset monitoring
There are number of ways how the Internet of Things is transforming businesses. As new technologies like machine learning and predictive analytics are bringing fruitful results for businesses, increasing number of companies are considering deploying IoT solutions to gain new opportunities and competitive advantage. When it comes to the Industrial IoT (IIoT), one of the most popular applications is smart asset monitoring. Industrial asset management, fleet management, and predictive maintenance are some of the facets how industries have started monitoring and managing assets with the Internet of Things.
Asset tracking & management system that delivers major savings
Our client is an industry leader in data management services that creates platforms to help businesses manage and monitor their assets more effectively.
The role of smart asset monitoring
The Industrial Internet of Things is no longer in its infancy as enterprises have started adopting it at a faster rate in the form of different use cases and gaining advantages that IoT has got to offer. Smart asset monitoring is one of the applications that has already been deployed in various enterprises thanks to the explosion of affordable cloud platforms, availability of various connectivity options, processing and storage capabilities, machine learning tools, smart mobile applications and low-cost sensors.
There are certain challenges that asset intensive industries like heavy machinery and construction, industrial machinery, manufacturing, oil & gas, equipment rental, etc. have been facing for years. Here are some of the major challenges these industries are facing:
- Lack of visibility
- Track RoA (return on assets) continuously
- Maximize asset utilization
- Improve OEE (overall equipment effectiveness)
- Avoid sudden machine breakdowns
There are two types of assets industries deal with – mobile and non-mobile. Different types of assets pose different challenges and different business objectives for monitoring and managing them. Mostly companies want to track RoA, know how their assets are performing, what each asset is doing, track the location of assets and so on. Connected assets and embedded sensors help collect important data and push to the cloud, which helps transform a company’s operations, digitally. Since rules are already set, the system sends alerts for important events and supervisors can monitor KPIs that have been prioritized when configuring the solution. Furthermore, the IoT platform is equipped with machine learning algorithm so that the system constantly learns from the data that is fed, and then learns taking autonomous actions based on the event. Traditionally, everything has been operated in silos that make it difficult to understand what is going on with each machines/equipment in real-time.
With IoT, companies can transform all processes and consolidate everything into a single smart solution equipped with smart analytics. Smart remote monitoring offers smarter workflows, more transparency and visibility across all areas, real-time alerts, remote control over assets, add more intelligence to different processes, and predictive maintenance. State-of-the-art technologies like machine leaning and predictive analytics enable companies to ring in the inherent value of innovation, automation, and digital transformation.
Smart remote monitoring typically revolves around these five areas:
- Asset health monitoring
- Remote asset tracking
- Predictive maintenance
- Asset workflow automation
- Asset lifecycle management
The upsides of smart asset monitoring
Over the next ten years, the potential bottom-line value that can be created as organizations harness IoT solutions will be close to 8 trillion dollars and 25% of this or 2.1 trillion dollars is from Asset Utilization.