These days technology is essential for businesses as their clients only want the best technology. Moreover, competition is high and having the best technology is significant for running daily operations successfully. Therefore, when an organization is equipped with a lot of assets in order to keep them maintained. In the market, there are several technologies available for effective asset management such as Barcode, QR Code, RFID, GPS, BLE, NFC, IoT, etc. It is crucial to invest in IoT Asset Management solutions.
But a few years back this was not the case as organizations were using traditional manual methods & systems for asset tracking. These sorts of frameworks are wasteful and defenseless against errors and mistakes; however, it is better to have a manual system rather than nothing.
These manual techniques are generally very troubling for managers who are liable for addressing inquiries regarding assets and keeping accurate asset records. Now automated asset management is the need of the hour.
In this blog, we will learn what IoT Asset management is & why it is gaining so much popularity these days! So, without wasting time let us begin.
What Is IoT Asset Management?
Asset management is the process of tracking, monitoring, & managing assets efficiently. With proper asset management, you can keep track of every asset for asset maintenance. It is helpful in optimizing asset performance and decreasing maintenance expenses.
IoT asset management is a technique that can be used for asset tracking. It likewise empowers the development of plans of action for effective asset tracking and enhances asset lifecycle as well. It further assists associations with distinguishing areas for cost improvement.
It eliminates the traditional asset tracking methods and improves accuracy as well. IoT Asset Management is helpful in providing real-time information and real-time asset location.
Recommend To Read: How is IoT Useful in Your Business for Asset Management?
Why Is IoT Asset Management Solution Getting Popular?
Below we have discussed why IoT Asset Management Solution is getting popular:
1. Real-Time Information
There are several sectors such as manufacturing, automobile, logistics, and oil & gas which have costly assets and are expensive as well.
Therefore, keeping track of them is significant that too in real-time if a sudden asset breakdown occurs in any asset, then not only daily operation suffers but the business loss also occurs apart from that huge maintenance expenses are also done.
In order to avoid this scenario, regular inspection of assets and real-time information is required so that asset health and key performance indicators KPIs are tracked.
With IoT asset management data-driven decisions are taken in business operations. Moreover, real-time alerts are also sent to users with IoT asset management.
2. Controlling Expenses
IoT is technology-enabled with data sensors that help in making accurate business decisions. With IoT asset management you can get regular updates that are helpful in understanding asset performance.
You have intel that assists in decreasing the cost of asset maintenance. Another example is purchasing inventory in limited quantity only and not in bulk as inventory purchasing is costly as well. Saving expenses is also an important part of business growth.
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3. Maximizing Asset Utilization
When an asset is used to its full capacity then the return on investment increases. One of the main goals of effective asset management is to optimize ROI. In order to achieve this objective, IoT asset management plays a crucial part.
Since IoT provides real-time information and creates a network where you can always know the condition of assets so maintenance planning can be done easily and efficiently so that sudden breakdown can be avoided, and asset performance can be tracked when performance starts going down you know schedule maintenance and for more assurance, you can check key performance indicators as well that will help you in making accurate business decisions.
All these factors are helpful in maximizing asset utilization.
4. Optimizing Asset Performance
Asset performance is important for all organizations. When the asset is performing well then it can work for longer hours and complete production work on/before time. This is just one of the benefits of IoT asset management.
With IoT asset management you are monitoring assets and as per the availability, you can make necessary changes in assets to improve their performance. Asset management software provides proactive maintenance.
It ensures that unexpected asset failure does not occur. For optimizing asset performance proactive maintenance is significant.
So, these are a few of the main features that make you more productive with IoT asset management. You can achieve these results easily and the outcome is enhanced. It is helpful in optimizing overall equipment efficiency (OEE).
IoT asset management provides data that is helpful in making strategic business decisions. IoT asset management provides numerous advantages to the organization. Once you implement it you will discover its benefits as well.
The above discussed are only a few of the benefits of the IoT Asset Management Solution.
Also Read: What Are the Various Benefits of Automation in Manufacturing?
Frequently Asked Questions (FAQs)
Q.1 - What Are the Benefits of IoT Asset Management?
The benefits of IoT Asset Management are given below:
1. Asset security & safety
2. Monitoring asset health
3. Better & more accurate analytics
4. Asset-related alerts & notifications
5. Minimizing maintenance expenses
Q.2 - What Is the Market Size of IoT?
According to Globe News Wire, “The global Internet of Things market size stood at USD 384.70 billion in 2021. The market is anticipated to rise from USD 478.36 billion in 2022 to USD 2,465.26 billion by 2029 at 26.4% CAGR during the forecast period”.
Q.3 - How IoT Sensors Are Helpful in Data Analytics?
IoT sensors are attached to machines that provide updates at regular intervals. Moreover, organizations can monitor oil analysis to check asset performance as it helps in understanding asset health. This data provides a baseline that helps managers in better asset management.