For many organizations, cost effective asset management solution is the key to achieve the highest profit and growth results. However, it is impossible to balance between productivity and cost-effectiveness without having a highly developed asset management system. Here, we assume that values like automation and intelligence are crucial to be existed in your adopted system. Is there any asset management software that provides those values mentioned above? Of course. IoT-enabled asset management is what we are discussing in the next lines, in addition to its use cases and benefits. So let us get started!
What is IoT-Enabled Asset Management?
IoT-enabled asset management solutions utilize IoT sensors. These sensors have many points to consider:
Decreasing Human Involvement:
They allow companies to track specific information about their assets actively without any human involvement.
These IoT sensors can be attached to assets instead of or along with more conventional asset tags (e.g. QR codes).
Many Types of Sensors:
There are many types of sensors available, such as acceleration, temperature, humidity, pressure, and proximity sensors. Defining the suitable sensors depends on defining the use cases.
Sensors’ function is to gather data and push it to a cloud platform. This happens at a certain frequency (Every 10 minutes) depending on the technology and settings used for the data transmission. Then, the system analyzes and transforms this data into actionable insights about assets’ usage, location, environment, and condition, for example.
Use Cases for IoT-Enabled Asset Management:
IoT-enabled asset management solutions can provide companies with real-time alerts, predictive analytics, automatic reporting, data insights and more. Here are some use cases for IoT-enabled asset management:
Automatic location data, asset tracing and geofencing solutions (e.g. utilizing GPS trackers).
Automatic tracking of usage hours and notifications about reached threshold values (e.g. acceleration sensors).
Automatic warehouse inventories without any separate inventory events (e.g. BLE beacons).
Automatic tracking and reporting of material flows (e.g. RFID tags).
The Key Benefits of IoT-Enabled Asset Management:
- Centralized Monitoring and Performance Assessment: Physical locations of the assets never matter. Smart asset management enables monitoring of their performance through a centralized location. This can be with anytime and anywhere access using a single dashboard. This dashboard tracks and analyzes various performance parameters of each asset.
- Real-time Alerting: Smart asset management solutions make it easy by raising alarms in case of detecting any anomalies. Achieving a quick restoration through automation or through manual intervention would be possible then. Moreover, the early warning alerts help for corrective action or specific decision support. Linking early warning alerts or the real time alerts with the integrated supply chain management is possible too. This would help achieving an effective optimization.
- Minimize the Human Intervention: Overall Equipment Effectiveness (OEE) is one of the key manufacturing metrics for measuring the true productivity and efficiency of a manufacturing unit. Obviously, it is essential for decision support to minimize the losses. Using IoT technology, manufacturers have started monitoring and analyzing three key aspects. These are: Quality, availability, and performance of the machines automatically, in real-time.
In short, IoT-enabled asset management solutions, like Mojodat, provide huge companies with basic key benefits. As for those who are looking for developing their business, these innovative software solutions are the most relevant. In fact, IoT-enabled asset management promises to be the smartest technology that enterprises worldwide utilize for years to come.