Asset management is critical for manufacturing companies looking to gain a competitive edge. As a result, adopting IoT-based innovations for asset management has become increasingly popular. It helps improve overall equipment effectiveness (OEE) by monitoring availability, performance, and quality.
Poor asset management and production can cause delays in the supply chain and hinder successful business operations. However, IoT-powered asset tracking offers effective and efficient management, ultimately enhancing operational efficiency and facilitating the development of business models for tracking asset performance throughout its life cycle.
What advantages does IoT-based asset management offer?
IoT-based asset management allows companies to streamline operations and increase profits. Here are some benefits of using IoT-powered asset management:
Real-time visibility: IoT-based asset management offers real-time visibility into the location, health, and performance of assets, optimizing operations, reducing downtime, and increasing productivity.
Predictive maintenance: IoT-based asset management predicts maintenance needs using sensors and analytics, reducing unplanned downtime and extending asset lifespan.
Cost savings: IoT-based asset management saves costs by boosting asset utilization, reducing maintenance expenses, and increasing productivity.
Improved safety and compliance: IoT-based asset management ensures compliance with safety regulations and minimizes accidents through real-time asset condition and performance monitoring.
Increased productivity: IoT-based asset management boosts business productivity by reducing downtime and maximizing asset utilization.
Improved customer satisfaction: IoT-based asset management boosts customer satisfaction by providing real-time asset status and enabling prompt responses to customer requests.
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What are some metrics used to gauge the effectiveness of an asset management system?
Overall Equipment Effectiveness (OEE): Measuring OEE is crucial for plant managers as it provides valuable insights into the proportion of highly productive manufacturing in the overall process.
Uptime and downtime of assets: A key metric for reducing maintenance expenses is to analyze data to increase uptime, minimize downtime, and maximize utilization of assets.
Preventive Maintenance and Asset Optimization: Preventive maintenance can lead to a reduction in operational expenses and an increase in the lifespan of machinery. Additionally, maximizing asset utilization can lower capital expenditures.
IoT-based Asset Management Trends
IoT-based asset management solutions offer advanced features such as real-time data analysis, alerts, dynamic edge asset control, proactive maintenance, real-time visibility, and automated workflows. Here are some recent developments in IoT-based asset management:
Remote asset tracking: IoT-based Remote asset tracking enables remote access to asset information using cloud-based technology.
Condition monitoring/Asset Health: IoT-based condition monitoring assesses asset health in real-time to identify risks early. Sensors and analytics collect real-time data to detect anomalies and extend asset lifespan.
Asset Lifecycle Management: IoT-based asset lifecycle management uses connected devices and analytics to optimize the entire lifespan of assets, from acquisition to disposal.
Asset Workflow Automation: IoT-based asset workflow automation can Automate repetitive tasks to streamline business operations, reduce errors, and increase operator efficiency.
Predictive Asset Maintenance: IoT-based Predictive Asset Maintenance can monitor the performance threshold of assets and aid in identifying potential shutdowns and downtime, allowing for proactive backup procedures to be implemented.
Conclusion
IoT-based asset tracking streamlines asset management, enhancing operational efficiency and facilitating the creation of customized performance monitoring models for each business. In addition, these versatile tools can be adapted to various use cases.
At Inteliiot, we leverage the power of IoT to provide a range of services that enable businesses to improve their operations while reducing resource consumption. Our Asset Intelligence solution can help you achieve your sustainability objectives and reduce your carbon footprint. Contact us to learn more about our offerings and how they can benefit your business.
