High expenditure usually arises because of higher operational costs. It can come into control with a right asset management system. Be it old-fashioned, non-traditional, or highly advanced, the most productive implementation of assets is the answer to profitability in manufacturing industries. However, this is the digital era. A number of industries have been able to decrease their costs, optimize production, allow faster communication, enhance plant automation, conduct remote monitoring and analytics of assets. With the help of Remote Asset Management, an optimal IoT solution. In this blog, we will pin down the importance of remote asset management with IoT solutions.
The major objective of every plant is to accomplish a minimal failure rate. A high-performance company driven for achieving better results will surely quantify, track, measure, and display the assets. It will be a challenge doing it without considering the importance of remote asset management with IoT. Doing it through remote monitoring IoT will be providing a competitive advantage as it is a low-budget, faster, and better solution if deployed properly and quickly.
What is Remote Asset Management?
Industries such as transportation, manufacturing, heavy machinery, oil and gas, industrial machinery, and others are investing in their assets. Monitoring and analyzing for maintaining the asset health and keeping proper track of inventory becomes difficult and expensive for them. Therefore, for earning an optimal return on assets (ROA), these companies are monitoring their assets, working, implementing, and lifetime value. It is asset management, a distinguishing factor that is enabling a manufacturing entity. In order to obtain a competitive advantage in the industry. On the other hand, an error in asset management and production will create a lag in the supply chain. As a result, companies will have to accept the losses due to hamper work processes and inaccessibility of resources.
What is the Importance of Remote Asset Management With IoT?
The automation in the processes is the need of the hour. Organizations can obtain real-time data and visibility into the operational positions through dynamic and automated asset monitoring systems. This will help them in allowing them to respond to crucial conditions rapidly and establish a connection between human capital and assets. Thus, it will help in augmenting the overall work productivity, handles threat mitigation, maintains regulatory compliance, monitors assets from anywhere, anytime, and any device.
Rather than building multiple databases, this IoT solution will allow a centralized, cloud-based environment for automated collection, updating, and maintaining the important data on a single platform. When companies are getting timely updates about all their assets, maintenance, recovery, concerned areas, inventory stock, they will be able to set up a replenishment system. That too, for effectively measuring and calculating risk, interpreting asset utilization, and condition to yield profitable results in the future.
Now, they will have the time and potential to assess the quantity, quality, location of assets. For promoting work processes, reducing waste, and preventing abrupt equipment failure to maintain a cost-efficient system. That’s how the importance of remote asset management with IoT can bring optimum results.
What are its Key Tends?
IoT-enabled asset management is better than a traditional one. This digital-age smart solution increase the workflows and processes with a ‘single strategic system.’ It helps in improving intelligence with real-time data analysis, notifications, dynamic edge control of assets, predictive maintenance, real-time visibility, and automated workflows.
Following are its Key Trends:
Asset Health/Condition Monitoring: Cost-efficient and powerful approach for evaluating several health indicators and related risks, policy execution history, events, and suggestions for improved asset health.
Asset Lifecycle Management: Complete record of the asset portfolio and boost the profit generated by the different assets in their entire lifecycle.
Remote Asset Tracking: IoT technology integrates cloud-based technology. It is enabling workers for regaining critical information on multiple assets anytime, anywhere.
Asset Workflow Automation: Taking care of monotonous work to augment business operations, mitigate errors, and increase team productivity through strong automation potentials.
Predictive Asset Maintenance: Stay alerted with asset shutdowns and downtime by understanding the performance limit and preparing backup measures accordingly.
The Major Benefits
Choosing the technology is simple for companies: Difficulties arise when it comes to value capture, integrate case identification, and scalability. Also, using an IoT solution will be streamlining the entire asset management process. Hence, this will be encouraging businesses to stay competitive. Here are its major benefits:
Taking Proactive Measures: Instead of waiting for an abrupt breakdown of assets that will drive to chaos, line managers could define concern areas implementing predictive maintenance solutions.
Agile Solutions for Boosting Productivity: IoT-drive asset monitoring are delivering real-time visibility for asset utilization and information into load distribution and operations cycle times that will boost the productivity.
Enhancing Energy and Cost-Efficiency: Process of procurement for purchasing floor maintenance to supply chain and operations. Quality assets will raise development across the entire workflow.
Overall Equipment Effectiveness (OEE) Optimization: OEE is the fundamental metric for calculating the productivity and efficiency of a manufacturing department that facilitates in decision support that reduces losses. With the importance of remote asset management with IoT technology, the manufacturers will be able to analyze its three key aspects. Namely availability, quality, and performance in real-time.
More than 65% of the manufacturers have already enforced remote asset management with IoT solutions to enhance their ROA. Want to modify the process with the next-generation solution? Aeologic Technologies, a robust and scalable IoT solution provider is here at your service! Improve your business performance and earn maximum profits with the power of technology.