In the last blog, we explored how an IoT based asset management system works. In this blog we’ll dig deeper and explore the benefits and use cases of IoT in asset management.

The Internet of Things or IoT basically connects everyday objects, environments and processes to the internet. Businesses all over are harnessing IoT to make their everyday objects smart and facilitate the digitalisation of industrial processes.

IoT also helps automate inventory management and eliminate time-consuming manual tasks. It offers several advantages to your business such as optimisation of scheduled maintenance and daily tasks, elimination of out of stock and overstock scenarios, and better customer experience.

Here are some of the ways in which IoT based asset management can transform your business:

• Asset tracking: Know where each item in your inventory is located in real-time
• Real-time management for inventory: Control the flow of assets in real-time and use asset information to make strategic decisions (example: moving in-demand stock to new locations)
• Risk prevention and data security: Manage risk effectively and ensure better data security
• Supply chain transparency : Utilize resources efficiently, minimize waster and streamline operations

In a nutshell, these are the main benefits of IoT based asset management:

• Increased operational efficiency
• More efficient use of resources
• Better control over the sales lifecycle
• More efficient safety and compliance checks
• Automation of maintenance and repair operations
• Easy identification of growth opportunities
• A responsive smart ecosystem

IoT-enabled asset management and monitoring solutions have been widely adopted in multiple industries. Let’s explore some of the most common applications of IoT-driven asset management:

Manufacturing

In manufacturing IoT-enabled asset management helps in asset tracing, automatic tracking of location, and geofencing. It also helps track asset health and availability in real-time, enabling manufacturers to implement predictive maintenance and maximize asset utilization.

Logistics

In logistics, certain goods need to be transported under special conditions to prevent damage such as food items and medicines. An IoT-based asset tracking system tracks vital parameters such as shock, tilt and temperature to ensure quality control. It ensures responsible and timely delivery of sensitive items. 

Healthcare

RFID inlays on disposables and tools help healthcare employees to keep track of the supply, quickly respond to shortages, and use the consumption data to plan future stock carefully. Tagging medication bottles with encryption data helps ensure all the medication is authentic, preventing theft or misuse. Highly sensitive assets like patient’s tissue samples, donor blood, vaccines and other drugs of limited availability, can be secured and processed better with the help of an RFID hospital asset tracking system.

Construction

IoT-based asset management empowers construction companies to reduce theft, enhance productivity and lower operational cost. It is highly essential to protect expensive machinery and equipment like electrical panels in buildings. If theft occurs, the tracked information will assist police in recovering the stolen asset and gathering evidence for prosecution. IoT-based tracking of construction equipment also provides valuable insights to construction managers and streamlines on-site activities. 

                 Case study: Asset Management for Construction

In a nutshell

If you’re looking to leverage a robust asset management tool for your business, look no further. Hakuna Matata’s state-of-the-art solution empowers you with complete visibility of your assets right from procurement to disposal.

Our custom web and mobile applications allow you to monitor asset availability and performance on the fly. Using our solution, you can automate asset management, scale asset utilization and increase efficiency. 

What are you waiting for? Hurry up and schedule a free demo with our experts today! Transform asset management and harness the power of smart operations.