Asset Management with IoT – How to reduce your Asset costs by using IoT
Asset Management with IoT – How to reduce your Asset costs by using IoT
Operations expenses contribute a lot to manufacturing costs. With a proper asset management system in place, the high expenditure can be controlled.
Traditional or modern or the highly advanced – the key to profitability in Manufacturing (both product and process manufacturing) is in the most productive utilization of your assets, physical as well as human. A performance-driven company would be obsessed with quantifying, tracking, measuring, and monitoring their assets. And, without asset tracking, this is highly difficult. This is where investing in digital transformation services matter.
And compared to legacy models of asset management, IoT asset tracking is cheaper, faster, and better (provided you have partnered with a proven IoT app development company) – giving you a competitive advantage if deployed right and quick. Let’s see how it works.
What is asset tracking?
Asset tracking is the process of tracking a physical asset (can be human or equipment) within a manufacturing facility to identify their location accurately and utilize them to the fullest.
Nevertheless, effective asset management is something most manufacturers consider challenging due to a lack of a digital, centralized place to track and monitor their asset utilization.
Smart technologies behind asset tracking
- Radio Frequency Identification (RFID)
- NFC (Near Field Communication)
- GPS (Global Positioning System)
- Bluetooth Low Energy (BLE)
- Internet of Things (IoT)
What can a real time asset tracking solution do for you?
With a combination of software and hardware you can collect the location data in real-time and display it on a screen, to have a complete overview of your processes real-time. With such an approach, you can not only save costs but also you can minimize loss of assets.
4 key features best asset tracking systems include
- Asset tracking analytics
- Asset tracking reporting
- Asset tracking alerts
- Asset depreciation tracking
Thanks to the power of the Industrial IoT solutions, managing your assets is now smarter than ever – because it is now accurate, comprehensive, intelligent, and real-time.
And compared to legacy models of asset management, IoT asset tracking is cheaper, faster, and better – giving you a competitive advantage if deployed right and quick. Let’s see how it works.
What is IoT asset tracking and how it works?
Before diving deep into the discussion, let’s gain some insights on what is IoT, its growth, and how it improves the remote asset tracking process. The below infographics would help you understand the significance of IoT asset tracking in real-time.
Ready for IoT-enabled asset tracking
Using IoT in Physical Asset Tracking
Track assets in real-time throughout the manufacturing factory
How the IoT enables mobile asset tracking? Asset tracking refers to tracking with the help of mobile and sensors embedded in vehicles, assets, and employees. Through IoT-based equipment and capital asset-tracking solutions, you can know the location, status, and operating performance of assets across your operations in real-time through mobile devices. This will help you better monitor equipment, track inventory, service equipment, and improve staff efficiency.
The advanced digital capability also allows assets to be tracked and monitored remotely. As companies improve their means to capture asset use, managers and employees can begin benefiting from real-time operational insights to improve agility and use better.
Monitor equipments even in locations where humans can’t intervene
With IoT – Industry 4.0 solution, you can monitor your machinery without manual intervention. With real-time asset health monitoring, a manufacturing plant can achieve lower operational costs by monitoring equipment and operating parameters to automatically trigger alerts and protectively initiate a service response. IoT sensors placed throughout a factory can determine when machines require maintenance or alert plant managers if the temperature or humidity levels are too high for sensitive processes such as painting or mixing ingredients.
A consumer packaged goods company can use the asset and material tracking to detect and reduce theft and maintain inventory levels by tagging and tracking products throughout the supply chain. A process manufacturing unit can use connected operations intelligence to achieve cost savings by effecting changes in their procurement model based on real-time consumable data.
A strong sensing and analytics-based Tracking solution can help you create a more efficient assembly line. By connecting location-tracking sensors on the production line — including beacons on workers, RFID tags on products, and RSP readers on workstations — and integrating data-visualization tools, you can enable your production managers can track key performance indicators at workstations, see where defects occur, understand their causes, and immediately address them. They can identify delays in the assembly line down to individual operators, increase process compliance, and introduce predictability.
Measure every asset’s performance accurately to improve
Being asset-intensive, manufacturing companies face tight budgets, stringent regulations and high pressure to improve asset performance, even while being confronted with aging assets and workforce. Managing an asset with these challenges requires informed decision-making based on insight, knowledge, and forecasting. Data is a powerful tool to achieve this goal.
Thanks to the IoT mobile app, measurement techniques that were complex and expensive are now more affordable, accessible, and increasingly important. Even as you enhance your operations and supply chain – as a connected enterprise – building an analytics layer on top of it helps you find field data faster and immediately available for processing. Add to that the power of having more relevant measurements and observations of superior quality at your fingertips leads to informed decision-making.
Using IoT in Human Asset Management
Track, monitor, and measure can also be applied to human resources – provided enough care is taken to protect privacy and compliance with local laws. For example, sensors embedded in employee uniforms and helmets, in some of the industries, can detect hazardous conditions such as toxic gases, or warn of over-exertion based on the reading of an employee’s heartbeat. In another example, GPS-enabled devices or mobile applications help track the precise physical location of workers in order to deploy them most efficiently to new work assignments.
A typical IoT Smart Asset Management solution comprises Remote Asset Tracking, Asset Health/Condition Monitoring, Asset Lifecycle Management, Asset Workflow Automation, and Predictive Asset Maintenance. You need an end-to-end solution, which includes recommendations on what devices to adopt, building an IoT platform, implementing analytics, and using digital solutions to integrate the enterprise.
By now, more than 65% of manufacturers have started to implement IoT asset tracking solutions to improve asset RoI. Transform the process now with the next-generation IoT solution. Looking for advice? We’re experts. Let’s talk.