IoT Asset Management in a Nutshell

Asset Management is a key concern for businesses looking to balance productivity with cost-effectiveness. The introduction of Internet of Things (IoT) technology has introduced new potential for value – and complexity.

IoT technology can represent a huge change in how businesses organize and control their assets

Physical assets can be single items or huge complex structures, containing tens of thousands of sensors. These sensors and assets require maintenance of different types. Electrical, mechanical, hydraulic, Software and even compliance-based, to ensure the physical asset is operating within regulatory frameworks.

IoT technology can help with the process of asset management, making it proactive, automated and more intelligent.

IoT in the Cloud can redefine asset management
The volume of IoT-enabled equipment and Edge computing devices that may be collecting data in a typical physical asset driven environment can be enormous. Sensors, external data, archived data, thermometers, mobile devices and so on – many of which may also be remote and unmanned.
To release the value of this information, an optimal solution is to deploy a cloud-based platform that can unify, process and analyze all this data from the assets. Then organizations can benefit from real-time, continually updated analysis of performance, trends, equipment status, historical data, events, external data and other for optimal insight.

An IoT platform can undertake a long list of functions to optimize asset management, including the following examples:

Asset visibility, control and automation
Be alerted immediately if an asset is not working properly, including details of why it isn’t functioning normally. The faster you can undertake this diagnostic process, the more likely you are to make strategic decisions quickly regarding necessary actions to get back to normal state. With script languages like NodeRED & Node.JS, running in the cloud or on an Edge computing device, automated actions can easily be programed.

Small abnormalities and problems can be dealt with before they become large. This will increase the lifespan of your assets, as well as your day-to-day productivity.

Predictive maintenance to reduce unplanned downtime
Preventive maintenance per a fixed schedule has some foundational disadvantages, assets of used under different circumstances, may require condition-based maintenance, to address their unique operating requirements. With the data collected by IoT, the process of identifying exactly which maintenance service is required can be made far more quickly.
Unplanned downtime, whether it affects an individual user or an entire company, can result in a lot of lost productivity and money. An IoT solution can ensures quickly identification of the actual component/equipment that has a failure, can direct processes around the failure where possible and it can provide live and historic data for analyzing cause of the failure to produce advance warnings if similar situation reoccurs.

An IoT asset management platform with real time analytics plus machine learning can reduce the unplanned downtime dramatically. Manufacturers can know when an asset is going to fail and how it is going to fail and can take preventative measures to avoid downtime. By combining real-time data with historical trends, usage, maintenance history, age, inspection data, and external factors (temperature, humidity, etc), a complete overview of the assets health can be generated.
Combining condition data with contextual information lies the foundation for predictive maintenance.

Integrated visibility, EAM & Overall Equipment Efficiency (OEE)
There is an increase in interests and investments in Enterprise Asset Management (EAM) solutions, for addressing challenges like monitoring assets that require ongoing maintenance, ensuring asset performance, global commoditization, regulatory compliance, health and safety protocol, and other. EAM solutions are now available as Cloud solutions from multiple vendors and integrates with IoT platforms to manage the assets lifecycle and address business imperatives.

As organizations deploy more and more IoT-enabled assets & sensors, it can rapidly get too complicated to handle high equipment availability. An asset management platform can automatically ascertain the ‘weak link in the chain’ and help support high availability and a solid OEE score in your production.

Real Time Stock Control
Organizations overstock equipment and goods to make sure that they always have the assets they might need. Smart shelving solutions detects when stock is low and automatically reports on this, or sensors that monitor the quality of perishable items and can send alerts when items need to be discounted or removed from the shelves. IoT-enabled stock control greatly improves the accuracy of stock checking. It can predict and send reminders to increase inventory to meet a spike in demand for certain products at certain times, to avoid running out of stock and miss out on sales opportunities. To get control or even eliminates overstocking and stockpiling thereby reducing capital investment and contributing to a positive bottom-line.

IoT can change your current asset management practice into an automated, intelligent and unified approach – one that enhances your productivity and improves your bottom line.