Why Every Manufacturer Should Care About IoT Asset Management
Published on : Tuesday 02-05-2023
Manufacturers have a responsibility to take steps to ensure that their IoT assets are managed in a safe and responsible way.
In the current climate, it's more important than ever for manufacturers to keep track of their assets and inventory. The Internet of Things (IoT) offers a solution to this problem through asset management. By tracking assets with IoT devices, manufacturers can keep better control of their inventory, leading to increased efficiency and profitability.
The role of IoT in asset tracking and management in manufacturing
IoT is one of the most important technology trends today. By 2025, there will be an estimated 30.9 billion connected devices – and that number is only increasing. With so many devices connected to the internet, there are endless possibilities for how they can be used to improve efficiency and productivity.
One area where IoT is having a major impact is asset tracking and management in manufacturing. In a typical manufacturing facility, there are a variety of assets that need to be tracked and managed, including raw materials, finished products, and even the machinery itself. IoT can be used to track and manage all of these assets in real-time, which can help to improve the overall efficiency of the manufacturing process.
There are a few different ways that IoT can be used for asset tracking and management in manufacturing.
One is through the use of RFID tags. RFID tags are placed on assets and can be read by RFID readers. This allows for the real-time tracking of assets as they move through the manufacturing process.
Another way that IoT can be used for asset tracking and management is through the use of sensors. Sensors can be placed on assets and used to track a variety of data points, such as location, temperature, and humidity. This data can then be used to improve the efficiency of the manufacturing process.
IoT asset tracking and management is a critical part of the manufacturing process. By using IoT to track and manage assets, manufacturers can improve the overall efficiency of their operations.
How IoT asset management can help your business
If you manage physical assets, you know how important it is to keep track of them. You need to know where they are, what condition they're in, and how much they're worth. And if you're responsible for a lot of assets, that can be a lot of work.
But what if there were a way to make asset management easier?
There are many benefits of IoT asset management1, including:
Increased efficiency
IoT asset management can help you keep track of your assets in real time, so you always know where they are and what condition they're in. This can help you avoid lost or damaged assets, and it can help you plan for maintenance and repairs.
Reduced costs
IoT asset management can help you reduce your operating costs by helping you track your assets more effectively. For example, you can use IoT data to schedule maintenance for off-peak times, or you can use it to track asset utilisation and make sure you're not over-utilising your assets.
Improved customer service
IoT asset management can help you improve your customer service by providing you with real-time information about your assets. This can help you respond quickly to customer requests, and it can help you keep your customers informed about the status of their assets.
Better decision making
IoT asset management can help you make better decisions about your assets by providing you with data-driven insights. For example, you can use IoT data to determine which assets are under-utilised and which ones are over-utilised, and you can use it to make decisions about when to replace or repair assets.
Increased safety
IoT asset management can help you increase the safety of your assets by providing you with real-time information about their location and condition. This can help you avoid accidents and injuries, and it can help you
The future of IoT asset management
The future of IoT asset management is looking very bright. With the help of IoT, manufacturers will be able to track their assets in real-time, which will help them to make better decisions about their inventory. Additionally, IoT can help manufacturers to reduce the cost of their operations and improve their customer service.
IoT asset management can help manufacturers to track their assets in real-time
One of the biggest advantages of IoT asset management is that it can help manufacturers to track their assets in real-time. This means that manufacturers will be able to see exactly where their assets are at all times, which will help them to make better decisions about their inventory. Additionally, this will help manufacturers to avoid lost or stolen assets.
IoT can help manufacturers to reduce the cost of their operations
Another advantage of IoT asset management is that it can help manufacturers to reduce the cost of their operations. This is because IoT can help manufacturers to automate their operations, which will save them time and money. Additionally, IoT can help manufacturers to improve their product quality, which will reduce the need for customer returns.
IoT can help manufacturers to improve their customer service
Finally, IoT can help manufacturers to improve their customer service. This is because IoT can help manufacturers to track their assets in real-time, which will allow them to provide their customers with up-to-date information about their product. Additionally, IoT can help manufacturers to improve their communication with their customers, which will improve customer satisfaction.
Three applications of IoT in asset management
Asset management is the process of tracking and managing physical assets such as machinery, equipment, tools, and vehicles. It includes identifying and categorising assets, tracking their location and condition, and maintaining records of asset-related information.
IoT can play a role in asset management in a few different ways.
Tracking assets in real-time
One of the biggest benefits of IoT is the ability to track assets in real-time. This is especially valuable for manufacturers who have a lot of moving parts and need to know where their assets are at all times.
IoT sensors can be placed on assets and used to track their location. This information can be fed into an asset management system that gives manufacturers a complete picture of their assets and where they are located.
Monitoring asset condition
Another way that IoT can be used in asset management is for monitoring asset conditions. This is important for maintaining asset reliability and avoiding unexpected downtime.
IoT sensors can be used to monitor various aspects of an asset’s condition, such as temperature, vibration, and energy usage. This information can be fed into an asset management system to help manufacturers track asset condition over time and identify potential problems.
Preventing asset loss
Another benefit of IoT in asset management is the ability to prevent asset loss. This is especially important for manufacturers who have a lot of expensive assets that are critical to their operations.
IoT sensors can be used to track the location of assets and send alerts if they are moved outside of a certain area. This can help manufacturers to quickly recover assets that are lost or stolen.
Conclusion
One of the most important aspects of IoT is the management of assets. This involves ensuring that the devices and devices’ data are properly secured and monitored. Manufacturers have a responsibility to take steps to ensure that their IoT assets are managed in a safe and responsible way. Additionally, manufacturers can ensure that their devices are properly disposed of when they are no longer needed. By taking these steps, manufacturers can ensure that their IoT assets are managed in a safe and responsible way.
Article Courtesy: NASSCOM Community – an open knowledge sharing platform for the Indian technology industry: https://community.nasscom.in/communities/iot/why-every-manufacturer-should-care-about-iot-asset-management
This article is attributed to: Aeologic Technologies
Aeologic Technologies is a dynamic, solution and value driven technology company working creatively to enable businesses with innovative technologies and solutions. We are providing our services to transport, logistics, retails, food industry, industry 4.0, education, health and environment and natural resources management (NRM) sectors.
Reference
1. https://www.aeologic.com/blog/role-of-the-internet-of-things-in-smart-manufacturing/
