With the internet of things solutions getting into workplaces and industries, machines and apps are continuing to add value and make things easier for asset management. Thanks to this new exposure of connected reality we got what is widely being dubbed as Industrial Internet of Things (IIoT). Thanks to this enterprises can manage their assets more efficiently. The IoT market is supposed to reach $1 trillion by 2025. Now with this stupendous growth of connected devices across industries smarter asset management became an inevitable component that every industry needs to focus on. Smart asset management can help businesses achieve growth with data driven and actionable insights.
- Automation Will Rule The Industries
The biggest and almost immediate outcome of Internet of Things in industries is the increasing role of automation. The interconnected intelligent machines in workplaces and industrial environments can data management and ease of access a sweeping job. With robust and deeper automation across industries the productivity standard will also increase allowing industries securing better ROI. The connected devices that are increasingly becoming cost-competitive with their rapid proliferation can now be quickly embedded into all types of devices. This embedding of IOT across all types of devices will help gaining real time business critical insights and data.
With the machines becoming more intelligent with real time data processing and connectivity, companies can now propel their processes towards next level of automation. Automation becoming more data centric and real time focused, the asset management in any industry is bound to become easier now. For example, in many leading manufacturing facilities the system downtime and production time could be reduced to a great extent through the utilisation of automation in managing supply chain.
- Tracking Assets From Anywhere
A big positive of smart asset management is the reduced dependency on localised monitoring tools. Thanks to smart asset management through intelligent machines the assets in a supply chain can be tracked from anywhere. Whether it is a fleet of goods carrier trucks, a cluster of manufacturing machines or grids in the energy supply system, everything can be tracked in real time with their location, working status and information concerning their condition.
Such ease in monitoring assets remotely without sacrificing on the required information will enable a business to check drainage of resources in a more efficient manner. Moreover, thanks to remote smart asset management a business now can easily visualise the situation concerning supply and demand and can optimise it from time to time.
- It Is No Longer Just Detection, But It Is More About Prediction
Earlier asset management solutions were only meant for detecting potential loopholes in a supply chain so that they can be addressed to make the business process smooth. But with smart asset management tools and practices in place, we can expect advancement from mere detection to analytical capability. The smart tracking capabilities in modern machines in industries can also deliver advanced analytics to predict disruptions in the business process. Such predictive analytics in modern connected machines and industrial tools can help businesses foresee any detrimental scenarios and accordingly address them in advance. Companies with these smart machines under their command can also be benefited from valuable business insights that can be utilised in their future asset planning or strategic moves in business process.