3 min reading
24 May 2022
24 May 2022
The Role of IoT in Optimizing Asset Management
The role of the Internet of Things (IoT) in asset management is truly huge, which can be proved by the results asset-tracking IoT solutions can bring to manufacturing companies and other businesses. By reducing the amount of time an asset is non-operational, businesses can improve their bottom line. In fact, a study by The Aberdeen Group found that businesses with higher asset uptime are 9% more profitable than those with lower uptime (Troyer, 2022). Asset management experts now play a vital role in maintaining sufficient asset uptime. They are responsible for keeping track of an asset’s location, maintenance history, asset optimization, smart financial decisions, business processes, and other important data. This information is used to optimize the asset’s utilization and prevent downtime. Many organizations also use legacy systems but, with asset tracking IoT devices, it is much easier, requires less human effort, can increase operational productivity, and reduce operational cost.
Supply chain management is another area where container-tracking IoT tools can have a significant impact. By tracking the movement of goods throughout the supply chain with an IoT-based bus-tracking system or other asset-tracking IoT gadgets, businesses can ensure that assets are being used efficiently and that inventory levels are maintained. This can lead to improved customer satisfaction and higher profits.
The Internet of Things (IoT) can also be used to monitor environmental conditions in the stock. For example, businesses can use IoT-enabled asset management sensors to track temperature, humidity, and air quality. This information can be used to improve the efficiency of HVAC systems and prevent equipment failures or adjust conditions to be the most suitable for asset health. Overall, IoT technology can play a major role in optimizing asset management.
Reduces Operational Costs
IoT asset management solutions are able to improve asset performance and uptime, lowering related operational costs while strengthening asset value retention. The IoT asset tracking software helps asset managers be proactive and collect data analytics for enhanced asset monitoring maintenance of their IoT-empowered assets, which translates into higher productivity and profits. The remote asset tracking system using IoT also enables asset managers to analyze the data on physical assets and use it to make decisions about their business model. And since these analytics tools reduce operating costs, they can be a good investment for businesses.
Companies can use IoT management systems to improve their manufacturing supply chain. With this asset lifecycle management technology, businesses can track individual items and optimize equipment efficiency. With the information about asset status, asset details, existing location of items, overall equipment effectiveness, and possible asset failure managers can optimize production, reduce waste, enhance productivity, and increase revenue. For instance, an automated warehouse inventory system can prevent the risk of going out of stock using predictive analytics.
IoT asset tracking system reduces overall maintenance costs. Asset-tracking IoT platform also improves worker safety and satisfaction, which can result in insurance savings. In addition, it provides actionable insights to improve processes. With real-time data, these manufacturers can maximize their technological ROI and establish a proper regulatory framework. That is why IoT sensors attached to the assets can be a good fit for an asset manager to finally increase operational efficiency and establish automatic tracking.
Improves Visibility of Industrial Equipment
By leveraging IoT-based asset management central monitoring system, companies can monitor equipment performance and device efficiency at all times. By analyzing this data, operators can improve maintenance schedules and determine problem areas before they occur and affect the manufacturing unit. In addition to this, IoT-based asset tracing provides real-time visibility into managing assets. By tracking asset performance, a maintenance manager can accurately pinpoint critical areas for repair and calibration, and create an asset-tracking plan. Also, IoT enables effective asset management since with monitoring solutions a manager can also identify areas of improvement in their business operations cycle times. Remote monitoring provided by smart asset tags and RFID tags will play a crucial role in reaching cost efficiency and creating new opportunities spun.
By utilizing IoT-based solutions, companies can measure and interpret asset performance, establishing a platform for predictive maintenance. It means no more handwritten lists or any manual time-consuming activities. By leveraging IoT, companies can improve their processes, reduce waste, and improve customer satisfaction. All of these benefits can help companies reduce their operational costs and improve their business performance. If you implement an asset tracking solution, IoT asset utilization system, or simply connect your tracking system to a cloud platform, you’ll also see increased customer satisfaction and decreasing need to hire more human resources.
Managing and maintaining assets is a complicated and time-consuming process. IoT technology is helping make this task more efficient since an IoT device can generate data fast, sending it to excel sheets or to artificial intelligence analytical programs. IoT sensors track the condition of all assets, including valuable assets or those with regulated status. If you want to be sure that your assets are in good condition, IoT asset tracking is a smart choice. IoT-powered solutions are enabling preventive maintenance and full asset visibility, thereby increasing productivity and profits while reducing costs.
IoT can automate the inventory and transfer of assets along the supply chain of light and heavy equipment as well as labor-intensive tasks. The technology helps prevent human errors, allowing you to have improved asset management without an additional workforce. With connected devices, you’ll be able to measure risks and predict maintenance needs. With the right IoT-based asset management, you can also avoid major losses caused by missing assets necessary for industry use. The system is also capable of measuring the condition of assets and assessing it with machine learning capabilities.
IoT can also help improve employee well-being. A team that feels well-supported will be less likely to be stressed about managing small details. For example, smart GPS units can be used to monitor fleet vehicles and schedule maintenance, reducing human error, at the same time, workers will have time to check some more important issues. Another example of how IoT asset optimization technology can improve workflow in asset management is by automating the monitoring of underutilized assets. Without automation, managers must manually check asset lifecycle all the time. This can be costly and time-consuming, and the IoT-enabled asset management system will simplify these tasks. Your staff can focus on higher-value assets while IoT helps you save both time and money.
What is Important to Consider before Implementing IoT-Enabled Asset Management?
Before implementing an IoT-enabled asset management solution, there are a few key things to consider.
First, what will be the main physical device to be used?
These devices need to be able to connect to the Internet and communicate with the asset management software.
Second, what asset-tracking IoT use cases will be implemented?
There are many different options available, so it is important to choose the ones that best fit your needs.
Finally, what predictive maintenance features will be included?
Predictive maintenance can help reduce downtime and improve asset utilization.
By considering these factors before implementing an IoT-enabled asset management solution, you can ensure that it is tailored to your specific needs and will be successful.
Traditional asset-tracking solutions don’t make the asset management process any easier. The problem is that they don’t keep track of assets in real time, and their accuracy is poor. IoT asset management uses embedded sensors to monitor assets in real-time and delivers complete assets information right to their mobile devices. Using IoT technology in asset management combines data with intelligence, enabling companies to streamline processes and eliminate theft and pilferage.
How to Ensure the Security of IoT in Asset Management?
The IoT has become an increasingly popular technology for asset management, and while it is a valuable tool, it also brings with it a number of security risks. Unsecured devices, known as shadow devices, are vulnerable to cyberattacks because they don’t have authentication or authorization. Shadow devices are also vulnerable to malware infection and are part of botnets. That is why you need to buy smart devices only from a trusted provider such as TEKTELIC.
We can explain why TEKTELIC is really a good choice to ensure the security of the data.
- First of all, all of our devices have world-recognized certification protocols;
- Secondly, TEKTELIC is a member of the LoRa Alliance, so our products meet its standards;
- Thirdly, TEKTELIC gateways and devices transmit data in an encrypted way using a radio frequency identification pattern, so it cannot be exposed to third parties.
TEKTELIC Options for Asset Management
There are a number of different ways to manage assets using TEKTELIC IoT sensors and asset-tracking solutions. TEKTELIC IoT devices operate on LoRaWAN technology, which is way better than Wi-Fi in terms of range and prevails over cellular networks because of a much lower price. TEKTELIC empowers organizations with knowledge of where their assets are helping them to reduce fraudulent activities and prevent theft or loss of shipping containers, office equipment, and any other item in the inventory. TEKTELIC is a leading producer of cost-effective and innovative devices aimed at better security, customer experience, and real-time information provision. We put a lot of effort to embrace change in asset management systems and prevent loss of important assets.
It is also fair to say that TEKTELIC produces different kinds of devices for different use cases such as managing assets in stocks and warehouses, logistics, baggage management, and many other spheres. For example, baggage tracking using IoT-based asset tracking can help keep track of bags and other items as they move through an airport or other facility. This can be particularly useful for high-traffic areas where lost items are common and tracking systems cannot sustain the load.
A good option for asset management is to use TEKTELIC SPARROW. This device can be attached to assets and then tracked using a simple application. This can be used to keep track of inventory levels, as well as to monitor the movement of assets within a facility. SPARROW monitors assets even in hard RF environments with a temperature range from 0°C to 60°C. The battery life of a sensor is up to 5 years thanks to an accelerometer used to accommodate event-based start-up, minimizing unnecessary battery usage. This sensor is a perfect IoT asset-tracking solution for making an order in your inventory management.
TEKTELIC offers a range of outdoor other asset-tracking solutions, including ORCA. This device can track the location of your assets at all times, giving you a full view of the asset movement during its logistics process. Besides, ORCA can be used to track assets in real time, providing valuable information about their delivery status. It has an operable temperature range of -40°C to +85°C and an optional Bluetooth Low Energy (BLE) integration, which makes it suitable for placing into mobile refrigerators. Among the asset trackers, which collect location data to manage inventory process, ORCA stands out from other tracking devices by its real-time tracking capabilities and ability to instantly switch between BLE, GPS, and LoRa. It can be easily used for tracking vehicle fleets and various assets on the move.
TEKTELIC’s asset tracking solutions can help to reach the increased efficiency of any business or organization. By tracking assets, businesses can ensure that they are always aware of their whereabouts and can take action if they are lost or stolen. Additionally, by using IoT sensors and applications, businesses can keep better track of inventory levels and monitor the movement of assets within a facility. It is a cost-efficient approach leading to a new technology edge.
One of the biggest benefits of IoT asset management is that it eliminates human intervention and allows the system to automatically communicate data. It can also alert maintenance technicians to repair equipment that needs urgent attention. Besides, the system can send a work order to a field engineer to check and repair the machine, reducing downtime. In addition, the system will allow managers to reduce costs and increase productivity by eliminating manual processes.
To learn more about TEKTELIC’s options for asset management, contact us today. We would be happy to discuss our solutions with you and help you find the best option for your business or organization.
1. Troyer, D. (2022). Return On Net Assets (RONA): The Ultimate Test Of Asset Management. Asset Management, RAM Tools & Methods.