Tuesday, September 21, 2021
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Why Every Manufacturer Should Care About IoT Asset Management

Traditionally, manufacturers have used technology solutions such as SCADA or EAM applications or RFID / barcode or GPS solutions to track assets. Although these are technological solutions, they operate in a discrete manner and are controlled by different stakeholders.

Every manufacturer should care about IoT asset management

With technical data collected by different stakeholders for different purposes, having a centralized data repository for assets to make precise and intelligent decisions is always a million dollar question for manufacturing managers.

There are many obstacles if you are working under old school protocols

These old-fashioned methods of asset management pose many obstacles for manufacturing staff, especially when it comes to labor-intensive tasks such as visual inspections, handwritten lists, tracking. the location of equipment, etc.

Lack of visibility throughout the process of detecting equipment faults, missing materials, bottlenecks, etc., leads to inaccurate decision making and dissatisfied customers.

The problem can be approached in two ways

  1. Make asset management simple and easy
  2. Obtain complete visibility and control over all asset management activities

Existing systems need to be updated.

With existing systems falling short of expectations, it is always essential to try new ways to make the asset management process simple, effective and efficient.

One of the new ways that major manufacturers have capitalized on today is investing in the Internet of Things and partnering with a IoT application development company for asset tracking and management.

The IoT has come a long way and almost 70% of industries across different verticals have started to realize its impact. Numerous studies have apparently found that adding IoT to their existing processes has contributed to rapid growth and improved operations.

Understand the importance of asset tracking in manufacturing

The Asset Tracking market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at a CAGR of 13.45% during the forecast period 2021-2026. Given the high price of corporate and industrial assets, especially fleet equipment, the need to monitor and track these assets is paramount. (Source: Intelligence from Mordor)

The role of IoT in tracking and managing manufacturing assets

The IoT Smart Asset Management solution typically includes the following:

  • Asset condition / condition monitoring
  • Predictive asset maintenance
  • Asset lifecycle management
  • Remote asset tracking
  • Automation of asset workflow

Benefits of IoT-Based Asset Management

Here are the top 6 benefits of IoT-enabled asset management systems for manufacturers.

  1. Increased speed and efficiency of the inventory process, optimized cost.
  2. Improved transfer of assets throughout the supply chain.
  3. Real-time monitoring of the condition, condition and positioning of assets.
  4. Eliminate human errors in automated, data-intensive asset management.
  5. Stronger authentication and security.
  6. Quick and effortless access to assets.

Applications of IoT in asset management

  • Theft prevention
  • Condition monitoring
  • Location tracking
  • Usage tracking
  • Asset maintenance

Let’s start with IoT applications in asset management.

IoT for theft prevention

The loss of assets or misplaced assets is often a challenge for manufacturing personnel. Missing assets not only consume a lot of staff time, but also increase the overall cost associated with sourcing the assets. With traditional techniques failing to avoid loss or missing assets, manufacturing managers are now turning to IoT because the technology is powerful enough to effectively manage assets.

Here are 4 ways to prevent theft and loss using IoT.

Tags

IoT devices integrated with Beacon play a vital role in asset tracking and management. For example, with such a system, any event or incident regarding the removal or removal of an asset from a location can be easily shared with the respective staff, supervisors or managers. Once such an event occurs, an alert message is triggered and the affected person or team will be notified via smartphones to take the necessary action.

Smart beacons with sensors

Combining smart beacons with Bluetooth Low Energy (BLE) sensors and IoT can dramatically reduce any fraudulent activity within warehouse inventory or other parts. In addition, the movement of any asset will be immediately captured and notified to the relevant authority to prevent loss or disappearance of assets.

Geolocation

also known as geofence created with the help of app developers, it creates a barrier at specific places where vehicles, products and people need to be watched. Whenever someone or something breaks the barrier, an immediate warning would be given to the person to take the necessary action. With such a system, the looting of goods from one place to another without any prior authorization is totally prohibited.

Open notification

An interesting technique to prevent fraudulent packing and loading activities. IoT devices built into the packages help staff with alerts when someone opens the package to loot any valuable asset. Most of the time, they are used in shipping containers to prevent asset theft during asset transition.

IoT for condition monitoring

Condition monitoring is the process of monitoring and tracking the condition of equipment, machines, tools, or any other asset. This technique is extremely critical for measuring the condition of assets that are transported from one place to another, especially in chemical engineering.

The same can be applied to machines that run continuously. IoT-based condition-based monitoring is important for manufacturers because there are places where staff cannot manually perform an asset condition check.

With IoT-based health monitoring, manufacturers can achieve

  • Improved asset performance
  • Increased visibility of assets
  • Improved safety at work
  • Instant alerts on asset status
  • Predictive asset maintenance
  • Extended asset life

IoT for location tracking

Tracking assets in a warehouse or inventory or from any part of the project area is a challenge for manufacturers. Additionally, lost or misplaced assets contribute to higher costs and impact the customer experience due to a shipping delay.

Performing this task manually takes a long time and results in human errors. However, with an IoT-enabled asset tracking system, the problem can be greatly simplified.

The huge advantage of IoT over RFID-based tracking systems is that IoT provides real-time location of assets and at the same time uses all available tracking options like GPS, Wifi or networks. cell phones to perform the task.

Some of the advantages of IoT asset tracking systems are

  • Human intervention and minimal errors
  • Faster actions based on real-time data
  • Optimized use and space of assets
  • Proactive supply chain

IoT for usage monitoring

Often many assets are underutilized in project areas because they have not been used for a long time. Therefore, continuous monitoring of these assets is important and it can be a labor intensive process.

In addition to the time spent monitoring assets, not using them to the fullest can cost the business an arm and a leg. An IoT asset management system simplifies laborious tasks and helps staff save a lot of time and money for manufacturers.

Here are some of the benefits of maximizing asset utilization with IoT asset management.

  • Monitor assets continuously
  • Monitor asset health
  • Locate and use assets wisely
  • Reduce asset procurement costs
  • Reduce wasted assets

IoT for asset maintenance

Maintaining healthy assets with regular maintenance is important, and manufacturers spend a third of their money on this process. Therefore, ensuring that the assets are in good condition is important for the success of the manufacturing.

Manual asset maintenance systems are often expensive because humans have no idea what is going on inside machines when they are running and machine failure can be avoided during production levels. reviews.

To overcome this, IoT-based predictive maintenance systems are used in manufacturing facilities.

With a predictive maintenance system, monitoring asset health is simple and effortless. The IoT implemented on machines or assets provides real-time data on the health status of assets, which is then fed into a predictive maintenance system to predict asset failures or downtime. In this way, manufacturers can reduce regular maintenance costs and can only service machines that need maintenance. This saves manufacturers unexpected costs, downtime and hindered production.

Here are the advantages of IoT predictive maintenance systems

  • Reduce costs by 12%
  • Improve uptime by 9%
  • Reduce risks related to safety, health, environment and quality by 14%
  • Extend the lifespan of an aging asset by 20%

Summary

From the above discussion, it is evident that manufacturers should care about IoT asset management, as it could not only save them and their staff time, but also go a long way in lowering the overall cost. linked to assets.

If you haven’t invested in an asset management system, try one now, as it could reduce your asset issues and help you save time and money in addition to helping you take healthier decisions.

Gengarajan PV

CEO of Hakuna Matata Solutions Pvt Ltd

Gengarajan PV is CEO of Hakuna Matata Solutions, a leading digital transformation and web application development company. He has over 14 years of experience in the information technology industry. He spends his time reading about new technologies in manufacturing, distribution and logistics.

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