High expenditure often arises due to increased operational costs. It can come into control with a proper asset management system. Be it traditional, modern, or highly advanced, the most productive utilization of assets is the key to profitability in manufacturing industries. But, this is the digital era. Many industries have been able to lower their costs, optimize production, enable faster communication, improve plant automation, conduct remote monitoring and analytics of assets. How? Through Remote Asset Management, an optimal IoT solution.

The main goal of every plant is to achieve a minimal failure rate. A high-performance company driven to achieve better results will surely quantify, track, measure, and monitor the assets. It will be difficult without asset tracking. Doing it through remote monitoring IoT will give a competitive advantage as it is a cheaper, faster, and better solution if deployed right and quickly.

 

What is Remote Asset Management?

Industries such as manufacturing, transportation, heavy machinery, oil and gas, industrial machinery, and others invest in their assets. Monitoring and analyzing to maintain the asset health and keep proper track of inventory becomes a challenge and expensive for them. To earn an optimal return on assets (ROA), these companies monitor their assets, working, utilization, and lifetime value. It is asset management, a differentiating factor that allows a manufacturing entity to gain a competitive advantage in the industry. A fault in asset management and production creates a lag in the supply chain. As a result, companies have to bear the losses due to hamper work processes and unavailability of resources.

Innovating IoT-based asset monitoring and analytics solutions drives quality business operations. It leverages web, analytics, and wireless to integrate all the traditional solutions, procedures, assets, and workflows into one solution to deliver a centralized tracking, monitoring, and analytics system. It gives any time, anywhere access and attaches to any device that offers enormous scalability and effective IT-OT integrations.

The work performance and driving excellence in it are the main goals of the companies. But, it is possible when the processes are efficiently handled. Managing the assets physically is difficult with the growing uncertainty after the post-pandemic period. Companies can optimize their return on normal operations by using advanced Industry 4.0 technology and the Internet of Things (IoT). These solutions monitor and detect specific problems, such as missing parts, faulty areas, and the scope of improvement.

Overall Equipment Effectiveness (OEE) is an important metric to determine the plant’s efficiency. Availability, performance, and quality are its three critical factors. By remotely managing the assets through IoT, the companies can achieve 80% OEE.

 

What are its key trends?

IoT-based asset management is better than a traditional one. This new-age smart solution revises the workflows and processes with a ‘single strategic system.’ It enhances intelligence with real-time data analysis, alerts, dynamic edge control of assets, predictive maintenance, real-time visibility, and automated workflows. Here are its key trends:

  • Remote Asset Tracking: IoT technology uses cloud-based technology. It enables workers to regain vital information on multiple assets anytime, anywhere.
  • Asset Health/Condition Monitoring: Cost-efficient and powerful method to assess several health indicators and related risks, events, policy execution history, and suggestions for improved asset health.
  • Asset Lifecycle Management: Complete record of the asset portfolio and improve the profit produced by the different assets throughout their lifecycle.
  • Asset Workflow Automation: Taking care of monotonous work to quicken business operations, lessen errors, and improve team productivity through strong automation potentials.
  • Predictive Asset Maintenance: Stay alerted with asset shutdowns and downtime by comprehending the performance limit and planning backup measures accordingly.

 

Why is there a need for remote asset management?

The automation in the processes is the need of the hour. Organizations get real-time data and visibility into the operational status through dynamic and automated asset monitoring systems. This allows them to respond to critical conditions quickly and establish a connection between human capital and assets. It increases the overall work productivity, maintains regulatory compliance, handles threat mitigation, monitors assets from anywhere, anytime, and any device.

Instead of creating multiple databases, this IoT solution enables a centralized, cloud-based environment for automated collection, updating, and maintaining the crucial data on a single platform. When companies get timely updates about all their assets, recovery, maintenance, problem areas, inventory stock, they will be able to establish a replenishment system to effectively measure risk, interpret asset use, and condition to yield profitable results in the future.

Now, they’ll have the time and capacities to assess the quality, quantity, location of assets to promote work processes, reduce waste, and prevent abrupt equipment failure to maintain a cost-efficient system. That’s how managing the assets with IoT can bring optimum results.

 

The top benefits

Selecting the technology is easy for companies. Challenges arise when it comes to value capture, use case identification, and scalability. Implementing an IoT solution streamlines the whole asset management process that encourages businesses to stay competitive. Here are its main benefits:

  • Take proactive measures: Instead of waiting for a sudden breakdown of assets that leads to chaos, line managers could specify problem areas using predictive maintenance solutions.
  • Agile solutions for boosting productivity: IoT-based asset monitoring delivers real-time visibility for asset utilization and insights into load distribution and operations cycle times that strengthen productivity.
  • Enhance energy and cost-efficiency: Process of procurement to purchase floor maintenance to supply chain and operations, quality assets provoke development across the entire workflow.
  • Overall Equipment Effectiveness (OEE) Optimization: OEE is the key metric for measuring the productivity and efficiency of a manufacturing unit that helps in decision support that minimizes losses. With IoT technology, the manufacturers can analyze its three key aspects, namely quality, availability, and performance in real-time.

More than 65% of the manufacturers have already implemented remote asset management with IoT solutions to improve their ROA. Want to transform the process with the next-generation solution? Zenatix, a robust and scalable IoT solution provider is here at your service!  Enhance your business performance and earn maximum profits with the power of technology.