The next wave of Internet-enabled devices bound to revolutionize the way we live, work and conduct business, is here. Devices that have an added layer of intelligence on them, collectively referred to as the Internet of Things (IoT), are slated to grow at an unprecedented rate and become a significant part of our everyday lives. Gartner predicts that an estimated 25 billion “things” will be connected by 2020.
In industrial and commercial settings, the Industrial Internet of Things (IIoT) connects devices and communicates various types of data for consumer applications, insights, and analytics use cases. IIoT can be used to solve long-standing problems in the three major areas: removing complexities around operations, predicting performance and reducing downtime.
IIoT and Asset Management
Traditional asset management systems rely on siloed systems to manage assets (legacy software applications, spreadsheets, paper-based records, etc.). As businesses look to streamline operations and stay competitive, such traditional systems are not able to provide the scalability needed to keep up with growing assets, rising demands and inventories. This, combined with rising total cost of ownership (TCO) and lower revenues fueled by the inability to remain agile, will be an ever-present stumbling block for many organizations.
IoT Vows to Redefine the Asset Management
The advent of IoT led to these pain points being addressed through rapid development efforts of strategic systems for asset management. Although IoT-enabled asset monitoring provides some of the traditional services such as asset tracking, health and life cycle, smart monitoring adds intelligence with real-time alerts, data insights, predictive maintenance, real-time visibility and more.
Furthermore, the power of smart monitoring and asset tracking that IoT provides can be used for automated approvals and be streamlining on/off-boarding of assets to contracts/work-streams, drastically reducing valuable time employees otherwise spend tracking and allocating assets manually. With IoT, leading organizations are discovering a new level of insight – going deeper into each asset’s history uncovering previous service requests and even providing the predictive analysis required to stay ahead of potential failures with preventive maintenance, often leading to increased lifespan for the assets.
IoT & Asset Management: The Beast of Operations Management
Equipping expensive assets with connected sensors is more affordable than ever. Businesses are now looking to take a fresh approach to asset management while streamlining operations and achieving unprecedented levels of efficiency.
Before the IoT revolution, the complexities of a connected system and lack of real-time data access led to asynchronicities that widened the gaps in asset management. Internet-enabled devices streaming data in real-time, with self-reporting capabilities and predictive analytics, allow operations managers to unlock the previously unimaginable insights for operations management.
Big Data platforms have fueled the IoT Revolution with an ever-growing integration with mobile and internet-enabled devices. In an enterprise, this means an unprecedented level of data collection from sensors that feed into advanced analytics, telling a story of the health of your business not only now, but in the future through advances in machine learning. These insights, once only obtained through careful review of aging data, can now be integrated into consumer-grade mobile and web applications, making the data actionable and relevant to anyone in the organization.
The Solution: Getting It Right!
Cutting-edge asset management solutions rely upon modern data architecture, thus new asset management strategies must include universal sensors capable of producing deep levels of data and reporting to multiple cloud-based systems. Selecting the right platforms to ensure scalability, faster insights and flexibility to remain competitive in the midst of constant change is essential to the success of an IoT implementation.
Contrary to popular belief, modern IoT does not have to be large in scale, or expensive. But as customer’s demands and competition continue to revolutionize the need for accurate and timely data, organizations that fail to keep up with these shifting expectations lose their competitive edge. Partnering with an asset management solution provider who has provided accelerators and services in alignment with the rise of IoT, will position the organization for success.
Join DMI on July 12th as we dive into a client’s journey of leveraging IoT and real-time data to build a next generation asset management platform for allocating, tracking, monitoring and maintaining assets. Click below for more info.