Why Every Manufacturer Should Care About IoT Asset Management

By | October 19, 2021

Every manufacturer should take care of IoT asset management

With technical data collected by various stakeholders for various purposes, having a centralized data repository for assets to make accurate and smart decisions is still a million-dollar question for manufacturing majors.

There are many obstacles if you operate within old school protocol.

These old-school methods of managing assets create many hurdles for manufacturing workers, especially when it comes to labor-intensive tasks like visual inspections, handwritten lists, equipment location tracking, etc.

Lack of visibility during the process of locating equipment defects, missing materials, obstructions etc. leads to wrong decision making and dissatisfied customers.

The problem can be approached in two ways

Making asset management simple and easy

Gaining complete visibility and control over the entire asset management activities
Legacy system to be updated.

With legacy systems not living up to expectations, it is always necessary to try new approaches to make the asset management process simple, effective and efficient.

One of the new ways top makers are taking advantage of today is by investing in the Internet of Things and partnering with a trusted IoT app development company to track and manage assets.

IoT has come a long way and almost 70% of the industries across various verticals have started to feel its impact. Numerous studies have clearly shown that IoT has contributed to the rapid development and improved operation of its existing processes.

Understanding 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 cost of enterprise and industrial assets, especially fleet equipment, the need for monitoring and tracking of these assets is of paramount importance. (Source: Mordor Intelligence)

IoT for theft prevention
Property damage or lost property is often challenging for manufacturing workers. Missing assets not only consume a lot of employees’ time, but also increase the overall cost associated with the purchase of the asset. With traditional technologies failing to prevent loss or missing assets, manufacturing majors are now turning to IoT as the technology is powerful enough to effectively manage assets.

beacon
Beacon-embedded IoT devices play a vital role in asset tracking and management. For example, with such a system, any event or incident regarding the relocation or removal of a property from a location can be easily shared with the concerned employees or supervisors, or managers.

Once such an incident occurs, an alert message is triggered, and the person or team concerned will be alerted via smartphone to take necessary action.

Combining smart tags with Bluetooth Low Energy (BLE) sensors and IoT can dramatically reduce any fraudulent activity within a warehouse of inventory or other parts. Further, any movement of property shall be immediately captured and reported to the concerned authority to prevent loss or loss of property.

geofencing

Also known as a geographic fence, created using app developers, it creates a barrier in specific locations where vehicles, products, and people need to be monitored. Whenever someone or something breaks the barrier, that person will be immediately warned to take necessary action. In this type of arrangement, plundering goods from one place to another without any prior permission is strictly prohibited.

An interesting technique to prevent fraudulent activities with packing and loading. IoT devices embedded in the package help employees with alerts when someone opens a package to rob a valuable asset. Mostly these are used in shipping containers to prevent theft of property during the transit of property.

Status monitoring is about monitoring and tracking the condition of equipment, machinery, equipment, or any asset.

This technique is particularly important in chemical engineering for measuring the state of properties that are transported from one location to another.

The same can be applied to machinery that is working continuously. IoT-based status-based monitoring is important to manufacturers because there are places where employees cannot manually check on the status of assets.

 

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