You’ve heard about the Internet of Things and how its advanced data analytics can make work processes more efficient. Bright LEDs, smart devices, and smart home appliances are some of the few basic examples of what we call the wonders of the Internet of Things, i.e., IoT. IIoT, or Industrial IoT, isn’t just for consumers; today, it’s also driven by industry owners seeking innovative ways to use digital solutions to automate complex processes. The demand for customization, better customer experience, streamlined procedures, and increased process automation are additional factors propelling this trend.
Industrial IoT, to put it simply, is the use of sensors to collect data and then process that data using cloud software to produce insightful analysis. When integrating IoT, you need to make your systems intelligent enough to self-correct minor issues and take proactive action by analyzing the data.
Many asset-intensive industries use IoT for asset management because of its benefits, which include real-time information that can help remove production bottlenecks, reduce errors, track accurate data, gain insightful knowledge, etc. Moreover, many companies who are leveraging software development services in the UK are now starting to increasingly integrate IIoT solutions to enhance operational efficiency and asset management strategies.
Would you like more information about intelligent asset management systems? This article offers a thorough introduction to IoT asset management, including its purpose, its objectives, how it varies from conventional methods, use cases specific to certain industries, and the components of intelligent asset management systems.
The Increasing Demand for IoT for Seamless Asset Management
Businesses’ operations are being transformed by Industry 4.0 and the Internet of Things, which link data, assets, and processes. By integrating sensors, IIoT helps many asset-intensive industries explore growth prospects and improve operational efficiency.
For instance, Harley-Davidson used IoT to reorganize its manufacturing facility, cutting the time it takes to make a motorcycle from 21 days to 6 hours!
By giving its tractors sensors to collect data on the temperature, moisture content, and weather conditions of the fields in real-time, IoT revolutionized the farming sector.
IoT can be integrated into industries that require continuous asset monitoring solutions, such as manufacturing, industrial machinery, logistics and transportation, oil and gas, construction, equipment rental, etc. IoT continuously tracks an asset’s condition, lifetime value, work status, and current location without the need for human intervention.
Additionally, a variety of sensors and technologies can optimize their inventory by automating every part of their business workflow, which will result in more efficient and agile operations. Implementing IoT asset management helps industries cut costs, boost efficiency, and increase revenue through better equipment management and real-time data.
What Distinguishes Traditional IoT from IIoT?
The Industrial Internet of Things, or IIoT, primarily focuses on the manufacturing, energy, and logistics sectors. It increases efficiency and streamlines procedures by integrating devices and systems.
Conversely, conventional IoT is present in commonplace objects like wearables and smart home appliances. We use it to improve our lifestyle and for personal convenience. Additionally, IIoT functions on a larger scale, utilizing complex networks to link numerous machines and systems. End-to-end industrial solutions that improve operational efficiency, scalability, and real-time decision-making capabilities can be defined as a cloud-native IIoT platform that provides robust and highly effective asset management, tracking, and monitoring solutions across industries.
What Role Does IIoT Play in Contemporary Industrial Operations?
Today, IIoT is very crucial for modern industries to survive and succeed and it is changing the way businesses work. IIoT is also enabling businesses to save more money, work more efficiently, and outperform their competitors significantly as well.
When we delve into the main advantages of IIoT, we can count on better safety measures, accurate monitoring and control, and better decision-making, all of which are based on real-time actionable data. Therefore, we can’t simply call it an upgrade; instead, it is transforming all the existing traditional industrial systems into smart factories and intelligent ecosystems.
IIoT-Powered Technologies for Asset Management
Several technologies are needed for IIoT asset tracking and management. A few significant ones that we should be mindful of are listed below:
Radio-frequency identification, or RFID
RFID is a crucial technology in IIoT asset management. It automatically locates and tracks tags on objects using electromagnetic fields. A transceiver, a transponder (the tag), and a scanning antenna make up an RFID system. To communicate with RFID tags, the antenna emits a radio signal. Tags contain information about the asset to which they are attached, which can be read or modified as necessary.
In contrast to bar codes used in supermarkets, RFID technology can be utilized from a distance, making it ideal for managing inventories within factories. This also allows the scanning of a larger number of items within a short time. Hence, this speeds up the process and reduces the margin of error. This kind of mobility gives out more detailed information about the location of any given asset, whether stationary or moving, allowing the institutions to improve their processes and management of their resources.
Global Positioning System, or GPS
GPS is essential for tracking assets that are constantly on the move, such as cars, shipping containers, and heavy mobile machinery. It provides real-time location data via satellites. For businesses that must handle logistics related to delivery and transportation and operate over wide areas, GPS is essential.
Businesses can learn more about the routes, stops, and speeds of their assets by integrating GPS data into IIoT systems. This data ensures timely delivery and maintenance of vital assets, optimizes routes, and reduces fuel consumption.
Other Technologies for Tracking
Apart from RFID and GPS, other technologies essential for IIoT asset tracking include:
- Bluetooth Low Energy (BLE)
- Near-Field Communication (NFC)
- Wi-Fi-Based Tracking
What Are the Benefits of IIoT in Asset Tracking and Management?
Real-Time Monitoring
IIoT enables businesses to continuously monitor their assets. It keeps items from being stolen or lost. Furthermore, it ensures that everything remains in its proper place and notifies the supervisor if anything moves or goes somewhere prohibited. For businesses, this is critical because losing items can be extremely costly.
Enhanced Productivity
Did you know that IIoT can improve inventory management and boost efficiency? Thinking how? Well, it does that by automating equipment and tracking goods. Also, it reduces human error, speeds up processes, and lowers labor costs. With better control, no asset is left idle or underused.
Predictive Maintenance
IIoT always uses data to predict when equipment failures or downtimes. This is an amazing feature that allows businesses to solve any potential issues even before they cause downtime. So as a result, this extends the life of machinery, prevents costly breakdowns, and enhances safety.
Better Decision-Making
IIoT provides insights that are very valuable and will help businesses make informed decisions about asset management. So, with reliable data, managers can track performance, identify trends, and make smarter choices. This can greatly improve the overall efficiency and financial performance as well.
Wrapping Up
The introduction of this new industrial revolution is made possible by the convergence of multiple technological innovations such as RFID, GPS, Bluetooth Low Energy devices, Near Field Communication, and Wi-Fi. With this integration, the operations and the decisions made in the operations are eased as there is easy real-time monitoring and analysis of information. In addition, it provides real-time information on the asset’s location and status which increases its security and increases its use.
Predictive maintenance also increases the items’ lifespan as it eliminates the occurrence of problems before they even happen. Inventory management processes are automated, leading to reduced errors, costs, and waste. Better Outcome Through Extended Analysis Of Resources Management Informed Decision Making It Involves Management Of Resources And Planning.
As a consequence, adopting the IIoT platform is not merely an option for survival in this current market but a necessary condition. Thus, investments targeted at the incorporation of the Internet of Things in asset management allow companies to improve operational performance and growth in both the short and long term.
Author Bio
Vishnu Narayan works as a content writer for ThinkPalm Technologies. He is an enthusiastic writer, a tech enthusiast, and an avid reader who tries to travel the world with a heart that yearns to see more sunsets than Netflix!
