For the most part, manufacturers are well aware of what the IoT can do for them. In terms of tangible business results, most business leaders are hoping the IoT can help them achieve two goals: improve the customer experience and gain deeper insights into their operations and supply chains.
The study found that among industries such as manufacturing, construction, energy (utilities, oil and gas), aerospace and transportation/logistics, 66 percent of respondents said they have already implemented or plan to deploy IoT technologies for asset management purposes. But these plans will not be without their challenges.
Becoming an IoT-powered business means fostering a seamless integration of both physical and digital assets and ensuring that the technology facilitates key operational processes. This means that significant investments in IT infrastructure must precede the deployment of the IoT, and the overall complexity of implementations can stump even the smartest organizations.
IoT-enabled smart asset monitoring solution does everything that traditional solutions do like letting the organizations know where the asset is, what is the condition of the asset, manage asset lifecycle, control processes, etc. Also, it adds intelligence to automated workflows, real-time alerts, insights from data, dynamic edge control of assets, predictive maintenance, cross-domain analytics and real-time visibility.
IoT Smart Asset Management solution typically comprises the following:
Remote Asset Tracking
Asset Health/Condition Monitoring
Asset Lifecycle Management
Asset Workflow Automation
Predictive Asset Maintenance