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| Jan. 2022 |.
Asset management of your work tools, equipment and machinery is one of the differentiators that help a manufacturing department gain a competitive advantage. Innovative - IoT-based - solutions that enable this provide the opportunity to ensure quality and efficient business operations. Availability, performance and quality are the three critical drivers of Overall Equipment Effectiveness (OEE) for a manufacturing department. IoT-powered solutions help monitor, monitor and detect specific problems, such as missing parts, defective pieces, forgotten maintenance, and lost work tools. With these improvements, a company can achieve 80% OEE.
Key trends in IoT-based materials management
IoT-based smart asset management goes beyond what traditional solutions did. These smart solutions of the new era transform workflows and processes into an integrated system and build a "single strategic system. IoT adds intelligence with real-time data analysis, alerts, dynamic edge monitoring of assets, predictive maintenance and real-time visibility along with automated workflows.
Below we list some of the key trends in IoT-based asset management:
1 | Remote Asset Tracking
IoT uses cloud-based technology, allowing employees to retrieve information about connected enterprise assets anytime, anywhere.
2 | Asset Workflow Automation
Everyday and monotonous work is automated to speed up business processes, reduce errors and increase team productivity.
3 | Asset Health/Condition Monitoring
Cost-effective and proactive method to evaluate various health indicators and associated risks, events, policy implementation history and recommendations for improved health of corporate assets.
4 | Predictive maintenance of assets.
Stay alert to asset downtime and downtime by understanding the performance threshold, with scheduling preventive backup measures.
5 | Asset Lifecycle Management
Comprehensive view of all company assets that optimizes the profit generated by the various assets during their life cycle.
Usage scenarios for IoT asset management.
Traditionally driven by innovation, the industrial sector is now undergoing the "Industry 4.0" revolution. Disruptive technological growth in manufacturing, enhanced by modern sensors, robotics, drives and actuators, has revolutionized supply chain, transportation, communications, housing, energy, manufacturing and asset management. Asset management is a prominent area of focus affecting overall workflow and processes. In this light, let's take a look at some use cases where IoT solutions help in better asset management.
- Improving overall equipment effectiveness (OEE) OEE is one of the essential metrics to measure plant efficiency. Outages or planned failures and maintenance weigh heavily on equipment availability. Plant maintenance becomes a priority to ensure plant availability and near zero downtime. Instead of planned and preventive maintenance, now direct equipment data collection, historical data maintenance and input from OEMs can be predicted using IoT-compatible solutions. Therefore, predictive maintenance reduces 30% - 35% of maintenance costs for manufacturing equipment and provides increased availability of that equipment.
- New business model proposals for service companies IoT in manufacturing and asset management will change the mix of product and service revenue share from the recent 80:20 to 60:40. Rapid after-sales service and remote diagnostics during equipment failure is imperative to facilitate rapid deployment of the right resources at the right time. These changes reduce downtime and lower support, warranty and mobility costs.
- Performance Management of Remote Assets The operational cost of an asset decreases with the improvement in the uptime, utilization and availability of the asset. IoT helps achieve such a framework. IoT solutions are effective in tracking and monitoring business assets. It helps in collecting data on operational and health parameters of various subsystems working within or around the asset. With this additional data available, one can achieve higher efficiency of assets through predictive maintenance and utilization. Moreover, external parameters help in the in-depth analysis of usage patterns leading to strategic decisions, such as buying and renting these assets. This could provide more opportunities for equipment suppliers.
Benefits of IoT-based materials management
Applications for predictive analytics, 5G connectivity, artificial intelligence, machine learning and edge computing are valuable assets for manufacturers. For many manufacturing companies, however, technology selection is the easiest part, while capturing value, identifying use cases and scalability are the key challenging areas. Implementing IoT can help streamline the entire aset management process and help companies stay competitive. Here are some benefits for IoT-based asset management:
- Take proactive measures:
Instead of waiting for sudden outages followed by chaos, manufacturers and line managers could identify problem areas using predictive maintenance solutions.
- Agile solutions that increase productivity
IoT-based asset monitoring provides real-time visibility into the utilization of enterprise assets, and insight into load distribution and operational cycle times that can increase productivity.
- Improve energy and cost efficiency
By monitoring the asset from procurement to operational deployment and maintenance on the shop floor, you ensure improved efficiency throughout the workflow.
Conclusion: investing in IoT asset tracking is a smart move
IoT-based asset tracking enables effective and efficient materials management, which improves organizational operational efficiency. It also enables the innovation of business models for tracking asset performance throughout the asset lifecycle. It further helps organizations identify areas of improvement for cost optimization.
Get free advice from IOT expert
Would you like to learn more about the possibilities of IoT asset management technology? Not sure what applications might be of interest to optimize the management of your company's assets? Give us a call on 03 289 55 35, or send us your details below. We will be happy to help you and make you an offer without any obligation.
