How the Internet of Things Can Help with Asset Management

The Internet of Things or IoT is the next big thing that everyone is talking about these days. Codenamed the “next generation of the internet”, the IoT aims to interconnect our everyday devices and home appliances to the internet for their better and simpler management. For instance, the IoT enables us to control our home thermostat or security devices via our smartphones or other mobile devices, which allows us to manage them easily even when we are away from home. In fact, the scope of the IoT is so massive that it is often considered as the fourth industrial revolution for humankind, putting it parallel to how steam engine discovery and mass production entirely changed the world.

The reports by Gartner Inc. say that by the next year, around 26 billion devices all across the globe would be equipped with the IoT. This massive growth is made possible with the advancements in internet technology, as more reliable and faster mobile networks are available around the world today. Therefore, it is safe to say that the Internet of Things would become a vital element to improve efficiency and productivity in the near future. Some reports say that technicians would soon become capable of seeing equipment failure codes through Google Glass instantaneously as a breakdown happens.

The IoT would lead to efficient and better management in power plants and industrial units, by allowing them to adjust the environment control systems automatically, which in turn would help to cut down energy consumption in the factory. The ventilation, lighting, heating, and air-conditioning units can be easily managed with the IoT, which can be used to switch the systems to a low-energy mode when the plant is closed. Likewise, there is no arguing the fact that the Internet of Things would also improve how assets are managed in a company by including more automation and real-time data in the process. Below are a few of the many ways in which the IoT can enhance asset management.

Incorporating Predictive Maintenance

One of the main reasons for adopting IoT for managing the assets is to incorporate predictive maintenance. This allows you to monitor equipment quality and performance regularly without having to schedule routine inspections for that. The sensors in the equipment would notify you as soon as there is a breakdown or when a part needs replacement. This in turn makes the working conditions safer in the company. In addition, IoT technology can also be used to generate repair orders automatically if any safe operating limits of the equipment are breached.

With the incorporation of a robust predictive maintenance strategy, you would be required to perform maintenance works on the equipment only when it is necessary. This helps you save on the labor costs and expenses of the parts that are to be bought for replacement. Understandably, more and more types of equipment are equipped with internet connectivity these days to benefit from the predictive maintenance process, and the numbers are expected to go higher in the upcoming days.

Using Real-Time Data

Machine-to-Machine or M2M is the technology that allows one machine to communicate with another machine. The IoT can take this technology to a superior level by bringing real-time data in the mix. For instance, when all the machine data is made available in a single virtual network, it would allow the Original Equipment Manufacturers to analyze the data easily and come up with better analytic models. As the sensors embedded in the machine would report its working condition regularly, manufacturers would also be capable of predicting failure of the equipment instead of waiting for the errors in the parts to turn up.

Manufacturers can easily design out failures and perk up the performance of the equipment by accurately assessing user behavior and identifying the common failure patterns. They can also figure out the recurring issues in the equipment quickly with the incorporation of the IoT, which would in turn lead to decreased warranty claims, meaning higher customer satisfaction and improved brand reputation.

Analyzing Performance Metrics

The key performance metrics for any business would relate to the availability and reliability of its resources. At the same time, you need to keep an eye on the Mean Time to Repair or MTTR and Mean Time Between Failures or MTBF as well to manage the operations of the company smoothly. The Internet of Things can automatically calculate the MTTR and MTBF, and pass the report to the system instantly. This eliminates the need for any additional workforce needed to assess the downtime, while ensuring that the data is always accurate and reliable. Besides, performance metrics from various customer sites can also be analyzed with the IoT technology, which helps to identify the best practices to be implemented for better results.

The IoT can also ensure automatic software upgrades to make sure that the performance of the machine never goes down. In fact, when the equipment is connected to the internet, the software upgrade process would become much easier to manage and efficient. Manufacturers can simply apply the software upgrades to all the systems simultaneously by using the IoT.

Managing Repair Actions

With the Internet of Things enabled, the system would collect and analyze failure data from all the available sources in real-time when an equipment breakdown happens. The repair actions can also be taken by the system automatically if it is set to do so, or recommend the technician to take the required actions to fix the equipment error. The data collected by the system, such as the operating conditions, previous repair records, wear patterns, and mode of operation during the time of equipment failure, would be very helpful to repair the machine. In short, the technician can have all the information necessary for the equipment repair with the help of the IoT technology.

With more accurate data available, the repairperson can make more effective decisions and easily determine the fastest route to fixing the problem. Using a Computerized Maintenance Management System (CMMS) along with the Application Programming Interface (API) that connects to the internet would come in handy to provide the right actionable information to the end-user.

Inventory Control

Effective inventory control is the backbone of success for any business. It can have a great effect on reducing equipment downtime as well as managing the maintenance costs. The IoT allows you to have interconnected stockrooms, in turn, letting you monitor all the inventory movements proactively so that you can make sure that your stock in hand is adequate for the company’s day-to-day operations. Besides, the Internet of Things can also streamline how you manage remote assets and inventory. This would help lessen the MTTR, which thereby would work to reduce the overall operational and maintenance costs of your business.