6 main benefits of IoT in asset management

IoT, Internet of Things, is a network of physical objects or ‘things’ connected to the internet through electronics, software, and sensors provided with the ability to associate a digital identity to every object of the surrounding reality. In fact, through specific technologies it is possible to connect each object to a network so that it can:

• process and provide object-related information;
• provide information about the surrounding environment, thanks to the possibility of interacting with the outside world;
• exchange information with other objects and actively interact with them.

The fields of application of the IoT are constantly increasing and its use is now particularly relevant for IoT asset management. How does that work?

The answer is, by using a facility management software. In this article we’ll be explaining how and all the benefits it offers!

What is IoT Asset Management?

IoT asset management involves the use of IoT-enabled sensors and devices to monitor the status of equipment and assets for any type of organization.

The asset management process typically involves tracking, supervising, and updating all of the company’s assets. In this way it is possible to monitor whether there is a need for maintenance operations to keep each resource functional for its entire life cycle.

Whether in the past companies organized and controlled their resources manually, relying on time-consuming record management and Excel spreadsheets, today IoT innovation has taken asset management a step further . Traditional vulnerable methods have been replaced by IoT software and BIM and IoT integration that integrate assets, enabling automatic communication simply through the internet, without the help of any human resources.

But how do we  proceed?

Special sensors will be installed on each asset, allowing operators to automatically detect and transfer information, for instance, relating to:

• position;
• operating status;
• condition;
• any malfunctions;

to a central system, ensuring immediate intervention in case needed and much more efficiency during management and maintenance processes.

How does asset management work with the use of IoT?

Asset management IoT follows a well-defined workflow:

• STEP 1 – Acquisition of data and transmission to the cloud: the sensors connected to assets transfer the information to the control units that conveys it to the cloud.
• STEP 2 – Data processing: all the data flow that reaches the cloud is processed;
• STEP 3 – Data analysis: once the data processing is completed, these are analyzed to develop useful insights, based on specific requests and queries;
• STEP 4 – Generation of reports: collecting and analysing data. The final outputs are precisely reports and dashboards useful to obtain information on the state of the asset.

Asset workflow management with IoT

Advantages of IoT-based asset management

Manual physical asset management is often error-prone and inefficient. The use of IoT devices, on the other hand, allows companies to immediately acquire data on assets and have a series of advantages. The main ones are:

1. constant connectivity, that can be managed anywhere and from any device;
2. real-time data on the condition and location of assets;;
3. reduction of human error, downtime and costs thanks to the possibility of optimizing and automating the management and maintenance of assets;;
4. extending the asset lifecycle through constant performance monitoring;;
5. optimisation of management processes with sectorised work plans and preventive and prescriptive approach programmes;;
6. increased security through data encryption systems.

IoT asset management use cases

IoT asset management is finding application in many industry sectors. Here’s just a few examples:

• manufacturing industry: the use of IoT allows real-time monitoring of resources. This makes it possible to improve efficiency, reduce costs and optimize production, always ensuring compliance with current regulations;
• automotive industry: the IoT is essential for the control of vehicles, because on the one hand it controls their conditions in the storage phase, on the other it ensures that they are delivered on time and in good condition;
• data center: the efficiency and optimization of data center operations is obtained by keeping track of the state of the resources, thus identifying any malfunctions and repairs to be carried out.

Solutions for effective asset management through IOT

With the number of advantages that are being offered by the use of IoT in asset management, it is not surprising that companies operating in asset-intensive industries are adopting IoT into their operations. To radically transform asset management through IoT, you can only rely on software solutions that integrate analytical tools and IoT data. Specifically, we recommend using a software for facility management that allows you to add automation and intelligence to a management system through features such as:

• inventories;
• localisation;
• automatic reports;
• predictive Analysis;
• real-time information;
• notifications.

Asset management with embedded IoT software