22 February 2020

What are the benefits of IoT in Asset Management?

The Internet of Things or IoT basically connects everyday objects, environments and processes to the internet. Businesses all over are harnessing IoT to make their everyday objects smart and to facilitate the automation and digitalisation of industrial processes. The adoption of IoT also helps in the automation of inventory management and helps in the elimination of time-consuming manual tasks. Some of the advantages that you can get with IoT include the optimisation of scheduled maintenance and daily tasks, the elimination of out of stock and overstock scenarios, and boosting the sales cycle and customer experience. Leveraging IoT asset management solutions can help you unlock several features like:

• Asset tracking: Know where each item in your inventory or assets is in real-time
• Real-time management for inventory: Control the flow of assets in real-time and use the information for strategic decision making, like moving in-demand stock to new locations
• Risk prevention: Ensure you are aware of possible risks and can take proper steps to avoid the same
• Data privacy: IoT ensures increased security for your data
• Supply chain transparency: Optimise operations by ensuring the efficient utilisation of resources and minimising any waste

IoT in Asset Management

In recent times, more and more companies have adopted practices in automated asset management and no longer rely on manual counting with Excel spreadsheets or record management. With IoT however, it has become possible to take asset management a step further as IoT adds the element of making systems ‘smart’, apart from being automated. For example, with IoT asset management solutions, you can know the exact location and state of each of your assets, and optimise safety checks, maintenance and repair, as well as preventive routine check-ups. IoT in asset management allows a business to save on costs as asset tracking and inventory management are no longer manual and time-consuming operations under the system.

If you are considering whether digitalisation is the right step for your organisation to take, you should know that there is no denying the potential benefits of IoT asset management solutions where you have an inventory that assesses itself and self-corrects. When IoT powers your asset management, your business is able to optimise its resources, reduce potential risks, and can leverage real-time information for a more effective sales cycle as well as increased overall efficiency.

The Main Benefits of IoT in Asset Management

To summarise, utilising IoT in asset management offers you the following benefits:

• Increase in operational efficiency
• Increase in productivity
• More efficient resource utilisation
• More control over sales lifecycle
• Increased efficiency in safety and compliance checks
• Automated maintenance and repair operations
• More efficiency in identifying growth opportunities
• A smart ecosystem that is highly responsive

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. Any inefficiency in inventory can end up being an extremely costly mistake, so real-time visibility and asset tracking are capabilities that would be highly beneficial for the logistics, retail, equipment rental, and manufacturing industries.