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How IoT Driven Trends are Changing Asset Maintenance Management

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17 March 2021

How IoT Driven Trends are Changing Asset Maintenance Management

One of the most important benefits offered by the Internet of Things (IoT) for industries is the improvement of operational efficiency through its various features like remote management, predictive maintenance, and so on. Organisations that have adopted the Internet of Things (IoT) have experienced significant enhancements not only in terms of productivity but also in safety and working conditions within the premises. This applies to manufacturing units and factories as well. The application of the Internet of Things in manufacturing units helps enhance operations and also increases the safety factor, facilitating better working conditions.

Asset maintenance and management is another field where IoT has proven to be very beneficial. For manufacturing plants and factories, the implementation of the Internet of Things (IoT) can help achieve better and more efficient power management as well as it can automatically adjust the control systems, thereby reducing energy consumption. In addition to this, the Internet of Things (IoT) can also enhance asset management processes through automation, intelligent decision making, real-time data analysis, and more. Today, asset management and tracking software are available with features that can help increase overall operational efficiency, and IoT can help take it even further.

IoT Driven Trends for Improving Asset Maintenance Management

Some of the IoT asset management trends that have helped in improving assets management for industries include -

⦁ Real-Time Data Analysis

One of the trends of the Internet of Things is using this technology for real-time data analysis. IoT takes machine-to-machine communication a level higher by integrating a third element into it, i.e., data. This helps ensure that all machine data is available in one virtual network, thereby making it easier to analyse and generate better models for predictive analysis. With the help of real-time data analysis, asset managers can predict failures accurately, without having to wait for the system to breakdown. This is because the sensors start reporting back if operating conditions are not up to the mark, allowing for accurate mapping and identifying a failure pattern.

⦁ IoT for Predictive Maintenance

Another trend that helps in improving asset maintenance management is harnessing the capabilities offered by IoT for predictive maintenance. Instead of conducting inspections that are calendar-based for replacing components of the machinery, and so on, predictive techniques help in monitoring the equipment for any signs of failure, and if any part needs replacement, it automatically notifies the managers about the same. Implementing IoT will help in checking abnormal conditions and give out work orders when the safety rules of the working conditions are breached. Predictive maintenance also helps in reducing the parts and labour costs that come with calendar-based replacements, as it effectively performs maintenance on machines as and when required.

⦁ Enabling Automatic Software Upgrades

Asset management software upgrades can help in improving the performance of the equipment or machinery to a great extent. Along with this, software upgrades also help in eliminating technical issues. Incorporating the Internet of Things (IoT) will make the entire software upgrade process easier and much more efficient. With IoT, asset management system updates can be handled without requiring third-party intervention or assistance.

Apart from this, IoT also helps in effective inventory control of asset management tools, easier maintenance of remote assets, and much more. IoT driven trends have helped in changing the face of asset maintenance management.

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