In today’s business environment, having an effective flow of operations is a great deal. You know very well that in asset management, any slight inefficiency, no matter how small, compounds itself and drains your profits.
Fortunately, this is where IoT (Internet of Things) comes into play. Through the internet, up-to-date information relating to several aspects of asset management is available. Once you know how everything is working within your organisation, you can make required adjustments in a timely manner.
Let us learn about IoT’s role in boosting your business’s efficiency with improved asset management.
But first, let’s explore some basics.
IoT And Monitoring Sensors and Data Loggers
IoT is essentially the networking of physical devices with built-in or attached sensors, software, and other technologies. These interconnected components collect and share data with one another.
You can attach the IoT monitoring sensors or data loggers to any type of assets, from machinery and vehicles to buildings and other infrastructure in asset management.
By using these sensors, you can access data collection from various parameters. These include temperature, vibration, energy consumption, etc. Furthermore, the IoT sensors transfer data to a central platform for analysis. Thus, you get insights to assess your assets’ real-time status.
Regular IoT monitoring benefits your business operations in many ways.
How IoT Monitoring Enhances Your Business Efficiency
This innovative technology has many benefits for your business. The prime ones are as follows:
1. Increased Efficiency
50% of small businesses struggle to track their assets which dents their operational efficiency. Implementing IoT monitoring significantly improves this issue. Real-time information allows you to identify the location and performance of your assets, resulting in better asset use, less labour, and more efficient processes.
For example, IoT sensors can monitor equipment usage in the manufacturing sector. Thus, manufacturers can optimise production schedules and reduce idle time, ensuring the machines are used as efficiently as possible.
2. Reduced Downtime
IoT-enabled predictive maintenance gives early warnings of potential equipment failure. This information is invaluable in avoiding costly unplanned downtime. Additionally, it prevents your business operations’ disruptions, keeps the workflow running, and saves you from revenue loss.
3. Extended Asset Lifespan
With IoT monitoring, you can enable condition-based maintenance that is far more efficient. Your maintenance team can focus on the components that need servicing and optimise maintenance schedules to avoid catastrophic failures. This extends the lifespan of an asset. This would save from the costs of replacing them and the unnecessary negative environmental impact.
4. Reduced Costs
The overall cost-saving advantage of IoT is tremendous, as it helps cut down on expensive inputs in many ways. Predictive maintenance helps prevent unexpected downtime, resulting in less repair costs. Better resource efficiency, especially optimised asset utilisation, saves energy.
IoT-powered intelligence also reveals where costs could be cut in asset usage. For instance, you can monitor your machinery’s energy consumption with sensor data to find opportunities for savings.
5. Better Decision Making
The data from IoT can help you make better decisions about your asset’s status. For instance, you can pull sensor information about when an asset is approaching its expiration and add this to your replacement calendar. You can also use your IoT data to monitor areas of potential improvement.
6. Improved Asset Visibility
IoT sensors help you see assets’ live location. Thus, it ensures better inventory management, theft detection prevention, optimal use, prevention of misuse by staff members and streamlined maintenance cycles.
7. Risk Mitigation
The IoT sensors can detect and report asset usage patterns that may be indicative of risk or safety hazards. Thus, it ensures timely interventions, preventing potential accidents or injuries and damage to your equipment.
Real-World Applications of IoT Monitoring
IoT monitoring is one of the most important tools across many businesses and industries, besides manufacturing. Many industries are already using and may benefit even more from IoT monitoring in the future, such as:
1. Transportation
Transport companies attach IoT sensors to their vehicles to track their location and condition. They use this data to plan the most optimal delivery route, reduce fuel costs, and improve road safety.
2. Utility Companies
These companies use IoT sensors, such as power grids and water pipes, to monitor their infrastructure’s health. They collect data to identify potential issues, like minor leaks, and address them before they become a problem and cause downtime. They also prevent or shorten blackouts.
The companies also guarantee the enhancement of smart home services. IoT sensors can regulate lighting, heating, and cooling based on the number of people in the room or the entire building.
3. Agriculture
Farmers use IoT sensors to measure weather patterns to determine irrigation, fertilisation, and crop variety selection. This results in increased yield and lower resource wastage. Farmers can also conduct livestock monitoring by installing IoT sensors through small chips. This can help them monitor cattle’s health, behaviour, and location to prevent disease and theft and optimise herd management.
4. Retail
Retailers attach IoT sensors to their products to monitor their selves’ product levels and remind them when it is time to reorder the stock. Thus, they can avoid overstock or stockouts. This way, they can manage inventory turnover better.
5. Healthcare
Wearable IoT devices track vital patient health signs, physical activity, and medication adherence. Essentially, monitored data enables healthcare providers to check on patients’ health without necessarily visiting the hospital. In case of an emergency, medics can intervene early enough to save lives. In fact, hospitals require a monitoring system for all the equipment they use.
6. Construction
Besides tracking construction equipment conditions and locations, construction businesses can track the structural integrity of bridges, buildings, etc. Thus, IoT sensors can help predict structural collapse.
How to Pick the Right IoT Monitoring Sensors
You can find multiple options for IoT sensors in the market. However, you must invest in the ones that can actually benefit your specific business operations. So, to ensure that happens, consider the following factors while deciding:
1. Identify Target Assets
Make a list of assets to monitor that directly contribute to the efficiency and productivity of your business operations. Thus, it can be beneficial to keep them in check and have control over them.
2. Pick Appropriate Sensors
The right sensor should be able to collect needed data about your assets’ usage, location, and condition. Consider where the sensor needs to operate. There are different types of sensors available to work in heated or cold environments.
Some sensors may work well around shock, dust or water, but others may not tolerate these conditions. So, ensure you pick the right one that fits your particular needs. Also, ensure you have a sensor-compatible platform to store data for further analysis.
3. Assess Precision
Different IoT monitoring sensors have different accuracy levels in tracking objects, conditions, and locations. If your business needs higher precision, test the sensor before buying. For online purchases, research detailed reviews of the product.
4. Choose Right Size
Does the asset or area you want to monitor have a defined maximum size for sensors? Ensure the brought sensor is of the right size and shape to fit the asset or location you want.
Access High-Quality IoT Monitoring Sensors at IoT Works
The IoT monitoring thus forms a strong efficiency tool that aids businesses in enhancing optimum asset management. Gathering and analyzing information about the state and efficiency of your assets allows you to make more accurate decisions regarding their utilization and preservation.
With IoT Works, you can improve your asset management practices to the best potential. Explore our detailed resources, and Contact Us for expert consultancy.