Reinventing Asset Tracking and Monitoring Strategy with IoT App Development

With the prediction that around 25 billion “things” will be connected by 2020, we assume there’s more of technology that we are yet to experience. The above prediction is made by Gartner and we are sure that more than connected devices, it’s the plethora of opportunities that we as end-users are excited to see.

The Internet of Things is one such trend that has taken the industry by storm. It has impacted almost all the industry segments that one can think of.

But most importantly, the Internet of Things trend has impacted the manufacturing industry where there is a lot of engineering involved. IIoT (Industrial Internet of Things) is what manufacturing, supply chain industry is experiencing to automate the process and make the delivery process efficient, fast, and effective. It is highly considered to remove complexities around processes and operations, predict performance, and reduce downtime. One such thing that IIoT manages is Asset management.

Asset Management

In business, there are lots of assets that it needs to maintain. If we talk about traditional values, then assets include legacy software applications, spreadsheets, paper-based records and more. With the change in time, technology and trends, business looks forward to increasing its line of operations, challenging the competition, meet customer demands and grow assets eventually. The rise in inventories is another challenge that business often faces with its rise.

“Business insider states that global manufacturers are willing to invest $70 billion in IoT solutions in 2020.”

To cater to this challenge and manage all the assets easily IoT is brought into the picture. It not only helps in improving the scalability of the business but also track and monitors the assets. IoT application development companies are approached by businesses to help in asset management by implementing a defined strategy. These strategies align the process, operations, and asset management easily in such a way that business has no challenge in monitoring or tracking them.

Why Asset Management?

Next, we need to share why asset tracking and strategy monitoring is critical for business growth and development. If you are struggling to take control of the latest aspects of assets, then this blog is a must-read for you. Let's begin.

1) Performance Management

What is the demand for business today? Efficient performance is the first thing that most businesses look forward to. What is a business without prudent performance, efficient operations, and processes? We say nothing! Even users prefer a business that provides the best performance in its products, services, and offerings.

With the use of IoT trends, an IoT app development company delivers smart asset management irrespective of the location of the assets. The assets performance could be easily monitored and evaluated through a centralized location anytime, anywhere. A single dashboard is implemented that tracks and analyses various performance parameters of each asset efficiently.

In supply chain businesses, it is most useful in lease management, dealer management, and warranty management.

2) Real-time Monitoring

What comes next with the IoT trend is the benefit of real-time monitoring of the assets. Gone are the days when a business had to wait for updates and then take actions based on the update. Unlike traditional asset management, today with the support of an IoT development company, it has become possible for business advocates to make decisions based on real-time asset tracking and monitoring.

At any point when some changes or alterations are required based on how assets are performing, it is easier for businesses to make amendments. With the support of IoT technology, an alarm or alert is raised whenever any anomalies are detected.

3) Overall Equipment Effectiveness

One of the key manufacturing metrics, OEE is responsible for measuring the accurate productivity and efficiency of a manufacturing unit. It also helps in improved decision support to minimize the losses. OEE is an essential term in the manufacturing and supply chain business. With the combination of IoT technology, the business can take over the challenge of measuring the actual success of units and make decisions accordingly.

The three key aspects of the manufacturing industry - quality, availability, and performance of the machines are measured on a real-time basis automatically. IoT application development company sustains the growth and productivity of the business by improving its capabilities to monitor and analyze its assets easily.

4) Cost Management

Last but not least is the mention of cost. Surprisingly, a precise and defined IoT enabled asset tracking can reduce the $30 billion a year cost to cargo theft alone! IoT, on one hand, it improves the productivity of the business and on the other it is an excellent cost-effective alternative. An IoT app development company is approached by the manufacturing industry to break the chain of excessive cost implied on the business to improve performance.

IoT asset monitoring improves inventory management, enables companies to reduce the amount of idle stock in their warehouses, deliver the right products to the right customers, minimize the time wasted on finding missing assets and more. This allows businesses to generate new revenue streams by using IoT devices on their assets to develop new services or pricing models.

Conclusion

IoT is a vast topic and we have learned only a bit about it. While the trend has already positioned its power in industries like healthcare, wearables, and more, the supply chain and manufacturing industries are not behind. Asset management, it's tracking, and monitoring is an essential and critical element for the success of the business. And IoT is the best trend to go with. IoT development company understands the importance of assets and how they impact the growth of the business. They improve performance while also improving the operations of the manufacturing industry.

Siya Carla