Productive utilization of assets is essential to increase the profitability in manufacturing, both product and process manufacturing. Any company that is performance driven would be curious about quantifying, tracking, measuring and monitoring their assets. The power of applications that utilise the Internet of Things (IoT) enables the smart management of assets (physical and human assets) as IoT is accurate, comprehensive, intelligent and real-time. Compared to traditional models of asset management, this is cheaper, faster and better. This technology provides a competitive advantage when deployed rightly and quickly.
IoT is commonly discerned as connected consumer products or understood as companies installing data-capturing sensors to monitor unmanned facilities. But, there is a smart network of sensors, communication technologies and analytics – which is the core of IoT. Basically, it stitches multiple technologies together to perform a range of actions – mainly track, monitor and measure.
Tracking with the help of mobile devices and sensors embedded in physical and human assets such as vehicles, assets and even employees’ clothing is known as asset tracking. An IoT-based equipment and capital asset tracking solution can provide information on the location, status and operating performance of assets across operations in real-time. This enables you to monitor and service equipment, track inventory and improve workers’ efficiency. As companies refine their methods to capture asset utilization data, authorities and employees can benefit from real-time operational insights.
With IoT, monitoring of machinery without manual intervention is possible. Real-time asset health monitoring can help a manufacturing plant lower its operational costs by monitoring equipment and operating parameters, to automatically trigger alerts and initiate a service response. Maintenance requirement of machines can be determined by IoT sensors placed throughout a factory. The asset and material tracking functionality is used to detect and reduce theft and maintain inventory levels by tagging and tracing products. A strong sensing and analytics based tracking solution helps you create an efficient assembly line. By connecting location tracking sensors on the production line and integrating data visualization tools, you can enable production managers to track key performance indicators at workstations, see where defects occur, understand their causes and address them immediately. This solution helps identify delays in the assembly line due to individual operators, increase process compliance and introduce predictability.
Improving asset performance with aging assets can be a tough task. Managing an asset with such constraints needs informed decision-making based on insight, knowledge and forecasting. A powerful tool to achieve this goal is data.
With IoT, measurement methods that were complex and expensive are now accessible, affordable and increasingly important. Building an analytics layer on top of operations and the supply chain, helps you find field data faster and process it quickly. Thanks to IoT solutions, superior observations, insights and relevant measurements, lead to informed decision-making.
Tracking, monitoring and measurement can also be applied to human resources, when enough measures are taken to protect privacy. For example, in some industries, sensors embedded in employee uniforms and helmets can detect dangerous conditions such as toxic gases or inhospitable environments.
A typical IoT smart management solution consists of Remote Asset Tracking, Asset Condition Monitoring, Asset Lifecycle Management, Asset Workflow Automation and Predictive Asset Maintenance. An end-to-end solution must provide inputs on what devices to adopt, provide an IoT platform, implement analytics and use digital solutions to integrate across the enterprise. IoT is all about connecting gadgets and supplying data from these gadgets in an efficient way. When all the components of a system are connected, it results in greater efficiency.
At Triassic, our expertise in digital transformation technology such as AI, IoT, RPA and Blockchain, help us build smart and scalable solutions. If you’d like to explore such solutions, get in touch with us and we will be glad to help you.