The asset-intensive nature of industrial economies is well-known. As a result, it's natural that maximizing resource utilization and performance monitoring becomes the top priority for the success of Industry 4.0. The Industrial Internet of things (IIoT) contributes significantly to the fourth industrial revolution by providing the means for extensive automation, continuous monitoring, preventive maintenance, and a lot more.Â
The expansion and usage of the internet of things (IoT) in commercial industries and technologies is referred to as the Industrial Internet of Things (IIoT). It allows businesses and enterprises to improve their performance and reliability by focusing on machine-to-machine (M2M) connectivity via advanced technologies like Big Data and Machine Learning. Industrial applications in the field of robotics, medical equipment, and software-defined manufacturing processes are included in the IIoT. Currently, IoT is bringing forth some incredible changes in the industries by improving the way operations are done.
Industrialists have always been more concerned about the assets as they are the core functional block for any industry. The total productivity and performance of any company is highly dependent on how its asset work. An asset can be anything such as a piece of equipment used for manufacturing, employees, or anything used for performing operations in the industrial sector. Therefore, managing these assets is far more important than other processes. The IIoT has made asset monitoring so much easier and more reliable that every industry has started adopting IIoT based smart asset monitoring systems within their production units.Â Before jumping to the role of IIoT in asset management, let's see why industries need a smart asset management system.
Why Industries need a Smart Asset Monitoring System?
Manufacturing, construction, heavy equipment, oil and gas, commercial machinery, and other asset-intensive sectors spend billions of dollars in their reserves. Monitoring and analyzing these properties to keep track of inventory and preserve asset health is difficult and costly. The industries cannot monitor the RoA (Return on Assets) due to a lack of awareness of their properties. Businesses must keep tabs on their assets, know what function each asset is performing, how often each asset is used, and its lifetime value to reach optimum RoA. Moreover, a system like Enterprise Resource Planning (ERP) is also being used in the industries, but still, managers cannot figure out the real-time condition of the assets. This is the main reason that industries need an intelligent asset management system.Â
A minor flaw in the asset or a blunder in the process will result in significant financial loss. Furthermore, not having the necessary awareness of the assets will put you in danger. According to historical data, the majority of casualties are caused by a person's lack of knowledge of how to treat or use an asset. This can result in fatal injuries, especially for construction professionals and maintenance workers. Therefore, to ensure the safety and security of workers and to mitigate the chances of any potential hazard, implementing a smart asset monitoring system becomes more crucial.
Biz4intellia is one of the top IoT companies that provides smart IoT solutions for various industrial applications. The company is working dedicatedly to help industries overcome existing challenges by providing a robust system to monitor and control their assets. The smart asset monitoring system by Biz4Intellia is integrated with advanced functionalities required to fulfill the above mentioned needs of various industries.
Major changes IIoT brings to the Asset Monitoring SystemÂ
Many industries have already implemented smart asset monitoring systems to optimize the performance of their assets. But the sudden onset of industrial IoT has brought some incredible changes in the asset monitoring system. There are many ways in which the IIoT has enhanced the asset monitoring system. Some of which are mentioned here:
First and foremost, the ability of IIoT to connect millions of industrial objects/ devices within a single, unified network has taken the asset monitoring system to the next level. Large industries with concentrated assets, such as rail and utilities, are now moving quickly towards adopting advanced asset management systems. They're taking advantage of the increased networking and unified data processing capability offered by IIoT.
Secondly, smart asset monitoring solutions are empowering industries with features like advanced analytics. Various forms of data requirements are being addressed fluently by emerging analytics solutions. This is partly because no one tool can satisfy all of the requirements held by various enterprise and organizational environments. Manufacturers can gain knowledge in any area of manufacturing and maximize asset efficiency with improved processing, diverse networks, and the capacity to analyze ever-increasing levels of unstructured data.
Third, data management of assets has become highly efficient with the modern-day advancements in smart asset monitoring solutions. Discrete knowledge silos have presented production firms with longstanding problems. The industries are moving away from conventional relationship directories responsible for these divisions with expanded Digital capabilities. Instead, service teams focus on Big data and memory databases to save, exchange, and process information faster, thereby improving overall control and productivity of assets.
Fourth, the IIoT-powered asset monitoring solutions have intelligent algorithms that provide critical insights into the real-time condition of an asset. By combining IoT technologies with assets, managers will also gain greater control and management opportunities. It is also easier to forecast and take the necessary measures to improve output quality and system efficiency. The ability of predictive analysis provides situational results which improve the overall business development process.
Lastly, the ability to integrate sensors with an asset is an important feature of industrial IoT. This allows for reliable and fast data transmission through machines, heavy equipment, or transport. To maximize return on assets (ROA), producers create remote service management systems to utilize their digital capacities. It also improves the maintenance and efficiency of all industrial infrastructure linked to IIoT. Moreover, these manufacturing sensors continue to develop in terms of intelligence and data granularity. This is because of progress in data collection, storage, retrieval, networking, and connectivity.
More and more businesses are adopting digital services to avail higher ROI and productivity. IIoT is an essential gateway to a product-centered network of connected consumers, connected supply chains, and intelligent production. Therefore, companies are dependent on IIoT to increase asset management standards to new levels. The advancements in sensors, software, and networking technologies provide a data-rich real-time perspective into a complex world in which mobile operating teams can act immediately.