Effective asset management has long been a key concern for businesses looking to balance productivity with cost-effectiveness, efficiency with innovation. But the IoT era has made it even more crucial – and more complex. To stay ahead in the dynamic, digitally driven world of the IoT, organisations need to redefine asset management and use automation to share the burden.
What is asset management?
Ostensibly, asset management is about maximising the value of your assets – that is, the physical devices, machinery and other hardware that are part of your organisation – but ‘maximising value’ can cover a lot of ground. Some of the elements involved are:
- Performance
- Regulation and compliance
- Life expectancy
- Compatibility
- Consumables and resources
Above all, comprehensive asset management should follow a whole lifecycle approach. This is first about considering every moment from procurement through to decommissioning and replacement, and second about being dynamic and flexible enough to continue realigning your assets as required throughout those lifecycles.
How does the IoT affect asset management?
Undoubtedly the IoT is making asset management more complex. However, in some ways, it also has the potential to make it easier. For instance, IoT is massively reducing the cost of sensors; it’s reducing the cost of communication; it’s allowing cost effective retrofit and, linked with Machine Learning, it is making diagnostics and pattern recognition easier. Ultimately, IoT has the potential to totally redefine how organisations approach asset management.
How the IoT can redefine asset management
Consider all the IoT-enabled equipment that may be collecting data in a typical physical asset driven environment. Sensors, manufacturing equipment, thermometers, mobile devices and so on – many of which may also be remote and unmanned.
To find out more about achieving efficiency and innovation with new Asset Management, read our Insight Guide: Redefining Asset Management below.
Redefining Asset Management
Effective asset management has long been a key concern for businesses looking to balance productivity with costeffectiveness, efficiency with innovation. But the IoT era has made it even more crucial – and more complex. To stay ahead in the dynamic, digitally driven world of the IoT, organisations need to redefine asset management and use automation to share the burden.
- What is asset management?
- How does the IoT affect asset management?
- How the IoT can redefine asset management
