By Michael Rivera, PhD
Assets are essential when running any business. Malfunctioning or stolen assets can disrupt the manufacturing process, causing production delays and customer dissatisfaction.
However, manually tracking and managing assets is no longer effective because manufacturers experience huge financial losses from asset theft and downtimes.
Fortunately, an Internet of Things (IoT) asset-tracking solution can transform how businesses manage their resources.
What Is IoT Asset Tracking?
IoT asset tracking involves using internet-connected devices to track company assets’ location, condition, usage, and performance, such as equipment and vehicles, in real-time.
Here’s how IoT asset tracking works in your business:
IoT devices like sensors are connected to physical objects in your factory or office.
These sensors extract and transmit raw data from the objects to a cloud-based IoT platform where the data is processed, analyzed, and transformed into actionable insights.
These insights provide vital information about the assets’ location, condition, performance, usage, and other important metrics. This allows you to manage your assets with greater precision and visibility.
Since asset tracking is in real time, you’ll be more proactive with data-driven decisions that maximize your return on investment.
Manufacturing Challenges an IoT Asset Tracking System Solves
Here’s how an asset tracking system can help solve manufacturing problems:
Real-Time Asset Monitoring
An IoT asset management system provides real-time location tracking of assets. This can help tackle asset theft, which causes 43 percent of lost revenue.
Asset tracking sensors can also be connected to vehicles to avoid supply chain disruptions. Besides monitoring the vehicle’s location, asset-tracking solutions can provide data on vehicle conditions and route optimization.
Predictive Analytics for Proactive Asset Maintenance
Unplanned downtime causes millions of dollars in lost revenue yearly.
IoT asset tracking can provide insights into equipment performance, usage, and condition, allowing manufacturers to schedule proactive maintenance. This can prevent equipment breakdowns and reduce downtime.
Many manufacturers today struggle to keep track of their inventory, which could lead to overstocking or stockouts.
An asset management system allows you to set the re-order level and alerts you when inventory falls below that level.
Cost Reduction and Increased Revenue
Tracking data like temperature, vibrations, and changes in speed or output is valuable. Businesses can avoid the cost of repairs by knowing when an asset will likely require maintenance.
Data from physical assets can also help manufacturers understand the assets that generate the most revenue and ensure they are used effectively.
On the other hand, businesses can implement strategies to improve underperforming assets or sell them if they’re no longer needed.
Asset tracking undoubtedly elevates your manufacturing processes by eliminating common supply chain bottlenecks. This will ultimately decrease operating costs, improve customer satisfaction, and increase revenue.
When choosing a cloud-based IoT platform, it’s important to consider simplicity, scalability, and data security. This is what Thinaer offers you. Thinaer helps businesses maximize their asset’s efficiency through innovative asset-tracking solutions. We are happy to discuss your digital transformation objectives.