To keep our factories and other remote assets running optimally, we need a way to monitor their performance in real time. That's where the internet of things (IoT) comes in. By connecting devices to the internet, we can gather data about their performance and take action if something goes wrong. This allows us to maintain our remote assets without having someone on-site constantly watching over them.

In this blog post, we'll explore the two major roles of IoT in remote asset management and how businesses stand to gain.

The internet of things (IoT) has already significantly impacted enterprises and will only become a more critical need in the years to come. For companies that rely on remote assets, such as factories or oil rigs, IoT can play a crucial role in the following ways:

1. Tracking and Monitoring

In the past, tracking and monitoring assets to ensure they were being used appropriately and were in good working condition was a time-consuming and often manual process that was prone to error. However, tracking and monitoring assets is a much simpler task with IoT. Sensors can be attached to assets to collect data on everything from location to temperature to vibration levels. This data can then be transmitted in real-time to an asset management system, which can be analyzed for patterns and anomalies. As a result, potential issues can be detected early and addressed before they cause significant problems without requiring manual inspections.

Also, rather than dispatching technicians every time an issue is detected, managers can now use data from IoT sensors to diagnose problems remotely and provide instructions on how to fix them. This saves time and money and helps organizations maintain their assets even when on-site personnel are unavailable.

2. Maintenance Scheduling

The maintenance schedule includes routine calibration and cleaning to more substantial repairs and replacements. Traditionally, maintenance has been scheduled based on fixed intervals (e.g., yearly or monthly) or after an issue has been detected. However, this approach is no longer necessary with the advent of IoT.

With sensors collecting data on everything from usage patterns to temperature changes, it's now possible to predict when an asset will likely need maintenance before an issue arises—a technique known as predictive maintenance. As a result, maintenance can be scheduled based on actual needs rather than fixed intervals.

In some cases, it is possible to perform some types of maintenance remotely using data from IoT sensors (e.g., calibrating equipment). This further reduces downtime by eliminating the need for on-site personnel.

IoT has been heralded as a game-changing technology across various industries. With well-implemented IoT strategies, businesses that run and manage a wide range of equipment stand to gain.

1. Improved accuracy of data collection

IoT devices can collect data more accurately and frequently than ever before. This data is used to gain valuable insights into asset performance and trends. Additionally, this data can trigger alerts in the event of an anomaly, allowing for early detection and prevention of issues.

2. Increased visibility into asset utilization

IoT devices can provide real-time visibility into how assets are being utilized. This information is used to optimize utilization rates, prevent underutilization or overutilization of business assets, and inform future purchasing decisions.

3. Reduced downtime

By collecting data more frequently and providing visibility into asset utilization, IoT can help to reduce downtime by identifying potential issues before they result in a complete breakdown. Moreover, real-time data collected by IoT devices can be used to improve maintenance schedules and procedures.

4. Enhanced security

IoT devices can be equipped with sensors that detect unauthorized access or tampering, trigger alarms, or take other appropriate actions to protect the asset. Blockchain technology, in conjunction with IoT devices, can further enhance security by creating an immutable record of asset data that cannot be altered without all parties’ permission.

5. Lower maintenance costs

By using IoT to track asset data, manufacturers can identify issues before they become expensive problems. For example, if a sensor detects that a machine is vibrating more than usual, the manufacturer can send a technician to inspect it before the vibration leads to breakage. This type of predictive maintenance can help manufacturers avoid costly downtime and repairs.

In addition, predictive maintenance enables organizations to operate more efficiently while reducing costs simultaneously.

The role of IoT in remote asset management is rapidly growing due to the vast number of benefits it can offer. By incorporating IoT into your remote asset management system, you can gain real-time insights into the performance and status of your assets, allowing you to troubleshoot issues and optimize operations quickly and effectively. Additionally, IoT can help you reduce downtime and improve safety.

If you want to implement or enhance your remote asset management system, visit IoT2Market and register a free account to reap these benefits.