June 10, 2020
Asset management is the process of keeping track of physical assets and information. Depending upon the business, physical assets can be IT devices, different kinds of equipment, tools or vehicles, etc.
Traditionally, industries like Oil and Gas, Manufacturing, Logistics, Transportation, Heavy Machinery and Construction, Equipment Rental, etc. that are known to be asset-intensive, are limited by lack of visibility of their assets. Such industries continuously work towards tracking their Return on Asset (RoA) and are interested in monitoring its assets which includes the task each asset is performing, whether it is being overloaded or under-utilized, the current location of the asset, the lifetime value of the asset, etc. Most of the companies in these sectors are either using or planning to use IoT-enabled asset monitoring solutions.
Internet of Things (IoT) has revolutionized the field of inventory management. The availability of real-time and accurate data about the assets has changed the outlook of the game. With real-time data trickling in from the attached IoT devices, it is helping businesses to make more informed decisions, thereby, translating into bigger profits. It can transform the current asset management practice into an automated, intelligent, and unified approach, one that enhances productivity and improves the bottom line.
It is believed that between 2016-2026, the potential bottom-line value that can be created as organizations harness IoT solutions will be nearly 8 trillion dollars where 25% of this will be from Asset Utilization. IoT-based asset management enhances areas namely, asset maintenance, outage management, field operations, and planning through continuous, real-time monitoring and reporting of critical assets.
An IoT-based solution is an effective way to unravels hidden potential by tracking business-critical assets and preventing failures at the same time. It seems that keeping track of your IoT devices (assets) can go a long way and help the organizations in solving the following challenges:
If it’s not on the asset inventory, it should not be in the network. Tracking the IoT devices can swiftly make them visible in the ecosystem. This helps in an effective audit of the ecosystem.
As a good security principle, it is important to keep the configuration of the device up to date with the latest patches, firmware, etc. installed. Auditability increases the manageability which in-turn increases the accountability for such devices.
IoT based Smart Asset Management will be disruptive in the future. The organizations are left with little choice to either get proactively onboard or be required to adopt due to the increasing competition surrounding them or to be disrupted. Partnerships and the entire ecosystem players will be driving success.
With the vision to help businesses in the above, Hughes Systique’ zero-touch onboarding solution is tightly coupled with the asset management systems. The solution provides an opportunity to work with either a simple in-house asset management system or can be integrated with an organization’s existing asset management system.
If you wish to know more about the zero-touch IoT onboarding solution, do not hesitate to reach out to us.