Sensors provide a turning edge to the functionality of the assets by getting installed in appropriate positions. These sensor devices can transform the entire industry into an automated plant by focusing more on better productivity.
With the advent of IoT technology, industries are excelling in many ways. IoTizing the transportation sector provides on-time deliveries with real-time route optimization and vehicle updates. Also, integrating IoT with the O&G sector gives accurate results on the fuel levels, detects the pipeline conditions, regulates the temperature, and much more. On the other hand, IoT in healthcare is performing wonders with automated machines and equipment for several health cures and patient operations. So, it clearly depicts the efficiency of IoT technology in multiple sectors and positive results that are making our lives easier and the investments worth investing in.
Moreover, if we dive deeper into the industrial scenario, any equipment that has an installed sensor can be termed as an asset. Integrating smart IoT solutions with the industries provide better opportunities, and with the rising demands for technical systems, it is one of the best ways to enhance business performance. A smart asset monitoring solution is one such application of IoT that facilitates pure automation and uses advanced sensor devices to enhance the capabilities of industrial equipment. You can install the solution to get improved results and also enhance the efficiency of your assets at greater levels.
The moment IoT technology is brought under an industrial perspective; the benefits include: increasing asset efficiency, reducing costs, and improving customer experience. Let’s find out why there is a huge demand for asset monitoring solutions.
The Industrial Demand for Asset Monitoring Solution
Physical asset management, real-time monitoring, and predictive maintenance are a few most common applications seen industry-wide when talked about IoT. As per the study conducted by Cisco, it is revealed that the potential bottom-line value created by the organizations harnessing IoT solutions will be approximately $8 trillion among which 25% will come under asset utilization. This shows a clear picture of the rising demands of smart asset monitoring systems in multiple industrial domains.
The asset-intensive industries like manufacturing, logistics, supply chain, transportation, and petroleum, use multiple kinds of equipment that require constant monitoring. The IoT-powered asset monitoring solution is the best fit for such industries due to its smart techniques that can be implemented to improve industrial productivity. Here are a few industries that can integrate IoT-enabled asset monitoring for business growth.
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Manufacturing
Large-scale manufacturing units involve huge machinery equipment. Traditional ways of monitoring the machine's performance are constrained by a lack of transparency and inaccurate measurements. Therefore, using a smart asset monitoring solution is the key factor in improving asset performance. You can easily install the solution with its plug-and-play feature and start getting instant results. The solution comprises sensors that are installed on the manufacturing equipment like machines to capture the real-time status of their performance and production capacity. Even if the machine is getting outdated or has any glitches, the solution ensures that the managers are alerted about the same before the machine starts hampering the production quality.
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Oil and Gas
The oil and gas sector is one of the largest sectors that utilize big tanks and has huge tank farms to store large quantities of fuel/oil/petroleum products. In order to stay updated with the real-time status of all the tank’s activities, you can install a smart asset monitoring solution. It is well-equipped with the latest hardware and is designed with progressive features that provide better outcomes. Also, it is a smart solution that uses advanced analytics to enable actionable insights for improved decision-making. Installing an IoT-powered system to monitor industrial assets adds an edge to the entire performance of the plant with automation and innovation.
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Transportation
The transportation industry is fully-packed with different kinds of containers, trailers, vehicles, and cargo, which demand a feature-rich asset monitoring solution. It has a unique application known as geofencing that allows fleet managers to create and customize their vehicles as per the requirements. It thus makes it easier for the fleet managers to stay updated with all the necessary details regarding the products and vehicles in transit. Integrating IoT technology with the transportation sector is proving to be a better solution for instant monitoring of the trailers’ and cargo position and location. It is thus, improving the industry standards by allowing the managers to make intelligent business decisions.
Intelligence across the asset network is the primary key to innovation, customer retention, and industrial efficiency in the world full of IoT. Utility assets are mainly complex and diverse in their functioning that usually spreads over a large area. With the help of IoT technology, industries are expanding their boundaries to manage a larger network of connected assets. It involves new and innovative ways like geo-fencing, digital twinning, AI concepts, and a lot more. Hence, IoT-enabled solutions empower several industries with uniqueness and improvements.
