You’ve heard about the Internet of Things and how sophisticated data analytics streamline workflows IIoT. Bright LEDs, smart home appliances, and gadgets are prime examples of IoT phenomena. Consumers aren’t the only ones affected. Industrial plant owners are looking for more creative ways to automate complex processes using digital solutions, which has led them to IIoT or Industrial IoT. Other factors driving this trend include the need for customization, improved customer experience, process optimization, and improved process automation.
In simple terms, Industrial IoT involves using sensors to collect data and processing it using cloud-based software to provide deep analysis. IoT integration requires your systems to be smart enough to troubleshoot minor issues and take proactive action by analyzing data for asset management.
Due to its benefits, many asset-intensive industries use IoT for asset management to gain real-time insights that can further help eliminate production bottlenecks, reduce errors, track accurate data, have profound insights, etc.
Want to learn more about the use of intelligent asset management systems? This article provides a complete overview of IoT asset management, covering its necessity, its goals, how it differs from traditional approaches, industry-specific use cases, and the components of intelligent asset management systems.
The Rising Demand for IoT For Efficient Asset Management
Industry 4.0 and the Internet of Things merge data, assets, and processes to transform business operations. Many asset-intensive industries use IIoT to improve operational efficiency and explore growth opportunities by integrating sensors.
For example, Harley-Davidson has reduced the time it takes to produce a motorcycle from 21 days to 6 hours by reconfiguring its production with the help of IoT!
The company has revolutionized the agricultural industry by equipping its tractors with sensors to collect real-time data on the fields’ moisture content, temperature, and meteorological conditions.
Industries such as manufacturing, industrial equipment, logistics and transportation, oil and gas, heavy engineering and construction, equipment rental, etc., that require continuous asset tracking solutions can incorporate the Internet of Things. Without human intervention, the Internet of Things continuously monitors every aspect of an asset, including its condition, lifetime value, operating status, and current location.
Additionally, by automating every aspect of a business process, various sensors and technologies can optimize inventory, increasing operational flexibility and efficiency. Industries can reduce operating costs and create new revenue streams by implementing IoT asset management solutions.
What’s the Difference Between IIoT and Traditional IoT?
The primary industries that IIoT or Industrial Internet of Things target are manufacturing, energy, and logistics. Connecting machines and systems optimize processes and increases efficiency.
On the other hand, the traditional IoT is found in everyday objects such as smart home devices and wearables. We use it for personal convenience and to improve our lifestyle. Moreover, IIoT works on a larger scale with complex networks connecting many machines and systems.
In contrast, the traditional IoT often involves simpler individual devices in small networks. Thus, both aim to leverage connectivity to enhance functionality. However, IIoT targets industrial applications to improve operations and data-driven decision-making. Today, we see the growing use of advanced IIoT platforms across industries, which has also become continuous. IIoT platform, especially with combined AI/ML technology, is often preferred by business owners across the globe.
What is the Significance of IIoT in Modern Industrial Operations
IIoT is very important for modern industries. Today, the way businesses operate is changing. Moreover, with IIoT, companies can save money, operate more professionally, and stay ahead of their competitors.
Most importantly, IIoT enables accurate monitoring and control, improves safety measures, and enhances decision-making with actionable real-time data. Moreover, it is an upgrade and transforms old industrial systems into smart factories and intelligent ecosystems.
Technologies Powering IIoT for Asset Management
There are several technologies required to monitor and manage IIoT assets. Here is a list of some essential things we should know:
RFID (Radio-Frequency Identification)
RFID is an essential IIoT asset management technology. It uses electromagnetic fields to detect and track tags on assets automatically. An RFID system consists of a scanning feeler, a transceiver, and a transponder (tag). The antenna sends a radio signal to communicate with the RFID tags. The tags contain information about the asset they are on, which can be changed or read as needed.
RFID is very easy to use in factories for inventory tracking because it does not require a line of sight like barcodes. This means you can scan multiple objects simultaneously, reducing errors and speeding up operations. RFID provides precise data on where an asset is in a building, whether moving or stationary, helping companies use their assets more efficiently and improve their operational efficiency.
GPS (Global Positioning System)
GPS is essential for tracking frequently moving assets such as vehicles, shipping containers, and mobile heavy equipment. It uses cables to provide real-time location data. GPS is critical for industries that span large areas and must manage transportation and delivery logistics.
By adding GPS data to IIoT systems, companies can gain insight into the routes travelled, stops made, and the speed of their assets. This information helps optimize routes, reduce fuel consumption, and ensure the timely delivery and maintenance of critical assets.
Other Tracking Technologies
In addition to RFID and GPS, other technologies that are important for IIoT asset tracking include:
- Bluetooth Low Energy (BLE): BLE is a low-power version of Bluetooth that can be used over long distances. It is often used to track tools and equipment in closed industrial spaces. BLE tags are small, inexpensive, and easy to install, making them ideal for disconnected assets.
- Near Field Communication (NFC) allows two devices to communicate when they are very close. NFC tags, such as access control systems, are often used for security-requiring applications.
- Wi-Fi-based tracking: Using existing Wi-Fi infrastructure, these systems can locate devices based on the signal strength of multiple Wi-Fi access points. This is useful indoors, where GPS signals may be weak or unavailable.
These technologies enable IIoT systems to offer comprehensive solutions for monitoring and managing assets across various environments and conditions.
What are the Benefits of Integrating IIoT for Asset Tracking and Management?
Real-time monitoring
One of the most essential benefits of IIoT in asset tracking is real-time monitoring. This technology permits businesses to keep track of their possessions, reducing the risk of them being lost or stolen. Real-time monitoring ensures that assets are where they should be and alerts managers if they are unexpectedly moved or enter unauthorized areas. This visibility is significant in high-value industries where asset loss can be costly.
Improved Efficiency
IIoT improves operational efficiency through better inventory management. Automating the tracking of goods and equipment reduces the need for manual checks and human error. This speeds up operations, lowers labour costs, and minimizes errors in data entry and record keeping. Effective inventory management ensures that no asset is underutilized or idle, optimizing the use of all equipment.
Predictive Maintenance
IIoT uses data analytics for predictive maintenance, from responding to problems to planning for the future. By continuously collecting data from sensors on machines and other assets, IIoT systems can predict when something will likely break down. This allows maintenance teams to fix problems before they lead to equipment failures, avoiding costly downtime and extending the life of equipment. Predictive maintenance saves money and improves safety by reducing the likelihood of equipment failure.
Enhanced Decision-Making
IIoT allows businesses to analyze data more deeply, providing detailed information about how assets are used and managed. This data-driven approach promotes better decision-making across the board. With reliable data, managers can analyze asset performance, identify trends, and make informed decisions about buying new assets, retiring old ones, or where to place them. This makes it easier to decide where to deploy resources, which can help a company be financially and operationally sustainable.
Takeaway
IIoT is transforming industries by integrating advanced technologies such as RFID, GPS, BLE, NFC, and Wi-Fi-based tracking. This integration enables continuous real-time monitoring and deep data analysis, improving operational efficiency and decision-making. It also helps improve safety and optimize asset utilization by providing instant updates on assets’ location and current status.
Predictive maintenance also helps prevent problems before they occur, extending the life of equipment. It reduces errors and costs by automating inventory management. Deep analysis of IIoT data helps make more informed decisions by improving resource management and planning.
Implementing IIoT is a technology upgrade and an intelligent move to succeed in today’s competitive market. Integrating IIoT with asset management allows businesses to operate more efficiently, innovate, and grow continuously.
