Use Case: Smart Asset Management and IoT Connectivity

According to industry reports, approximately 48 percent of surveyed decision-makers utilize the Industrial Internet of Things (IIoT) for both supply chain management and industrial asset management. Asset management systems often lack real-time visibility, leading to inefficiencies and increased operational costs. However, with IoT technology the way organizations manage their valuable resources changes. 

IoT Devices and Hardware for Asset Management 

Asset tracking relies on a variety of IoT devices and hardware, including: 

These manufacturers provide the necessary modems, modules, and chipsets for connecting IoT-enabled devices with software: 

Asset Management and Cost-Efficiency  

• Challenge 

  Asset management methods often rely on manual data entry and periodic checks, leading to outdated information and increased operational costs. This results in suboptimal asset utilization, prolonged downtime, and high maintenance expenses. 

• Solution 

  IoT-based asset management systems provide granular, real-time data on asset location and condition. With the network of sensors, short-range and long-range connectivity networks, and analytical software, they continuously collect, transmit and process data in real time.  It is particularly vital for logistics, construction equipment, and supply chain optimization applications when monitoring the location and condition of their fleet of trucks and shipping containers. 

Assets Security and Regulatory Compliance 

• Challenge 

  Assets are always vulnerable to theft, being lost, and unauthorized access, which implies substantial financial risks and operational disruptions.  According to Transforma Insights, approximately 17 million shipping containers are presently in use worldwide, with nearly 5 million containers in transit along various sea routes at any given moment. Thousands of these containers are reported as lost annually, incurring financial losses for both the shipping and insurance sectors. According to the World Health Organization (WHO), over 50% of vaccines go to waste because of inadequate temperature control and other transportation-related problems due to the lack of proper asset management and regulations. 

• Solution 

  IoT-powered asset management systems provide geofencing, biometric authentication, blockchain-based audit trails techniques. These systems utilize end-to-end encryption and secure protocols for data transmission. Real-time alerts, powered by anomaly detection algorithms, instantly notify security personnel in case of unauthorized access or asset theft. To meet regulatory requirements, IoT-based asset tracking systems use distributed ledger technology (DLT) to maintain tamper-proof digital records of asset movements and conditions. These records are timestamped and cryptographically secured. This approach significantly reduces the risk of regulatory violations and associated penalties.  Learn more here. 

Real-time Analytics for Asset Management 

• Challenge

  Conventional asset management falls short in providing real-time data analysis capabilities, slowing down organizations from making timely and smart decisions. This lack of actionable insights results in inefficient asset utilization, increased expenditures, and operational inefficiencies. 

• Solution 

  IoT technology helps organizations with real-time analytics and reporting tools. For instance, sensors on delivery trucks provide real-time data on vehicle speed, location, fuel consumption, and driver behavior. In addition, manufacturing plants utilize IoT asset tracking to monitor the performance of equipment on the factory floor. Sensors collect data on hardware uptime, downtime, and production rates. 
  
  Learn more about Telematics and Fleet Management