This article focuses on asset monitoring as a way to manage tangible assets, discusses the benefits of asset monitoring systems and describes technologies at the heart of asset tracking solutions. If you are looking for an option to better control your assets, Werede will develop and implement a solution tailored to your business needs as part of our software development services.
Asset monitoring is the process of tracking physical assets remotely using special hardware and software. Asset monitoring solutions based on IoT technology provide accurate real-time information on an asset’s name, location, and status, help schedule maintenance, and notify managers about asset failures. These systems are used in manufacturing, construction, logistics, healthcare, mining, and other industries.
Major benefits of asset monitoring
- Extended asset life. Asset monitoring software tracks an asset’s location, condition, and performance via IoT sensors to enable managers to see whether the asset is operating properly or needs repairing. With this knowledge, equipment downtime can be reduced and the asset’s lifespan can be extended.
- Theft prevention. It is important to thoroughly monitor high-value assets to discourage theft. Asset monitoring solutions improve asset visibility by providing accurate location details.
- Employee behavior tracking. Asset monitoring systems can also track employee behavior like travel times, geographic locations, driving styles, and more.
- Asset handling control. This feature helps ensure that employees treat high-value assets properly and within authorization. If they fail to do so, a manager alert can be triggered.
- Maintenance scheduling and tracking. Asset monitoring software can help schedule maintenance based on the latest check-up time or performance metrics like mileage or service life. E-mail or SMS notifications can be set up as reminders.
- Asset failure prediction. Timely preventive actions are critical to reducing production and asset maintenance costs and improving asset efficiency. Asset monitoring solutions can measure asset KPIs, analyze operation patterns, detect anomalies, and predict equipment failure. This information can be used to schedule preventive maintenance and keep equipment running without unplanned downtime.
- Ticketing system. Asset monitoring software can have ticketing capabilities. An asset-related issue reported by the staff or identified automatically is immediately recorded, assigned to an appropriate technician, and resolved according to the predefined action plan.
- Asset data analytics. Managers can produce asset reports and analyze equipment performance to reduce unplanned downtime, optimize work and staff schedules, and more.
