What to Expect from IIoT Enabled Remote Asset Management?

By CIOReview | Friday, September 25, 2020

Fremont, CA: The Industrial Internet of Things (IIoT) has experts buzzing about the implications of a more connected, interoperable network. With greater insight into assets, businesses can more capably predict production, understand the technical challenges of their equipment, and strategize maintenance long before their assets go belly up. However, businesses can overcome the challenges in asset management by leveraging the IIoT-enabled remote monitoring framework and improve asset management, operational efficiency, and reduce cost. IIoT-enabled asset management offers a connected environment to gain complete visibility into assets and facilities without being physically present at the location. Read on to know more.

Most enterprises that have assets on-premise or are spread across locations have a horde of issues to deal with. It includes poor health of assets, high maintenance costs, high mean time to repair, theft, underutilization, underperformance, and many more. IIoT-enabled Remote Asset Management brings in a holistic approach to asset management. It also provides the right visibility for enterprises to overcome these challenges. The key benefit of IIoT is the ability to get to the data and seamlessly integrate it with a unified remedy so that the management can make the right decision. IIoT brings in the inherent value of automation, innovation, and digital transformation.

IIoT connects machines with people, processes, and systems in several ways, which facilitates automation. Human intervention is required only for decision making rather than performing redundant tasks, rule-based actions, measuring data, collecting audit logs for compliance. The advantage of IIoT enabled remote asset management is automating all of these tasks. Thus, it increases accuracy, reduces cost, improves efficiency, and eliminates non-compliance. Routine tasks and periodic monitoring can all be reduced significantly and can be made based on the actual condition and utilization of the asset.

Digital age enterprises are transforming themselves to uniquely combine products and services to offer the product as a service. An IIoT enabled remote asset management is a key to bring in new service lines into the company—the company’s physical assets, which can now be effectively managed to bring in additional revenue. With more data, control, and insight, enterprises can look at trends where they can identify new market opportunities. Capitalizing on those opportunities adds more revenue by becoming a smart and cognitive enterprise.