The role of the Internet of Things (IoT) and LoRaWAN in asset management is truly limitless. This is proven by the results asset tracking IoT solutions can bring to manufacturing companies and other businesses. By reducing the amount of time an asset is non-operational, businesses can improve their bottom line. Asset management experts now play a vital role in maintaining sufficient asset uptime. They are responsible for keeping track of an asset’s location, maintenance history, asset optimization, smart financial decisions, business processes, and other important data. This information is used to optimize the asset’s utilization and prevent downtime. With asset tracking IoT devices, this is much easier, requires less human effort, can increase operational productivity, and reduce operational cost.
Advantages of LoRaWAN Network
LoRaWAN can be used to monitor environmental conditions in the stock. For example, businesses can use IoT-enabled asset management sensors to track temperature, humidity, and air quality. This information can be used to improve the efficiency of HVAC systems and prevent equipment failures or adjust conditions to be the most suitable for asset health.
- Long Range and Coverage: Its range, which may reach up to 15 kilometers in LOS, is unrivaled by any other communication protocol, including Wi-Fi, cellular networks, and others.
- Low Power: LoRa delivers ultra-low power radios, making it ideal for devices that need to survive ten years or more on a single charge.
- Low-cost Hardware: LoRaWAN infrastructure is more cost-efficient than other networks, together with its end-device radios. Furthermore, various open-source versions of infrastructures such as gateways are being created, further lowering expenses.
- High Capacity: A single LoRa gateway might link thousands of NB IoT devices and common applications.
- Cost: In comparison to a simple Wi-Fi connection, LoRaWAN is less time-consuming and can reduce the costs of a service.
LoRaWAN asset management solutions can improve asset performance and uptime, lowering related operational costs while strengthening asset value retention. Asset tracking software helps asset managers be proactive and collect data analytics for enhanced monitoring maintenance of their IoT empowered assets, which translates into higher productivity and profits. LoRaWAN asset management also enables asset managers to analyze the data on physical assets and use it to make decisions about their business model. And since these analytics tools reduce operating costs, they can be a good investment for businesses.
IoT-Based Asset Tracking Benefits
#1: Reduction of Operational Costs
Companies can use IoT management systems to improve their manufacturing supply chain. With this asset lifecycle management technology, businesses can track individual items and optimize equipment efficiency. With the information about asset status, asset details, existing location of items, overall equipment effectiveness, and possible asset failure, managers can optimize production, reduce waste, enhance productivity, and increase revenue. For instance, an automated warehouse inventory system can prevent the risk of going out of stock using predictive analytics.
IoT asset tracking system reduces overall maintenance costs. Asset tracking IoT platform also improves worker safety and satisfaction, which can result in insurance savings. In addition, it provides actionable insights to improve processes. With real-time data, these manufacturers can maximize their technological ROI and establish a proper regulatory framework. That is why IoT sensors attached to assets can be a good fit for an asset manager to finally increase operational efficiency and establish automatic tracking.
#2: Improved Visibility
By leveraging an IoT-based asset management central monitoring system, companies can monitor equipment performance and device efficiency at all times. By analyzing this data, operators can improve maintenance schedules and determine problem areas before they occur and affect the manufacturing unit. In addition to this, IoT-based asset tracing provides real-time visibility into managing assets. By tracking asset performance, a maintenance manager can accurately pinpoint critical areas for repair and calibration and create an asset tracking plan. Also, IoT enables effective asset management. With IoT solutions, a manager can also identify areas of improvement in their operations cycle times.
#3: Improved Workflow
IoT can automate the inventory and transfer of assets along the supply chain. The technology helps prevent human errors, allowing you to have improved asset management without an additional workforce. With connected devices, you’ll be able to measure risks and predict maintenance needs. With the right IoT-based asset management, you can also avoid major losses caused by missing assets. The system is also capable of measuring the condition of assets and assessing it.
IoT can also help improve employee well-being. A team that feels well supported will be less likely to be stressed about managing small details. For example, smart GPS units can be used to monitor fleet vehicles and schedule maintenance, reducing human error, and, at the same time, workers will have time to check some more important issues.
Another example of how IoT asset optimization technology can improve workflow in asset management is by automating the monitoring of underutilized assets. Without automation, managers must manually check asset lifecycle all the time. This can be costly and time-consuming, and an IoT-enabled asset management system will simplify these tasks. Your staff can focus on higher-value assets while IoT helps you save both time and money. Managing and maintaining assets is a complicated and time-consuming process. IoT technology is helping make this task more efficient since an IoT device can generate data fast, sending it to excel sheets or to artificial intelligence analytical programs. IoT sensors track the condition of all assets, including valuable assets or those with regulated status. IoT-based asset management solutions are enabling preventive maintenance and full asset visibility, thereby increasing productivity and profits while reducing costs.
Asset Management Solution: Key Considerations
Before implementing an IoT-enabled asset management solution such as LoRaWAN, there are a few key things to consider:
- What will be the main physical device to be used? These devices need to be able to connect to the Internet and communicate with the asset management software.
- What asset tracking IoT use cases will be implemented? There are many different options available, so it is important to choose the ones that best fit your needs.
- What predictive maintenance features will be included? Predictive maintenance can help reduce downtime and improve asset utilization.
By considering these factors before implementing an IoT-enabled asset management solution, you can ensure that it is tailored to your specific needs and will be successful. Traditional asset management solutions don’t make the tracking process any easier. The problem is that they don’t keep track of assets in real-time and their accuracy is poor. IoT asset management uses embedded sensors to monitor assets in real-time and delivers complete information right to their mobile devices. Using IoT technology in asset management combines data with intelligence, enabling companies to streamline processes and eliminate theft and pilferage.
Ensuring IoT Security
IoT has become an increasingly popular technology for asset management and, while it is a valuable tool, it also brings with it some security risks. Unsecured devices, known as shadow devices, are vulnerable to cyberattacks because they don’t have authentication or authorization. Shadow devices are also vulnerable to malware infection and are part of botnets. That is why you need to buy smart devices only from a trusted provider:
- Select devices have that world-recognized certification protocols.
- If choosing LoRaWAN asset management as the technology, chose a vendor through the LoRa Alliance, so the products meet global standards.
- Select Carrier-Grade Gateways for Lowest Total Cost of Ownership.
Asset management solutions can help improve the efficiency of any business or organization. By tracking assets, businesses can ensure that they are always aware of their whereabouts and can take action if they are lost or stolen. Additionally, by using IoT sensors and applications, businesses can keep better track of inventory levels and monitor the movement of assets within a facility. This can help to improve overall efficiency and reduce costs.
One of the biggest benefits of IoT asset management is that it eliminates human intervention and allows the system to automatically communicate data. It can also alert maintenance technicians to repair equipment that needs urgent attention. Besides, the system can send a work order to a field engineer to check and repair the machine, reducing downtime. In addition, the system will allow asset managers to reduce costs and increase productivity by eliminating manual processes.