Asset Monitoring: What, Why, And How?

Asset monitoring remotely monitors physical assets using technology and software. IoT-based asset monitoring systems give real-time data on an equipment’s name, location, and condition, assist in scheduling maintenance, and alert management about issues. These processes are used in the production, development, supply chain, healthcare, processing, and other sectors of the economy.

Key Advantages Of Asset Monitoring

Asset Longevity

Asset monitoring software uses IoT devices to track an asset’s location, quality, and performance, allowing managers to know whether it’s working well or requires maintenance.

Theft-Prevention

It is critical to closely monitor high-value items to prevent theft. Asset tracking technologies provide precise location data to increase asset visibility.

Behavior Tracking

In addition to monitoring equipment, asset trackers can also monitor employee behavior, such as travel durations, geographic areas, driving patterns, etc.

Asset Control

This feature ensures that high-value assets are handled correctly and within the scope of their authority.

Maintenance Tracking

Asset tracking software can arrange maintenance depending on the last checkup or performance measures like service life.

Predict Asset Failure

Preventive maintenance can be scheduled based on asset monitoring technologies that track key performance indicators (KPIs), evaluate operational trends, spot abnormalities, and forecast equipment breakdown.

Ticketing

Whenever a staff member or an automated system detects an asset-related problem, it is instantly documented, allocated to the relevant technician, and handled under the predetermined action plan.

Asset Analytics

Managers can generate asset reports and examine equipment performance to avoid unexpected downtime, streamline work and staff scheduling, and more.

Technologies

Below are the most prominent asset data transfer methods that fuel current asset monitoring platforms.

Barcodes And Quick Response (QR) Codes

These tags need a scanner to read. Although similar, barcodes and QR codes vary in capability and flexibility. Barcodes are horizontal and one-dimensional. QR codes can be scanned from any direction and carry more data. These are used for low-volume hand scanning.

RFID

RFID tags are used to monitor high-value assets in warehouses and retail stores. RFID leverages radio frequencies to communicate with passive and active asset tags. Passive tags without batteries have readers that send signals to antennas. This technology can offer asset surveillance and theft prevention. Active RFID uses battery-powered tags and Bluetooth transmitters to read data in real-time. These tags are much more costly but have a wider read range.

Wi-Fi

Wi-Fi monitoring systems employ wireless local area networks and radio frequencies to track items in real-time. Standardized network architecture makes these systems affordable and simple to deploy, but less secure and inoperable without Wi-Fi.

GPS

GPS remote monitoring systems employ receivers to gather satellite-sent asset data. Outdoor tracking is greatly enhanced by satellites but is hindered by towering buildings and other densely wooded, secluded regions. This technology is used to monitor cars and high-value assets in distant places because it delivers reliable position data. GPS is used in telematics to communicate vehicle data including distance, speed, and fuel consumption.

Conclusion

Asset performance and maintenance reports are a necessity for large corporations with huge numbers of assets. The asset management system’s scope is beyond conception. With real-time data, businesses can coordinate and streamline key processes to optimize operations and maximize growth.