In today’s world, where manufacturers are seeking ways to provide customized products to customers for increasing revenue and building brand reputation, bringing efficiency in the manufacturing processes has become crucial. Efficiencies in manufacturing can be achieved with Intelligent Asset Management. Assets are the foundation of every business and managing them accurately can add efficiency in the manufacturing processes.
With IoT (Internet of Things), physical things can be connected to the internet and can be accessed and used via mobile networks. This helps the manufacturers to ensure that every asset is utilized to the fullest and the right number of technicians are hired for the required work.
To gain more knowledge on how Intelligent Asset Management is changing the future of manufacturing, take a look at the below-mentioned points:
- Enabling predictive maintenance: Earlier, the companies used a preventive approach in asset management, but with the increasing competition, they are moving towards an intelligent based approach that allows the technicians and backend team to monitor conditions in real-time. Thanks to IoT that helped the organizations to connect their systems with the material assets deployed in the field so that data on equipment status and health can be easily fetched. The data is then analyzed within the context of the business to anticipate issues so that needful action can be taken within the timeframe.
With a predictive approach, companies can save cost on scheduled maintenance procedures and can only carry maintenance when needed as well as optimize the technician’s time to provide better customer experience.
- Adds value to business processes: With intelligent asset management, the manufacturer can better understand the needs of customers and provide them with what they want. By getting insights into the customer’s perspective, the manufacturer can design the future assets better so that it can efficiently interact with the customer’s business processes to add more value to the success of their business. This will help in building good customer relation and also open the door for more opportunities.
- Developing new business models: Along with delivering assets to the customers, the manufacturers are now also delivering services to the customers that help them to make the most out of them. The predictive maintenance assisted in creating new business models where the asset data can be analyzed in real-time to check the status and health of the asset so that timely maintenance can be provided. This will help the customers to eliminate the situations of downtime and remain productive in their operational processes — also, optimized maintenance help in reducing cost.
- Getting better insights: When assets are connected with onboard sensors, the manufacturer can monitor a vast range of metrics in the operational processes. Real-time data can be collected and analyzed to reduce the cost of operations and increase efficiency. With a big and clear picture of the manufacturing process, effective decisions can be made to boost ROI.
- Diversification: An intelligent asset management approach will help you to understand the changing demand of the customers so that you can diversify your manufacturing process for meeting the emerging future needs of your customers to stay ahead of your competition in the long run.
- Enhance competitiveness: The software will help the manufacturers in registering all the asset and their parameters, visualizing them on a map, manage service plan for each, and provide their reporting & data in real-time. This will open the doors for financial transparency, predictive maintenance, strategic planning, smart manufacturing and competitive advantage.
Intelligent Asset Management is a software that helps the manufacturers to put every piece of the big jigsaw puzzle right in place. In the present time, asset management holds a crucial place in the manufacturing organizations that want to deliver assets as a service to their customers to build long-term and strong relations with them. A smart asset design with a smart integrated system can do wonders for the manufacturers. Predictive analytics can boost the manufacturing profitability by predicting the future breakdown and the data collected can be used to deliver better and required assets to the customers.
We hope that you now have a better idea of how intelligent asset management is playing an essential role in changing the future of manufacturing.