Why make IoT part of your equipment-driven asset management strategy?

The Internet of Things may not yet be part of your equipment-driven company’s IT infrastructure and equipment-driven asset management strategy.

There’s a good chance that it will be over the coming years. Here’s a quick look at how data from IoT sensors can mix with business and customer data. This way you can work more effectively with equipment assets used for rental, leasing, and services, including:

• Getting continuous status about virtually any aspect of equipment usage and scenario
• Optimizing maintenance schedules based on early warnings
• Avoiding unplanned downtime
• Minimizing unnecessary repairs
• Identifying economic outcomes and risks for utilization and maintenance

Image 1: PowerBI Asset Management Strategy Cockpit that fully leverages equipment sensors

Equipment-driven Asset Management Strategy and Predictive Maintenance

Let’s focus on how IoT can literally pre-empt predictive maintenance schedules. And consequently reduce the number of routine service calls for your equipment-driven asset management strategy. Companies seek to standardize scheduling for equipment maintenance—it’s impossible to have a dedicated resource monitoring assets information 24/7. When your predictive maintenance errs on the side of unneeded maintenance. Especially if you want to protect your reputation for equipment performance and service availability. As a result this will gnaw at already-tight profit margins.

By leveraging an IoT platform with predictive maintenance capabilities, you can transform your approach to a equipment-driven asset management strategy. IoT sensors can gather data about equipment, operations, weather conditions and more 24/7. And therefore feed it real-time to mobile devices or even directly to your ERP system. That data can align with asset history, customers, financials, service planning, spare parts suppliers, regulations. It does not matter what is impacted by or impacts asset management. Solutions are available that give planners rich visual insight into actual maintenance needs. In addition it is built on IoT data combined with other information.

Results

The result is that companies can make smarter assessments of service needs. As a result the can anticipate problems based on very granular, context-specific information. IoT data lets you know what’s actually happening with the equipment. That input, when combined with other information, can help you ensure best equipment performance and best approach to maintenance. You get both 24/7 monitoring for your equipment and automated formulas for maintenance. Those formulas are “real world.” Consequently, you can count on more accurate predictive forecasts and ability to anticipate breakdowns or issues.

So what’s important to realize is that the Internet of Things is part of a complete view of equipment assets. And what’s amazing is that companies can work with such complex, real, and strategic data with such ease, thanks to technology innovations.