The role of the Internet of Things (IoT) and LoRaWAN in asset management is truly limitless. This is demonstrated by the results that asset tracking IoT solutions can bring to manufacturing and other businesses. By reducing the amount of time an asset is not operational, companies can improve their bottom line. Asset management experts now play a critical 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 asset utilization and prevent downtime. With IoT asset tracking devices, this is much easier, requires less human effort, can increase operational productivity and lower operational costs.
Advantages of the LoRaWAN network
LoRaWAN can be used to monitor environmental conditions in the stock. For example, companies 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 failure or adjust conditions to best suit asset health.
- Long Range and Coverage: Its range, which can reach up to 15 kilometers in LOS, is unmatched by any other communication protocol, including Wi-Fi, cellular networks, and others.
- Low consumption: LoRa offers 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 effective than other networks, along with their end device radios. In addition, various open source versions of infrastructures such as gateways are being created, further reducing costs.
- High capacity: A single LoRa gateway could link thousands of NB IoT devices and common applications.
- Cost: Compared to a simple Wi-Fi connection, LoRaWAN requires less time and can reduce the costs of a service.
LoRaWAN asset management solutions can improve asset performance and uptime, reducing related operational costs and strengthening asset value retention. Asset tracking software helps asset managers be proactive and collect data analytics to better maintain monitoring of their IoT-enabled assets, resulting in increased productivity and profits. LoRaWAN asset management also enables asset managers to analyze physical asset data 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.
Benefits of IoT-based asset tracking
#1: Reduced Operating Costs
Companies can use IoT management systems to improve your manufacturing supply chain. With this asset lifecycle management technology, companies can keep track of individual items and optimize equipment efficiency. With information on asset status, asset details, existing item location, overall equipment effectiveness, and potential asset failures, managers can optimize production, reduce waste, improve productivity and increase revenue. For example, an automated warehouse inventory system can avoid the risk of running out of stock through predictive analytics.
IoT asset tracking system reduces overall maintenance costs. The IoT asset tracking platform also improves worker safety and satisfaction, which can lead to insurance savings. In addition, it provides actionable information to improve processes. With real-time data, these manufacturers can maximize their technological ROI and establish an appropriate regulatory framework. This is why IoT sensors connected to assets can be a good option for an asset manager to ultimately 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 programs and pinpoint problem areas before they occur and affect the manufacturing unit. In addition to this, IoT-based asset tracking provides real-time visibility into asset management. By tracking asset performance, a maintenance manager can pinpoint critical areas for repair and calibration and create an asset tracking plan. In addition, IoT enables effective asset management. With IoT solutions, a manager can also identify areas for improvement in the cycle times of their operations.
#3: Improved Workflow
IoT can automate the inventory and transfer of assets throughout the supply chain. The technology helps prevent human error, allowing you to have better asset management without an additional workforce. With connected devices, you will be able to measure risks and predict maintenance needs. With proper 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 evaluating it.
IoT can also help improve employee well-being. A team that feels well-supported will be less likely to stress out about managing small details. For example, smart GPS units can be used to monitor fleet vehicles and schedule maintenance, reducing human error while giving workers time to check on some more important issues.
Another example of how IoT asset optimization technology can improve asset management workflow is by automating the monitoring of underutilized assets. Without automation, managers must manually check asset lifecycles all the time. This can be expensive 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 time and money. Managing and maintaining assets is a complicated and time-consuming process. IoT technology is helping to make this task more efficient as an IoT device can quickly generate data, sending it to Excel sheets or AI analytics programs. IoT sensors track the condition of all assets, including valuable assets or those with a regulated status. IoT-based asset management solutions enable preventative maintenance and complete asset visibility, increasing productivity and profits while reducing costs.
Asset Management Solution: Key Considerations
Before implementing an IoT-enabled asset management solution like LoRaWAN, there are a few key things to consider:
- What will be the main physical device to use? These devices must 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 suit 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 it is tailored to your specific needs and successful. Traditional asset management solutions do not make the tracking process easy. The problem is that they don’t track assets in real time and their accuracy is poor. IoT asset management uses embedded sensors to monitor assets in real time and delivers comprehensive information directly to your mobile devices. The use of IoT technology in asset management combines data with intelligence, allowing companies to streamline processes and eliminate theft and theft.
Ensuring IoT Security
IoT has become an increasingly popular technology for asset management, and while it is a valuable tool, it also comes with some security risks. Insecure devices, known as shadow devices, are vulnerable to cyberattacks because they lack authentication and 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 reliable supplier:
- Selected devices have globally recognized certification protocols.
- If you choose LoRaWAN asset management as your technology, choose a vendor through the LoRa Alliance, so that the products meet global standards.
- Select carrier-grade gateways for the lowest total cost of ownership.
Asset management solutions can help improve the efficiency of any business or organization. By tracking assets, businesses can ensure they are always aware of their whereabouts and take action in the event of loss or theft. Additionally, through the use of IoT sensors and applications, businesses can better track inventory levels and monitor the movement of assets within a facility. This can help 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 communicate data automatically. You can also alert maintenance technicians to repair equipment that needs urgent attention. Additionally, the system can send a work order to a field engineer to check and repair the machine, reducing downtime. Additionally, the system will enable asset managers to reduce costs and increase productivity by eliminating manual processes.