Understanding the internet of things and its benefits in asset management

For some people, the internet is the means of research to gather information and a mode to connect with dear ones living in far off place. While for some people, it is a lot more than just a research technology and a channel for communication. Let us take the example of smart homes. In smart homes, fire alarms, lights, door, televisions, thermostats, locks, and appliances like air conditioners, refrigerators, and ovens are connected to smartphones or tablets of homeowners via the internet. So, for a smart homeowner, the importance of the internet is way beyond its conventional uses.

The concept of smart homes is the prime example of the Internet of Things (IoT) technology. This is the technology in which objects like CCTV cameras, smoke detectors, door locks, and elderly care devices are connected to the internet using sensors and software. When these devices are connected to the internet, you can operate them remotely and access the necessary information.  

Now that we know what is IoT, let us discuss its benefits in asset management.

Businesses usually adopt the latest technologies quickly. Therefore, most of them are utilising IoT intensively. IoT is an integral part of their asset maintenance management solutions now and has benefited them in several ways. Here are two major benefits of IoT asset management:

1. With the incoming of asset management software, businesses have completely stopped using the traditional silos of asset management which has reduced the chances of errors to a great extent. Now, as the IoT has gained much prominence, they are using asset management systems involving IoT technology. The application of IoT during asset management has reduced human involvement and enabled the supply of error-free and accurate information.
2. IoT enabled asset management system has given businesses access to real-time information related to their assets. For example, if a machine in a manufacturing industry suddenly suffers a breakdown, the asset management system instantly shares the information with the concerned person and the machine gets fixed quickly.

The demand for IoT enabled asset management system is very high as it is helping business optimise their processes and reduce costs.