Connected Asset Management - a competitive advantage of the future

On competitive markets where customer loyalty is essential, asset effectiveness is a core competitive differentiator. High asset effectiveness means reaching productivity goals, minimizing total cost of ownership and keeping output quality and customer satisfaction high. Low asset effectiveness, however, inevitably leads to losing business to competitors.

Connected Asset Management is an increasingly popular strategy for ensuring high asset effectiveness. This strategy builds upon the idea of establishing a real‑time remote connection between each asset, the asset owner and its trusted service suppliers, using the internet or some other digital network as a carrier. According to research-institute Aberdeen Group the annual growth rate of assets being monitored remotely is 41% in the US, and companies having implemented Connected Asset Management report favorable effects on production such as a 21% increase in asset availability.

When you can monitor and communicate with your assets remotely in real-time, different types of opportunities for increased asset effectiveness and profitability open up. Such as

increasing asset availability. Machines, buildings or vehicles can signal if it they are about to fail, so that any failing part and depleted consumables can be replaced to avoid a failure; service technicians can perform support and install software updates remotely; regular service visits can be scheduled after actual usage rather than according to the calendar. Activities such as this will increase overall uptime and reduce the number of production stops
increasing asset performance. Vehicles, containers and mobile workers anywhere in the world can be monitored and tracked in real-time to ensure that they and their valuable cargo reach their destination unharmed and on time. Vehicles can automatically receive real-time information about obstacles in their environment and advice their drivers how to avoid them; if valuable cargo is in danger or if theft attempts are in progress, sensors can automatically inform the driver, dispatch central, police department and other appropriate parties
increasing output quality. Continuous analysis of performance data and usage patterns will make it possible to optimize your manufacturing equipment effectiveness, and for your equipment suppliers to provide advice on how to use the equipment better in order to improve quality
increasing profitability. Being able to monitor assets and people remotely can reduce unnecessary use of resources. For example, connected implants and other medical devices that allow monitoring of patient health conditions in their homes reduce the number of unnecessary hospital visits and make beds and personnel available for patients with more acute needs. Another way of increasing profitability is allowing assets and business systems to talk directly to each other – such as manufacturing equipment, cargo or vehicles communicating directly with the billing system to ensure quicker billing

Here are some real-world examples of Connected Asset Management:

Printing presses, elevators, vehicles, washing machines, dishwashers, manufacturing and medical equipment signaling when they are about to fail
Cars giving drivers driving advice, making them better drivers; warning drivers of obstacles and suggesting alternate routes or preparing the driving system for the more extreme driving conditions ahead
Buildings, facilities and homes keeping owners and maintenance personnel informed about overflowing toilets, and ensuring the safety of its occupants by alerting the police in case of a break-ins and warning the occupants of approaching storms, fires or other disturbancies
Trucks, cars and other vehicles reporting environmental data for each vehicle and driver, keeping companies and consumers informed of their individual CO2 emissions and fuel consumption
Medical implants that can be monitored and updated remotely
Electricity pylons, parking meters, ATMs and vending machines communicating with the billing system and technical support

Connected Asset Management is the next step for companies wishing to benefit from 21th century asset effectiveness. Contact us at sales@info24.se for more information.