Understanding the Role of the Internet Of things in Asset Management
What is Asset Management? Asset management is the detailed process of managing every small and big asset of an organization. It is a systematic approach of keeping a track of assets to get asset-related information like the person using the asset, location of the asset
The health of the asset, and maintenance schedule of the asset. Organizations use asset management to ascertain the life of the asset because this helps them calculate the value for which the asset will be disposed of and plan investment in the new asset.
What is The Internet of Things? Internet of Things, also known as IoT, is a computing concept in which physical devices are connected to the Internet using devices like hardware, software, sensor, and actuators. Connecting the physical devices like phones, laptops, computers, and cameras to the Internet enables a seamless flow of information among different devices.
What is the Role of IoT in Asset Management? Introduction of IoT in asset management has completely automated the process of asset management. In IoT enabled asset management, connected devices communicate with each other and send information to the desired destination without human involvement.
An Example of IoT Enabled Asset Management An organisation using IoT enabled asset management solution can connect its physical assets to the internet using sensors. These sensors are linked to the central monitoring system and they keep on updating asset-related information like efficiency, location, and malfunction on the central monitoring system frequently. This enables people having access to the central monitoring system to keep track of the assets on a regular basis.
IoT in asset management benefits an organisation by increasing the efficiency of the asset and reducing costs. When people responsible for managing assets get information like asset malfunction in time, they get it repaired quickly.
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