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How IoT is Streamlining Asset Management


Effective asset management is key to gaining a strong competitive edge in manufacturing. It has a significant impact both on operational productivity and the company’s bottom line. 

The advent of IoT has radically transformed asset management: remote asset tracking, automated asset workflows, and predictive asset maintenance are just some of the ways in which IoT is revolutionizing asset management.

Big Data and IoT in asset management help make things and spaces smart and connected. It equips management with important information related to the status, location, and conditions of the assets, enabling continuous monitoring in real-time. They also provide real-time alerts, predictive analytics, automatic reporting, and data insights to help manufacturers identify and address any opportunities for improvement.

IoT and Big Data systems for asset management engage a wide range of technologies like GPS, beacons, sensors, and meters as well as data analytics, visualization, and management tools.

For example, in a storage facility, a sensor-based IoT in asset management can continuously monitor the temperature and humidity and, using actuators, maintain balanced conditions for the safe storage of sensitive items like medical products. 

Ultimately, IoT-powered solutions enhance throughput and quality, resulting in better business outcomes for manufacturers. In this two-part blog series, we’ll dive deep into the role of IoT in asset management, how it works, use cases, and the potential benefits, allowing you to transition successfully to IoT-based asset management.

How does IoT in asset management work?

The general structure of an IoT network consists of devices to interact with the environment, a gateway for collecting data and communicating with the cloud, and the cloud platform for storing, processing, and analyzing the data.

Step 1: Data acquisition and transmission to the cloud

Sensors collect data from the ambiance and then send it to the cloud with the help of an intermediary device. They measure environmental parameters like temperature, light, moisture, etc., and transmit this information to the device.

Devices act as controlling units of sensors. They collect the information from the sensors, pre-process it and then send it to the cloud. Running a self-cleaning cycle or reducing the temperature are excellent examples of pre-processing activities controlled by devices. 

Step 2: Data Processing

Once the data is transmitted, the cloud receives messages from the devices which are securely connected to it. Then, the messages are published for the subscribers to read and data pipelines are generated from the device to their destination. Some of these platforms include BigQuery, BigTable, and Cloud Storage. The data processing stage involves the following tools.

Device Manager: A device manager is a tool that contains a device registry, where each authenticated device is registered and configurations are set.

Communication Protocols: These protocols help the devices to communicate with the cloud. Protocols like the MQTT bridge or HTTP bridge are used depending upon the requirement.

Serverless functions: These are single-purpose, programmable functions, which are hosted on infrastructure. These functions are event-driven and perform the intended actions only after the event gets triggered.

Beam pipeline: They assist in building data pipelines to process the entire data workflow. Apache Beam is a widely used programming model that optimizes data pipelines for simplifying large-scale data processing.

                 Case study: Asset Management for Construction
Step 3: Data Analytics and Machine Learning

After processing the data, it is analyzed to develop actionable insights. Data analysis and ML are performed on the cloud. The accumulated data in storage systems of the cloud becomes accessible to BigQuery and Cloud Bigtable. Following tools are used to extract valuable insights from data:

ML Models: They are used to detect and identify anomalies from the devices.

Data Warehousing Tool: It stores and runs a query on the data to obtain insights. A serverless, highly scalable, low-cost enterprise data warehouse makes the data analysis more effective. AWS Redshift, open-source Hadoop, or GCP Bigquery are some of the effective data warehousing services. While selecting an appropriate data warehousing tool, it is essential to consider:

  • Data processing type (batch or real-time)
  • On-demand scalability
  • Efficiency in querying and storage of structured data
Step 4: Generation of dashboards and reports 

Data reporting and dashboarding solutions are the final aspects of an IoT-based asset management system. The data gets turned into customized reports that are easy to read and share, enabling you to make better business decisions and improve operations. Google Datastudio, Kibana, and Tableau are some of the most widely used tools for this purpose.

Final Thoughts

By now, you must have grasped the value of streamlining IoT in asset management and how IoT-based asset management systems work. In the next blog, we’ll explore the use-cases and benefits of IoT-based asset management. 

If you’re looking to leverage a robust asset management tool for your business, look no further. Hakuna Matata’s state-of-the-art solution empowers you with complete visibility of your assets right from procurement to disposal.

Our custom web and mobile applications allow you to monitor asset availability and performance on the fly. Using our solution, you can automate asset management, scale asset utilization and increase efficiency. 

What are you waiting for? Hurry up and schedule a free demo with our experts today! Transform asset management and harness the power of smart operations. 

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Frequent Asked Questions

Digital transformation is the process of using digital technologies to fundamentally change the way your business operates. It can involve everything from automating manual processes to creating new digital products and services. Digital transformation is important because it can help businesses become more efficient, improve customer experiences, and gain a competitive edge.

We offer a wide range of digital transformation services, including digital strategy development, process automation, cloud migration, data analytics, and software development. We work with each client to identify their unique needs and develop a customized plan that will help them achieve their business goals.

The timeline for a digital transformation project can vary depending on the scope and complexity of the project. We work with each client to develop a project plan that outlines the timeline and milestones for the project. Typically, a digital transformation project can take several months to a year or more to complete.

The cost of a digital transformation project can vary depending on the scope and complexity of the project. We work with each client to develop a customized plan that fits within their budget. Our goal is to deliver the best possible value to our clients while keeping costs reasonable

Digital transformation can involve significant changes to business operations, and there may be some disruption as a result. However, we work closely with each client to minimize disruption and ensure that the transition to digital operations is as smooth as possible

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Our team has extensive experience in digital transformation and has worked with businesses of all sizes and industries. We have a deep understanding of the latest digital technologies and how they can be applied to achieve business objectives. We also stay up to date on the latest trends and best practices in the industry to ensure that we deliver the best possible results to our clients.

We take the security of our clients' digital assets very seriously. We follow industry best practices to ensure that all data and systems are protected throughout the digital transformation process. We also work closely with our clients to identify potential security risks and develop a plan to mitigate those risks.

Yes, we offer training and support services to ensure that our clients' employees are equipped with the skills and knowledge needed to use new digital technologies effectively. We work with each client to develop a customized training plan that meets their specific needs.

To get started with a digital transformation project, simply contact us to schedule a consultation. During the consultation, we will learn more about your business and objectives and provide recommendations on the best digital transformation strategies for your business. We will then develop a project plan and provide a detailed proposal outlining the scope of work, timeline, and budget for the project.

Yes, digital transformation can be just as beneficial for small businesses as it is for larger enterprises. In fact, implementing digital technologies can often be even more transformative for SMBs, as it can help them become more agile and competitive in their markets

Digital transformation can help SMBs compete with larger companies by leveling the playing field. By adopting digital technologies, SMBs can streamline their operations, improve their customer experiences, and gain a competitive edge. They can also access new markets and reach customers that were previously out of reach.

Some common challenges that SMBs face during digital transformation include limited budgets, limited resources, and a lack of technical expertise. However, a good digital transformation partner can help SMBs overcome these challenges by providing cost-effective solutions, access to a broader range of resources, and technical expertise that SMBs may not have in-house.

To ensure that their digital transformation efforts are successful, SMBs should approach digital transformation strategically. This means identifying their business objectives, defining a clear roadmap for digital transformation, and working with a trusted partner that can provide guidance and support throughout the process.

Measuring the ROI of digital transformation can be challenging, but it's important to do so in order to determine the success of the project. Key performance indicators (KPIs) that can be used to measure the ROI of digital transformation include improvements in operational efficiency, increases in revenue, and improvements in customer satisfaction. A good digital transformation partner can help SMBs identify the most relevant KPIs for their business and track progress over time.

We offer digital transformation services to clients all over the world. We have experience working with clients in United States, Canada, United Kingdom, Canada, China, Japan, Italy, South Africa, Kenya, Nigeria Europe, Asia,  and Australia, among other regions.

We have experience working with clients in a wide range of industries, including healthcare, finance, retail, manufacturing, and more. Our team of experts has a deep understanding of the unique challenges and opportunities that different industries face when it comes to digital transformation.

Yes, we have offices in several locations around the world. Our offices are staffed by experienced professionals who are equipped to provide our clients with the support and expertise they need to achieve their digital transformation goals.

We take a client-centered approach to digital transformation, which means that we work closely with our clients to understand their unique needs and challenges. We have a deep understanding of the cultural, economic, and regulatory factors that can impact digital transformation in different regions, and we tailor our services accordingly to ensure that our clients achieve the best possible outcomes.

We have a global team of experts who are available to provide support and guidance to our clients in different time zones. We also use digital tools and platforms that allow us to communicate and collaborate with our clients regardless of their location. We are committed to providing our clients with the support they need, whenever they need it.

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