This is the process of tracking physical assets remotely using special hardware and software in an IoT setting. Monitoring IoT assets is important to provide accurate real-time information on details like an asset’s name, location, and status, and report to the manager in the event of event failure among other benefits.
Remote asset monitoring has applications in construction, manufacturing, construction, healthcare, and other industries.
Technologies Involved in Asset Monitoring
A bunch of technologies can and do power asset monitoring solutions mainly by enabling data transmission. Each option has its distinctive features designed to meet specific requirements and track different types of assets.
Here are some of the technologies:
For high-value asset OT monitoring, RFID tags are mostly used in warehousing or retail facilities. An RFID system uses radio frequency signals to exchange messages with asset tracking of two types: active and passive.
Active RFID systems use battery-powered tags and rely on Bluetooth beacons to broadcast and read data in real-time. Active RFIDs are more expensive than passive tags but in their defense, they do come with a bigger read range.
Battery-free passive tags have readers that transmit signals to antennas that send them back to the readers. This technology is capable of providing near real-time asset visibility and theft protection.
GPS is another important IoT remote asset monitoring technology that uses receivers that automatically collect asset data transmitted by satellites. Satellites define specific features of these systems which makes them great for outdoor OT monitoring and tracking. GPS is perfect for open terrain but it is less effective in areas with a lot of tall buildings, forested areas, and, other enclosed areas.
The fact that GPS provides accurate location data makes it widely used for tracking vehicles or other assets in outdoor or remote areas.
GPS also deploys telematics devices to transmit extra information about the vehicle like mileage, fuel consumption, and more.
Barcodes and QR codes
These are tags affixed to an item that requires an electronic scanning device to read them. Although barcodes and QR codes are related, they are a bit different when it comes to capacity and flexibility.
QR codes are two-dimensional and can be read from any angle. They are also capable of transmitting more information than barcodes.
Barcodes, like the one on your supermarket loyalty card, are one-dimensional and should be scanned horizontally.
These technologies are used for low-volume manual scanning.
Wi-Fi remote asset monitoring uses local wireless networks and radio waves to broadcast asset data from Wi-Fi rags and keep track of assets in real-time. Systems like these are inexpensive and easy to install because the network infrastructure is standardized.
The downside to this is less secure as well as being out of service without Wi-Fi coverage.
Benefits of IoT Asset Monitoring
Extended Asset Life
Asset monitoring software tracks an asset’s location, condition, and performance via the IoT sensors to enable managers to see if the asset is working properly or if it needs repairing or fixing. Insights gained from this can reduce equipment downtime and extend the asset’s lifespan.
Asset Failure Prediction
In any industry, timely preventive measures are critical to reducing production and asset maintenance costs and improving asset efficiency. Asset monitoring solutions can analyze operation patterns, detect anomalies and predict possible equipment failure.
This information can be used to keep equipment running with minimal to no downtime.
Maintenance, Scheduling, and Tracking
Asset monitoring software can help schedule maintenance based on the latest check-up time or performance metrics like mileage or service life. You can even set reminders like SMSs or email notifications.
Asset Data Analytics
Managers can produce asset reports and analyze equipment performance to reduce unplanned downtime and optimize work and staff schedules.