Step-by-Step Guide to Smart Asset Management
Have you ever wondered what are Smart Assets and how they came about?
Smart Assets (or IoT-enabled devices) communicate and transmit critical real-time data seamlessly to other devices and platforms. It can help to reduce frequent disruptions in your work processes, like damaged or delayed goods. One sample use case is detecting an abnormal temperature change immediately, enabling instant action to be taken to avoid damage or wastage of goods.
How can you implement such Smart Assets in your company workflow?
1. Determine critical business criteria.
It is important to first observe the most important criteria for your product. This means any conditions which are key to product quality, such as tracking of indoor / outdoor locations, force / impact, temperature, humidity, travel time and others.
2. Identify data sources and plant smart labels.
Now that you know the key criteria for your product quality, think about where and how these criteria can be measured and reported. For example, GPS can be used for tracking locations, thermometers to measure temperature of any storage unit, accelerometer to measure forces, and other sensors which can measure humidity and pressure.
It’s important that your company resists the temptation to track too little or too much data – too much data is not time-efficient, while too little data may not be useful for your organization!
3. Install IoT Gateways to analyse data points.
Now that your data sources are identified and denoted with smart labels, it’s time to consider how the data will be processed. You can set up IoT gateways in warehouses or vehicles to analyse and store your critical data points like speed, temperature and pressure.
If you have a large-scale business with multiple warehouses and vehicles, you can use a cloud hosting platform to process the data and communicate them to the respective IoT gateways across different sites.
If yours is a single-warehouse operation, the process can be as simple as installing just one or two on-premise IoT gateways.
4. Analytics Dashboard for business insights.
Now that you are able to trace your data reliably, you can consider developing an analytics dashboard to provide you with further insights.
With a dashboard, you can compare incoming data against historical data, and even industry benchmarks. Your management team can use these insights to develop incentive schemes to reward staff for performance in key metrics.
5. Automation of alerts at floor-level for immediate action.
With the data collected and an effective dashboard, the next step is to automate your process. If any sensors recording abnormalities in data points, mobile alerts should be sent to the respective teams and their manager to investigate the situation.
With this automation, the loop for your Smart Asset Management is complete.
In this era of Industry 4.0, the role of Smart Asset Management is increasingly important. However, we recommend companies to start small and with the end-objective in mind, then expand the digitisation once it’s been proven effective.
Inecom has implemented Smart Asset capabilities for various companies in the manufacturing, wholesale trade, and service / repair industry.
If you would like to find out more, feel free to contact our team for a free consultation.