How well does IIoT enhance the effectiveness of an asset monitoring system?

 

The term "Industrial Internet of Things" (IIoT) is defined as the expansion and use of the internet of things (IoT) in commercial industries. By concentrating on machine-to-machine connectivity via advance technologies, it enables organizations and enterprises to improve their performance and sustainability.

Because assets are the essential functional block of any industry, industrialists have always been more concerned about them. Any company's asset performance has a significant impact on its overall productivity and performance. Anything, even a single piece of equipment that is used for carrying out operations in the industrial sector, can be counted as an asset. Managing these assets is therefore significantly more crucial than other activities. Every industry has begun using IIoT-based smart asset monitoring systems within their production units since the IIoT has made asset monitoring so much simpler and more reliable. Let's look at why industries need a smart asset management system before moving on to the IIoT's importance in asset management.

 
Crores of rupees are spent by manufacturing, construction, heavy industry, oil and gas, commercial machines, and other asset-intensive industries from their reserves. It is difficult and costly to monitor and analyze these aspects in order to keep track of inventory and ensure machine health. Because they are unaware of their properties, the industry cannot monitor the RoA (Return on Assets). To achieve the best RoA, manufacturers must monitor their assets (machines) and be aware of the functions, frequency of usage, and lifespan of each asset.

Currently, a system like Enterprise Resource Planning (ERP) is present and used by the industries, but managers are still unable to determine the real-time condition of the machines. This is the biggest reason why smart asset monitoring systems are needed by the industry.

Significant financial loss will arise from even a minor flaw in the machine or a mistake in the procedure. Furthermore, you'll be at risk if you don't have the appropriate awareness of that machine. An individual's ignorance of how to handle or use a machine, results in the majority of financial loss for the manufacturer/owner.

Cosmos Impex, based in Vadodara, Gujarat, India, is a leading machine tool company that offers smart IIoT solutions for a wide range of industrial applications. By offering a reliable system to monitor and control their assets, Cosmos Impex is dedicated to helping industries overcome existing challenges. The smart asset monitoring system of Cosmos Impex, known as digiFAC is integrated with advanced functionalities required to fulfil the abovementioned needs of various industries.
 

Many industries have already implemented smart asset monitoring systems to boost the performance of their assets. However, the asset monitoring system has seen some remarkable changes as a result of the Industrial IoT's rapid emergence. The IIoT has improved the asset monitoring system in numerous ways. Here are some examples:

First and foremost, the ability of IIoT to connect millions of industrial machines within a single, unified network has elevated the asset monitoring system to new heights. Large industries with concentrated assets, such as railways, are now moving quickly to implement smart asset management systems like digiFAC. They are utilizing the IIoT's enhanced networking and unified data processing capabilities.
 

Second, smart asset monitoring solutions like digiFAC are empowering industries with advanced analytics. Various types of data requirements are being fulfilled by this. Manufacturers can gain knowledge in any area of their manufacturing facilities about the machines and maximize asset efficiency with improved processing and capacity after analyzing real-time data given by tools like digiFAC.

Third, IIoT-powered asset monitoring solutions include intelligent algorithms that provide essential insights into machines' real-time condition. Managers will have more control when IoT technologies are integrated with the machines. Additionally, it is simpler to forecast and implement the necessary changes to improve output quality and machine shop productivity.
Fourth and last, the ability to integrate sensors with the machine is an important feature of an industrial IoT solution like digiFAC. This allows for real-time, reliable, and fast data transmission through machines and helps to maximize return on assets (ROA) for the manufacturers. Additionally, it increases the effectiveness and maintenance of all IIoT-connected industrial infrastructure.

 
More and more companies are adopting IIoT solutions in order to increase their ROI and productivity. IIoT is an essential gateway to product-centered consumers and intelligent production. IIoT solutions provide a real-time data-rich perspective into a competitive field. Therefore, companies are dependent on IIoT to increase asset management standards to new levels.