Industries are investing billions of dollars in assets and are facing challenges monitoring those assets. The health of an asset is critical and it hugely impacts the business process. It is essential to keep track of where the asset is, what it is doing and in what condition it is performing. Thus, Asset Management becomes challenging and expensive. With IoT-based Smart Asset Monitoring Solution, we can increase asset reliability, extend asset life, ensure it is not abused and reduce the maintenance cost with predictive maintenance.
There are a lot of case studies or examples of new cutting edge solutions using IoT technology demonstrating better asset control. However, there is very little in-depth understanding of what exactly goes into building an end-to-end solution. Companies or executives looking at these examples, begin to think IoT solution as a magic pill for overcoming their business challenges. More often none of these examples talk in detail about the various factors that need to be considered. There is no formula or fixed route for getting better Return on Investments (RoI) or Return on Assets (RoA) with IoT solutions.
This paper is a continuation of the previous whitepaper on Re-imagining Asset Management with Internet of Things (IoT). It provides guidelines and addresses the important aspects to consider while implementing a Smart Asset Management Solution. The paper further explains with a case study on how you can realize value from Smart Asset Management and increase your ROA. This is a solution implemented for a leading crane rental company in the United States.