A lot has been said about ways in which Internet of Things (IoT) can transform companies. Mind numbing figures in expected savings and CXO surveys showing that majority is already investing or planning to invest in IoT make it a ‘must look at’ initiative. The moment Internet of Things is brought into an industrial perspective; the benefits are either in one or more of these realms: increasing efficiency, reducing cost or improving customer experience. Industrial Internet of Things (IIoT) has now become a common word in the enterprise arena.
The Internet of Things is becoming a fast adopted technology solution which is moving from the academia to the industry. This is primarily, due to the explosion of low-cost sensors, affordable connectivity, scalable cloud platforms, ingestion, processing and storage capabilities of vast amounts of structured/unstructured data by the big data platforms, ubiquitous mobile applications, and smart machine learning tools. Technology companies and service providers are increasingly bombarding companies with innovative solutions and ways on how they can connect things to radically change their business operations. Companies have moved beyond the acquaintance phase with Internet of Things and are now in the ‘let us try’ phase.
This paper emphasizes the importance of a smart asset management system in Industrial IoT, its advantages over a traditional solution and the components of smart asset management system.