Why Your Manufacturing Business Needs AI-powered Asset Management Solution
Asset management is one of the most prominent factors providing a competitive edge to the industrial OEMs. The leaders are choosing IoT-based asset management solutions, that not only help in monitoring assets but revolutionize the entire asset lifecycle. For a manufacturing entity to invest in solutions that only scale their asset health, relying on an AI-powered asset management solution is inevitable—the conventional way is now bogus. ??
According to IBM, IoT in asset management and monitoring is one of the top industrial use-cases maturing in the upcoming time, which not only depicts the need for OEMs to invest in asset management but also choose an IoT-based end-to-end asset management solution.??
Using AI in asset management will allow zero downtime, enhanced asset performance, and drive informed decisions about asset lifecycle. It will ensure the asset infrastructure aligns with the business goals and adapts dynamically to the evolving technological disruptions. OEMs can use these solutions to discover challenges such as low-value assets, high complexities, discrete manufacturing set-ups and OEE (Overall Equipment Effectiveness), thereby turning them into opportunities for new revenue generation, usage-based equipment R&D, and customer service excellence. ?
Smart Asset Management Is a Work of Smarter Solutions??
One of the important questions that multiple OEMs think of when strategizing for IIoT adoption and AI ML based asset management could be: How does these asset management and monitoring solutions differ from conventional systems. The answer to this lies in what all you have on the plate when you go for the trends that these solutions carry along. These solutions do what the traditional approach did and more, that too with multifold effectiveness, visibility and resolution. It establishes a connection between your workers and assets through automated systems and interconnected processes, improving overall productivity, mitigating risks, and establishing controlled asset lifecycle monitoring. ?
When you use an AI-based asset management solution, you can retrieve critical asset information such as asset location and remotely track their performance. A smart solution lets you automate monotonous processes without human intervention, predict asset shutdowns and performance threshold that can help you plan backups without failures. ?
Clubbing IoT with asset management solutions can reduce production costs, speed time to market and accelerate revenue growth. With real-time data, plant managers can monitor which machines need maintenance even before they completely fail, increasing asset uptime.??
Benefits Of AI-based Asset Management Solutions??
The global AI in asset management market size was USD 3.71 billion in 2023, calculated at USD 4.62 billion in 2024 and is expected to reach around USD 33.25 billion by 2033. The market is expanding at a solid CAGR of 24.52% over the forecast period 2024 to 2033.??
This expansion of AI in asset management is because of the benefits provided by the solutions. These solutions use cloud-based platforms, IoT devices, data analytics, and connectivity to provide real-time asset insights which is further used to create valuable business decisions.??
Explore the benefits of AI in asset management:???
While in the traditional asset management approach it was difficult to collect information about remote assets, AI has transformed the approach. An AI-based asset management solution uses Optical Character Recognition(OCC) to scrape asset information in seconds and improves asset visibility and reliability.???
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2. Predicting Asset Performance?
Leveraging an AI-based asset management solution helps create a foundation for predictive models based on asset operating behavior. It eases the process of detecting even smaller deviations in asset performance, therefore improving operations. By analyzing sensor data, the end user can easily receive alerts beforehand in case of anomalies and prepare for disruptions. This reduces the chances of sudden breakdowns and saves maintenance costs.??
?3. Scalability and Cost Effectiveness??
AI powered asset management solutions are scalable and expand according to your growing number of assets. Whether it is an OEM with a small vehicle fleet or millions of machinery networks, these solutions are suitable for both.?
An AI based asset management solution provides you the complete control of assets from maintenance schedule to improved asset utilization. This helps in making informed decisions and slashing unnecessary operational costs. The business leaders can focus on investing in growth opportunities and improving long-term organizational health.??
Building The Future of Asset Management??
AI-based asset management solutions are transforming the future of asset management. Be it predictive maintenance or advanced data analysis to automation, these technological disruptions are transforming the way OEMs manage their assets. With increased efficiency, asset performance and reliability, OEMs can gain a competitive edge, improve operational excellence and attain customer reliability.??
IoT83, through its Enterprise-ready Application Enablement Platform, empowers businesses to onboard customized and AI-based asset management solutions, that will not only change how you monitor your assets but also propose new business models when your assets are in complete control. ?
Also read: OEMs guide to winning with IoT
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