IoT: Empowering A New Era of Asset Management

RFID will play a key role in how Internet of Things (IoT) technology shapes enterprises approach asset management in the future.

As the Internet of Things (IoT) continues its rapid expansion, the technology will drive the next evolution of enterprise asset management (EAM) systems. According to Gartner, the IoT market will grow to more than 20 billion connected objects/things by 2020, and the market was already expected to be worth $2 trillion.  Business IoT spending represented 57 percent of overall IoT spending last year.

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According to this article on DXC.technology, that expansion is going to change the way EAM solutions work moving forward. The IoT, combined with Big Data and analytics solutions, will make it possible to predict when equipment failure will occur and when maintenance should be performed.

This shift in approach from reactive to predictive alters — and improves—  the way companies manage their assets and equipment. According to the article:

“This fundamentally changes the nature of the relationship technicians have with machinery. Our vision of next-generation EAM replaces traditional technicians with so-called smart technicians, who are in part skilled analysts capable of intelligently scheduling maintenance to minimize disruption and costs using insights provided by the machinery itself.”

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The IoT relies on complete asset visibility – exactly the type of visibility that Xerafy helps its own customers achieve using its durable RFID tags and asset management solutions.

In Mexico City, for example, the police department reduced losses and improved accountability by using RFID to track weapons in its armory. The same technology can be used to track and secure IT assets in a data center, and has been deployed successfully in the oil & gas, healthcare, and other industries to improve asset visibility and optimization.

How will the IoT play a role in your own enterprise asset management efforts? Leave a comment below, or contact us and share your story.

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