Do you need to keep a closer eye on the long term assets in your plant? Do you lose hours of good work time just trying to track down those hard-to-find maintenance records for your property, plant, and equipment? If so, it sounds like you’re due for an upgrade.
Plant asset management systems are elevating the operations of factories and other production plants worldwide, giving plant managers better control over their workflow processes reducing downtime—and, yes, even saving lots of money through improved asset health.
In this blog post, we’ll take an in-depth look at what plant asset management is, how it works in practice, and why IoT solutions are gaining such traction within the industrial sector.
What Is Plant Asset Management?
Plant asset management is a strategic process of planning, organizing, and tracking plant assets – such as equipment, software, and services – throughout their lifecycle. This involves inspections, maintenance, upgrades, and repairs to keep physical assets running optimally over their lifetime.
Asset management software solutions allow businesses to monitor plant performance, maintain plant safety and reliability, optimize plant utilization, comply with regulations and plan for life cycle replacements in an efficient and cost-effective manner for their balance sheet.
Through industrial asset management, manufacturing organizations have a better understanding of plant outcomes in terms of time, cost, and quality which enables them to make more informed decisions about their fixed assets.
Why Is Plant Asset Management Important?
Plant asset management is a critical component of plant operations, as it helps plant owners understand the life cycle of plant assets, optimize the maintenance planning strategy, and ensure the plant is running efficiently through lean manufacturing practices.
Plant asset management systems allow plant owners to manage all their plant assets digitally in one system, which enables them to stay organized and make informed decisions about capital equipment investments. These investments improve productivity and reduce risk due to fewer costly repairs or unexpected downtime due to plant malfunction.
Furthermore, plant asset management systems collect data from plant operations so that plant owners can identify unplanned downtimes as soon as they happen, reducing production losses.
In summary, plant asset management is an important part of maintaining a safe and efficient operation for any industrial enterprise. However, this does not mean that effective plant asset management is not without its challenges.
The Challenges of Managing Plant Assets Effectively
One of the top challenges faced by manufacturers when managing plant assets is dealing with outdated plant asset management (PAM) systems.
Many plant assets are aging and ill-equipped to handle the high level of automation and digitalization in modern manufacturing processes, resulting in operational inefficiency.
Additionally, PAM systems require regular updating with new information and metrics, which can be a difficult task that requires dedicated personnel.
Furthermore, organizations need to ensure connectivity between data sources and ensure no information is lost throughout the plant asset management process to ensure more accurate reporting and tracking.
As a result, manufacturers must find solutions that minimize costs without compromising data quality or plant asset performance.
How To Effectively Manage Plant Assets With IoT Asset Tracking
An IoT asset tracking solution provides plant managers with the ability to manage plant assets more effectively. By utilizing an IoT solution and embedded sensors, plant asset tracking is made more efficient and reliable.
The cloud based smart technologies of IoT sensors make it possible to keep track of assets from anywhere in real-time, making it easy to identify and locate any potential issues early on.
Automated readings help plant asset managers save time both by providing accurate data for better decision-making and by eliminating manual processes.
In other words, an effective asset management system powered by an IoT asset tracking solution provides plant managers with the tools they need to monitor their assets efficiently.
The Advantages of Managing Plant Assets With An IoT Solution
Managing assets with an Internet of Things (IoT) solution presents several advantages.
Companies can benefit from improved plant data collection, predictive maintenance, and enhanced asset performance monitoring.
The combined value of asset management and advanced data analytics allows asset efficiency and power optimization to be maximized while reducing the environmental footprints of business operations.
Additional advantages include improved turnaround times, fewer maintenance costs, and higher revenue due to a more efficient production flow that operates over a controlled system.
Not only does an IoT plant asset management solution translate into cost savings, but it also provides organizations with greater visibility into plant processes and increased business intelligence.
Key Components of an IoT Asset Tracking Solution for Effective Plant Asset Management
When selecting an IoT asset tracking solution for asset management, it is important to look for certain key criteria.
Look for features such as automated reporting, real-time monitoring and tracking of assets, integration with existing systems, robust security features, and scalability to future-proof the asset infrastructure.
- Automated reporting ensures timely insights into asset performance and maintenance needs.
- Real-time monitoring helps spot trends that might lead to potential optimization opportunities or breakdowns.
- Integrations with existing systems ensure a harmonized ecosystem that functions seamlessly across IT architectures.
- Robust security protocols are essential for protecting asset data from malicious actors.
- Scalability is essential for tailoring assets to meet the future demands of both teams and customer expectations.
By taking the time to examine potential solutions properly, companies can ensure their asset management solution is fitted with the right balance of features and specialized capabilities that meet their unique needs.
Manage Your Plant Assets Effectively With Radiant’s IoT Asset Tracking Solution
In short, plant asset management is the process of maintaining, repairing, and upgrading physical assets such as tools, equipment, and containers.
An effective plant asset management strategy can help organizations save money by reducing downtime, improving productivity, and extending the lifespan of assets.
However, managing assets effectively can be challenging due to their complex nature and the sheer number of assets that need to be managed. IoT asset tracking solutions can make it easier to manage plant assets by providing real-time visibility into the location and condition of assets.
Radiant’s IoT asset tracking solution offers all the key components needed for effective plant asset management, including real-time asset tracking, predictive analytics, and remote monitoring capabilities.
Request your demo below to see how our IoT asset tracking solution can help you better manage your plant assets.
Last Updated on January 18, 2023 by Radiant