IOT Asset monitoring solutions are driving Industry 4.0 revolution
Asset monitoring solutions in IOT involve attaching or embedding IoT-enabled devices (i.e. sensors, RFID tags etc.) to machinery or other pieces of industrial equipment to make them “intelligent”.
These intelligent devices can then be connected to back-end systems, applications, or cloud services via wireless connectivity in a mesh or star network. This makes it possible to continuously collect and analyze data generated to actively monitor pre-determined asset-specific information.
This enables users to continuously monitor conditions related to high value asset:
- Damage of breakdown
- Other environmental conditions
It provides asset monitoring solutions to users by allowing them to collect and analyze IoT data regarding pre-determined conditions.
Manufacturers can implement predictive maintenance based on equipment condition analysis and performance trends.
Predictive maintenance will help companies save $630 billion by 2025 by:
- Reducing unplanned equipment downtime, which can cost up to $260K per hour
- Cut the number of unnecessary maintenance tasks associated with a schedule – based process
- Minimize levels of wasteful production associated with the sub-optimal operation
- Providing access to new, actionable insights uncovered using advanced IoT data analytics
30% of manufacturers have already implemented IoT technologies for predictive maintenance and analytics while another 30% are interested in joining this new chapter of modern manufacturing, the 4th Industrial Revolution.
Are you ready? Talk to our experts in Singapore and learn how to deploy IOT asset monitoring solutions in your manufacturing unit and leapfrog to adopt Industry 4-0 practices.