Today, the ubiquity of « blind spots » in the operations of a company generates efficiency which is a real impediment to assets management. Digital innovations such as the Internet of Things (IoT) therefore constitute a valuable contribution by providing visibility on the location and use of the asset fleet. As a key element in the strategic management of assets, visibility is essential to a good understanding of the company’s operational needs and its activity. The challenge here is to be able to know where each asset is located and how it is used. 

By putting IoT technology at the service of equipment monitoring, it is crucial to ensure that the chosen solution offers functionalities in line with the specific needs of the company and makes it possible to obtain a certain number of gains. But what are they? 

The main gains expected from an asset tracking solution

  • Global visibility on the asset fleet

Today, the IoT offers new possibilities in terms of real-time visibility, in particular with geolocation and geofencing. A range of functionalities that facilitates the monitoring of the use of the assets and their location to improve operational efficiency. By having real-time visibility on each asset, we will have relevant data on their location, status, and use. Geolocation is a key element in the operational management of assets by making it possible, for example, to quickly detect an available asset to assign it to a need at the time. This can therefore result in a significant reduction in the time spent on operational resource allocation. 

Other functions such as geofencing will also make it possible, according to the specific use of each asset, to facilitate the control of the use of assets by having precise indications on the location in a predefined area.

Condition Monitoring

The use of IoT technologies in asset tracking also provides the ability to accurately control, monitor, and report the condition of your assets, and perform failure analyzes as needed. An IoT tracking solution will provide general information on the state of the fleet and its use. Real-time alerts will meet the needs for rapid reassignment of assets and traceability of their transport conditions. Data on the temperature or humidity of assets will make it possible to anticipate the potential need for maintenance and reduce repair or replacement expenses.

  • Optimization of the use of its assets

Monitoring the use of its fleet of equipment means knowing what is being used and how and where they are to use them better. To ensure the smooth running of operations, an assessment of the use of assets is necessary. The data collected by IoT technologies will make it possible to identify underperforming or poorly used assets to improve fleet management. Tracking solutions here provide visibility not only on the location of assets but also on their performance. The use of performance indicators such as the utilization rate will allow optimal allocation of its assets and sizing adapted to operational needs. Optimizing the use of the asset fleet, therefore, requires the relevant use of these indicators to guarantee the profitability and performance of the assets.

  • Rationalization of the investment decision 

The extraction and analysis of data on the use of assets will ensure reasoned decision-making on potential investments in the park. Reliable and relevant data collected from the field will make it possible to meet renewal needs and optimize the allocation of resources. Improving asset use will lead to potential savings in capital, repair, and replacement expenses with significant time savings on inventory. By providing visibility into the operational reality of the fleet, asset tracking, therefore, saves time with an automated inventory process but also saves investment with a purchase decision based on usage data. reliable. Optimizing the overall use of assets means improving their productivity through optimal allocation of equipment and optimization of capital expenditure to meet operational needs. The analysis of reliable and granular data makes it possible to make the best possible investment decision thanks to real-time visibility on the management of the asset fleet. Overinvestment is therefore avoided, by spending less on fleet renewal thanks to a rationalization of investment decisions.

  • Predictive maintenance

The evaluation of the use of the asset fleet is essentially based on the relevant evaluation of the performance indicators of the asset. Data feedback and alerts on the operating status of equipment make it possible to anticipate events such as wear and tear and guarantee a longer lifespan of its assets by planning predictive maintenance activities in a more relevant way. Real-time monitoring solutions, therefore, promote proactive asset management through anticipation of maintenance and preventive maintenance of equipment. To guarantee the profitability and efficiency of its fleet, it is essential to optimize the parameters specific to the asset by anticipating maintenance needs. The use of an asset management solution will allow, considering the state of the fleet, to be faster in repairs and more relevant in preventive maintenance. By guaranteeing the proper functioning of the equipment through predictive maintenance, we also guarantee the safety of the equipment and its use.

  • Data reliability

IoT technology will provide reliable and relevant data, all in real-time. Data reliability is the key element in understanding the use of your asset fleet. The use of asset tracking solutions will improve the instant reception and sharing of information between the various players. The analysis of relevant data on the state of the fleet will make it possible to identify its shortcomings and therefore avoid operational disruptions which may result in costs. Thanks to up-to-date and high-quality information, the daily management of the asset fleet is therefore facilitated to better anticipate needs and optimize the overall use of assets.

 

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Additional gains that meet specific business needs 

  • Access to specific equipment parameters

Today, IoT monitoring solutions provide generic information on the location, condition, and use of the asset fleet. With relevant data collection, we can go beyond the simple location of the asset to make the management of its fleet more relevant. Here, IoT technology offers the possibility of measuring the actual use of equipment more reliably and accurately. By retrieving as much information as possible on the technical operating parameters of their machines, asset managers will be able to improve their operations. Data concerning the temperature, the tank level, or even the battery can promote operational management as well as the anticipation of predictive maintenance. Access to specific equipment parameters, therefore, leads to the anticipation of potential production interruptions caused by downtime due to equipment failure.

  • Optimization of invoicing 

The efficient management of the asset fleet depends on its adequacy with the real operational needs.

To be more relevant in the invoicing of its services, Michelin Solutions has chosen IoT technology to be able to measure the effective use of its equipment. To better bill a service associated with the asset, it is necessary to be able to measurer more reliably and more precisely the real-time use of its assets. Thanks to the asset tracking solution, invoicing was carried out based on kilometers traveled and not on a defined recurrence and not adapted from one truck to another.

  • Monitoring of operator activity

In the strategic management of company assets, the use of real-time monitoring solutions is essential to obtain data on the use of equipment. Asset managers can then use this data to monitor the activity of their operators, in other words, to know if a particular machine is used to ensure proper follow-up of instructions or the safety of its employees. This also makes it possible to have traceability of the activity of the assets to certify their effective use by the employees.

  • Tracking the flow of goods

With geolocation, there are also types of gains that can be made with flow tracking solutions. As soon as an asset can be considered as a support for the flow, it can be geolocated using a tracking solution and therefore be similar to flow monitoring. Asset tracking can then be used as a visibility service offering flow tracking integrated with asset tracking. There is therefore again in terms of flow monitoring presented as additional value to real-time asset management for the customer.

Conclusion

 In conclusion, we can say that real-time asset tracking significantly facilitates the management of the assets park offering complete visibility on all operations. IoT technology is a key element in obtaining reliable and accurate data on the use, packaging, and location of each asset. The use of this data generates many gains which make it possible to optimize the operational management of assets to make them more efficient. Other additional gains can be expected from a tracking solution when it comes to meeting very specific business needs. The use of IoT will therefore allow the relevant evaluation of precise parameters of the equipment to guarantee operational efficiency. This is why it is important to choose the most suitable asset tracking solution to meet these needs and guarantee the efficiency of your fleet. Finally, by increasing the visibility of the return on assets, one acquires operational agility and reliability which ultimately contributes to the improvement of the customer relationship.

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