Asset management in Industry 4.0
For most of the enterprises out there, successful asset management is a key to growth. It would make sense that companies need to continually work on the improvement and management of their assets, especially when today’s industrial markets are exceedingly fast-paced. When put through the lens of Industry 4.0 however, asset management, remote monitoring, predictive maintenance and the overall optimization of assets presents both challenges and opportunities.
Because of things like Internet of Things (IoT), Big Data and Advance Analytics, companies are able to exploit asset usage in a more end-to-end way. Throw in customers, logistics, warehousing and production and you can kind of get the idea of how the big picture looks like, leading to a scope of new possibilities for immediate benefits: saving costs and enhancing ecological footprints, reducing asset downtime and increasing the return on investments are only just a few to mention.
As businesses slowly turn factories into smart factories and moreover, connected factories, it becomes a truly key initiative for them to put the greater accent on a more holistic approach, or should we say a more 4.0 approach to asset management?