Defining the Internet of Things and Its Importance in Asset Management

What is the Internet of Things?

Internet of Things, commonly known as IoT, is the system in which interrelated objects like computing devices, digital gadgets, and machines within an organization are connected to the internet using sensors, software and other such technology. These objects are known as “things” in the Internet of Things and are given a unique identifier. The purpose of connecting these things to the internet is to enable the transfer of data over the internet so that it can be shared with authorised people. The major benefits of this system are, there is minimal human-to-human or human-to-computer interaction and authorized personnel can access data anytime and from anywhere.

Some experts also define the Internet of Things as a concept where all the objects in the world are connected to the internet. In this blog, we will talk about the Internet of Things from a business’s perspective.

What is the importance of the Internet of Things in asset management?

Using IoT in asset management involves linking all the assets of an organization to the internet so that the related information can be shared across the organization with authorized personnel. Here are two ways in which IoT helps in asset management.

1. Access to Real-Time Data

An organization can use IoT to get real-time information related to its assets and can use it to plan its investment in new assets and the cost of maintenance ahead. For example, if an organization has information regarding how efficiently an asset is working presently, it can predict its life and form a maintenance schedule in advance.

2. Reduced Human Efforts and Involvement

When IoT is used with asset management solutions, all the assets of an organization are embedded with devices that help keep a track of assets like sensors. These sensors send asset-related information frequently on the internet, thereby reducing human efforts and involvement in examining the current status of assets.

The role of the internet has expanded to such an extent at present that no business process can work without using the internet, let alone asset management.

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