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An Introduction to Remote Asset Management

Remote Asset Management

Remote asset management systems facilitate monitoring machines, systems, and other field assets without requiring the physical presence of operators. It uses a combination of technologies like GIS, Real-Time Location Systems (RTLS), and IoT to monitor and manage assets. And with these technologies, it can provide data about assets’ location, performance, and condition.

Until recently, deploying and integrating remote asset management systems has been very costly. The process of implementing remote asset management systems has also been complicated, and hence vendors haven’t been able to provide economical solutions to businesses. And this has held back the adoption of modern remote asset management tools. But now, declining costs of IoT devices and advancement in cloud services are accelerating the adoption of remote asset management. With the emergence of cloud-based in the form of Software-as-a-Service (SaaS), organizations are now able to pay a small subscription fee to use remote asset management solutions online and leverage their benefits.

Advantages of Using Remote Asset Management

Remote asset management can provide a number of benefits to companies that can positively impact their business outcomes.

Minimized Downtime

Failure in machinery and equipment can result in downtime, which can lead to heavy costs for businesses. For instance, according to a report, unplanned downtimes can cost oil and gas companies an average of $42 million a year. Additionally, downtimes can directly impact the services provided to customers. Hence it becomes a necessity for organizations to take every possible measure to prevent downtime. Remote management can help minimize downtime, if not completely prevent it, by monitoring assets’ health and conditions. Sensors can collect relevant data about assets. And this data can be fed into predictive systems powered by artificial intelligence or big data analytics to predict system failures. With early detection of potential failures, organizations can take preventive measures to minimize or completely eliminate downtime.

Increased Efficiency

According to McKinsey, typical offshore platforms, on an average, run at 77% of their maximum potential. Organizations can increase machine and equipment performance to make them run at their full potential with the help of remote asset management. Remote asset management can consider various factors like assets’ age, conditions they work in, and daily usage to determine maintenance frequency for them. This helps to maintain assets’ condition and increase their efficiency and productivity. For instance, organizations can embed IoT sensors into a vehicle. The sensors can collect information about engine temperature. When the temperature rises above a predefined threshold level, IoT devices can alert the driver of the vehicle to ensure that the engine is not overheated. This can allow drivers to take preventive measures and ensure increased efficiency.

Streamlined Lifecycle Management

Remote asset management plays a vital role in improving the assets’ lifecycle. It enables constant health and condition monitoring so that their life is increased potentially. And since it enables businesses to monitor assets from anywhere and at any time, it assists companies to provide adequate support and maintenance to assets. This streamlines assets’ management throughout their lifecycle.

Enhanced Security

Remote asset management can potentially secure every business asset. Physical assets such as machines and equipment can be secured from theft and damage. Non-physical assets such as data and technological systems are secured from cybercriminals and other intruders to prevent critical data loss.

Applications of Remote Asset Management

Applications of Remote Asset Management in Different Industries

The potential of remote asset management has already translated into real-world applications the following industries:

Construction

The construction industry requires the usage of multiple types of equipment for constructing the planned design. And most of these types of equipment consumes a lot of energy. Construction businesses can monitor these assets and their energy consumption. They can also monitor the health and conditions of these assets to avoid any failure and ensure maximum productivity. And not just the constructors, facility supervisors can also leverage the remote asset management. For instance, facility supervisors can monitor buildings’ automation systems such as elevators. They can monitor such automated systems to get real-time maintenance alerts. This will ensure enhanced customer service and satisfaction.

Trucking

Businesses in the trucking industry and their managers have to monitor and maintain fleets of trucks, and remote asset management systems can assist them in real-time monitoring. With embedded GIS mapping technology in remote asset management systems, managers will be able to accurately track the locations of all the trucks in real time. Real-time location tracking will further help companies to schedule their deliveries more efficiently. Remote asset management can also help organizations to prevent any delivery delays caused because vehicles break down. IoT sensors embedded in trucks can help managers to remotely monitor the health of trucks to detect any possibilities of breakdown. And then managers can accordingly change delivery trucks to avoid any delays.

Oil and Gas

Oil and gas exploration is performed under extreme conditions that can directly impact assets’ life. But with remote asset management, organizations in the oil and gas industry can manage assets of all three divisions — upstream, midstream, and downstream — to enhance management throughout their lifecycle. This can help organizations to increase profitability. For instance, a compressor in oil and gas pipelines power complex machinery that turns crude oil into oil and gas. And hence, it needs to operate uninterruptedly. Bit often, businesses might not know when their compressor has stopped functioning unless someone goes to the site to check the status. A remote asset management solution facilitates organizations to monitor and manage compressors remotely for a streamlined workflow.

Along with IoT devices, GIS mapping apps are a must-have for remote asset management. While IoT devices help to gather relevant information and monitoring of assets, GIS mapping apps can provide precise locations of remote assets, making it easier to manage them. Digital Fractal is a software development company. We, at Digital Fractal, can offer you a variety of custom-made GIS mapping apps solutions based on your business requirements. And location-based apps made with GIS mapping can be greatly beneficial for specific businesses.

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