Asset Management in the Time of IoT

Asset Management Keeping track of a business’ assets is a serious task, as it may determine the rise or fall of a company. Knowing what a firm has, is knowing what it still needs. Managing what the firm has, is managing what the firm is. That said, monitoring and maintaining a company’s resources keep the company alive.

Each business has its own way of making sure these are done. In the digital age, it is inevitable that software systems are also involved in keeping tabs of a company’s resources. Preventive maintenance software systems are used to make the task easier. The business has no time for downtime, so all assets need to be in check as often as possible. With the rise of IoT, asset management may just be a matter of communication between machines.

Leading tech firm IBM predicts that this year, the Internet of Things may become an ‘Internet of Communities’. Appliances such as refrigerators and thermostats can now run by digital commands. Although privacy settings are still questionable, it may only be just a matter of time before business resources are able to send and read codes to computers for easier monitoring and maintenance.

In some countries, for example, smart labelling is used by clothing companies. With smart labels, other devices like washing machines or clothes irons are able to determine restrictions about a clothing item’s material. If company assets and inventories use the same technology and are able to log information to maintenance software systems, it will be as if the objects are working with and talking among themselves.

Then, it will not take long before the objects are businesses in themselves because they can already function with little to no human supervision. Machine learning has been advancing over the recent years. But for now, preventive maintenance is a different matter. Machines may be able to tell other machines how not to break them, but having other machines fix them is something else.

At present, companies can still be contented with seeing employees work with their software systems in maintaining assets. Preventive maintenance is made easy with software sytems, and repairs and monitoring are performed by humans. For now.