Traditionally, manufacturers use technology solutions like SCADA or EAM applications or RFID/Barcode or GPS solutions to track assets. Although these are technology solutions, they work discretely and are controlled by different stakeholders.
Every Manufacturer Should Care About IoT Asset Management
With the technical data collected by different stakeholders for different purposes, having a centralized data repository for assets for making accurate and smart decisions is still a million-dollar question to manufacturing heads.
There are many hurdles if you operate within old-school protocols
These old-school ways of managing assets pose many hurdles to manufacturing staff, especially when it comes to labor-intensive tasks like visual inspections, handwritten lists, equipment location tracking, etc.
The lack of visibility throughout the process of figuring out equipment defects, missing materials, bottlenecks, etc., leads to inaccurate decision making and dissatisfied customers.
The problem can be approached in two ways
- Making asset management simple and easy
- Gaining complete visibility and control over entire asset management activities
Legacy systems are due to be updated.
With the legacy systems failing to live up to the expectations, it is always a must to try new ways to make the asset management process simple, effective and efficient.
One of the new ways top manufacturers have leveraged today is investing in the Internet of Things and partnering with a reliable IoT app development company for tracking and managing assets.
IoT has come a long way and almost 70% of industries of different verticals have started to realize its impact. Many studies have apparently revealed that IoT addition to their existing processes has contributed to rapid growth and improved operations.
Understanding the importance of asset tracking in Manufacturing
Asset Tracking Market was valued at USD 17.14 billion in 2020 and is expected to reach USD 34.82 billion by 2026 at a CAGR of 13.45% during the forecast period 2021 – 2026. Given the high price of enterprise and industrial assets, especially fleet equipment, the need for monitoring and tracking these assets is paramount. (Source: Mordor Intelligence)
The role of IoT in asset tracking and management in manufacturing
IoT Smart Asset Management solution typically comprises the following:
- Asset Health/Condition Monitoring
- Predictive Asset Maintenance
- Asset Lifecycle Management
- Remote Asset Tracking
- Asset Workflow Automation
Benefits of IoT-based Asset Management
Here are the top 6 benefits of IoT-enabled asset management systems for manufacturers.
- Increased speed and efficiency of the inventory process, optimized cost.
- Improved transfer of the assets along the supply chain.
- Real-time tracking of asset status, condition and positioning.
- Eliminated human errors in automated, data-intensive asset management.
- Enhanced authentication and security.
- Prompt and effortless access to the assets.
Applications of IoT in asset management
- Theft prevention
- Condition monitoring
- Location tracking
- Utilization monitoring
- Asset maintenance
Let’s get started with applications of IoT in asset management.
IoT for theft prevention
Loss of assets or misplaced assets is often challenging for manufacturing staff. Missing assets not only consumes a lot of time of staff but also increases the overall cost associated with assets procurement. With traditional techniques failing to prevent loss or missing assets, manufacturing heads are now turning towards IoT as the technology is powerful enough to manage assets effectively.
Here are 4 ways you can prevent theft and loss using IoT.
The Beacon-embedded IoT devices play a critical role in the tracking and managing of assets. For example, with such a system, any event or incident about moving or removing an asset from a location can be easily shared with respective staff or supervisors, or managers. Once such an event occurs, an alert message is triggered, and the respective person or team will be warned through the smartphones to take the necessary actions.
Smart tags with sensors
The combination of smart tags with Bluetooth Low Energy (BLE) sensors and IoT can dramatically reduce any fraudulent activity within the warehouse of the inventory or other parts. Furthermore, the movement of any asset will immediately be captured and notified to the corresponding authority to prevent the loss or missing of assets.
also known as a geographical fence created using app developers, it creates a barrier in specific locations where vehicles, products and people need to be monitored. Whenever someone or something breaks the barrier, an immediate warning would be passed to the person to take the necessary actions. With such a system, looting goods from one location to another without any prior permission is completely denied.
An interesting technique to prevent fraudulent activities with packing and loading. The IoT devices embedded in packages help the staff with alerts when someone opens the package to loot any valuable asset. Mostly they are used in shipping containers to prevent asset theft during the transition of assets.
IoT for condition monitoring
Condition monitoring is all about monitoring and tracking the conditions of equipment, machinery, tools, or any asset. This technique is extremely critical to measure the condition of assets that are transported from one location to another, especially in chemical engineering.
The same can be applied to machinery that is working continuously. IoT-based condition-based monitoring is important for manufacturers because there are places where staff can’t manually perform a check on the asset conditions.
With IoT based condition monitoring, manufacturers can achieve
- Improved asset performance
- Increased asset visibility
- Improved workplace safety
- Instant alerts on asset conditions
- Predictive maintenance of assets
- Extended asset life
IoT for location tracking
Tracking assets within a warehouse or inventory or from any part of the project zone is challenging for manufacturers. In addition, loss or misplaced assets contribute to higher costs and impacts customer experience due to delayed shipping.
Performing this task manually consumes a lot of time and incurs human errors. However, with an IoT-enabled asset location tracking system, the problem can be largely simplified.
The huge advantage of IoT over RFID-based location tracking systems is that IoT provides real-time location of assets and at the same time uses any tracking options available like GPS, Wifi, or cellular networks to perform the task.
Some of the benefits of IoT asset location tracking systems are
- Minimal human intervention and errors
- Faster actions based on real-time data
- Optimized asset utilization and space
- Proactive supply chain
IoT for utilization monitoring
Often many assets are under-utilized in project zones as they haven’t been used for long. Therefore, continuous monitoring of such assets matters and this can be a labor-intensive process.
In addition to time spent on monitoring assets, not using them to the fullest can cost the business an arm and a leg. An IoT asset management system simplifies the laborious tasks and helps staff to save a significant amount of time, and cost for the manufacturers.
Here are some of the benefits of using assets to the fullest with IoT asset management.
- Monitor assets continuously
- Track asset health
- Locate and use assets wisely
- Reduce asset procurement cost
- Reduce asset waste
IoT for asset maintenance
Maintaining asset health with regular maintenance is important, and manufacturers spend one-third of their money on this process. Therefore, ensuring the assets are in good condition is important for manufacturing success.
Manual asset maintenance systems are often expensive as humans won’t have any clue what’s happening inside the machines when they are operating and avoiding a machine failure during critical production levels is possible.
To overcome this, IoT-based predictive maintenance systems are used in manufacturing premises.
With a predictive maintenance system, monitoring the health of assets is simple and effortless. IoT implemented on the machines or assets provides real-time data on assets’ health status, which is then fed in a predictive maintenance system to foresee asset failure or downtime. In this way, manufacturers can cut down costs on regular maintenance and can service only the machines that require maintenance. This saves manufacturers from unexpected cost, downtime and hindered production.
Here are the benefits of IoT-predictive maintenance systems
- Reduce costs by 12%
- Improve uptime by 9%
- Reduce safety, health, environmental, and quality risks by 14%
- Extend the lifetime of an aging asset by 20%
From the above discussion, it is apparent that manufacturers should care about IoT asset management as this could not only save theirs and staff’s time but also helps a great deal in reducing the overall asset-related cost.
If you haven’t invested in any asset management system, better try one now, as this could reduce your asset-related woes and help you save time, money in addition to helping with insights for healthier decisions.
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!