Benefits and challenges of using IoT devices for your asset management

IoT devices are continually becoming more sophisticated, which has made them an increasingly viable option for asset management. They can provide a range of benefits, including improved efficiency, cost reduction, security, and privacy.

In order to effectively integrate IoT devices into your business’ infrastructure, it is important to establish a vision of how you want these devices to work, as well as the types of data you want to gather and how you want to use that data. 

In this article, you’ll learn about the benefits and challenges of using IoT devices for your asset management.

Benefits

1. Improved Efficiency: IoT devices allow for more efficient asset management due to the ability to track and monitor assets in real time. This reduces the need for manual oversight and allows managers to focus on other tasks.
2. Cost Reduction: IoT devices can help save costs by reducing the amount of labour required for asset management, as well as reducing the amount of energy required to power and maintain assets. Additionally, they can help reduce maintenance costs through predictive maintenance capabilities.
3. Security: IoT devices can provide improved security by allowing managers to track and monitor assets in real time, which helps reduce the risk of theft or vandalism. Additionally, they can be used to detect unauthorised access or usage of assets, helping protect them from misuse or abuse.

Challenges

1. Data Overload: One of the major challenges with using IoT devices for asset management is managing large amounts of data generated by these devices, as well as ensuring that this data is properly analysed and utilised effectively.
2. Privacy Issues: Another challenge is ensuring that privacy issues are properly addressed when collecting data from these devices, as some may contain sensitive personal information or other sensitive data that needs to be protected from unauthorised access or use.
3. Compatibility Issues: Lastly, compatibility issues can arise when integrating different types of IoT devices with existing systems or processes, which can lead to costly delays in implementation and adoption of these technologies for asset management purposes. To prevent this, you may want to use hardware agnostic asset management platforms like Bulbthings that will consolidate data from many sources and provide a unified experience for visualising this data and triggering useful workflows.

IoT devices offer tremendous potential benefits when used for asset management, including increased efficiency, cost savings, and improved security. These devices can help track and monitor assets in real time, leading to significant cost savings as well as more efficient asset maintenance.

Due to the data they generate, IoT devices also present challenges when used for asset management. Data overload and privacy issues are two of the major challenges. The more data IoT devices generate, the more resources and time it takes to analyse and utilise it, increasing the potential for data overload and the potential for privacy issues.

Additionally, integrating different types of IoT devices with existing systems or processes can lead to costly delays in adoption, as different devices may or may not be compatible with different systems or processes.