Author: Zahra Hassan
AI is evolving every day, rapidly taking over the digital world and transforming the operations of many businesses across the globe. While it’s becoming apparent that AI is taking over many production processes, it’s hardly discussed how it’s taking precedence over revolutionizing asset management in various industries. And that’s what we are going to discuss today.
Let’s break down what AI, IoT and Asset Management are before diving deep into the main topic, as knowing the fundamentals will help us get a clear picture of what we are going to talk about.
Artificial Intelligence (AI): We all know what AI means, but if you are looking for a simple definition, we have it for you. 🙂 Imagine simulating human intelligence into machines, so they can think, learn, and perform tasks like humans while also predicting and solving problems beforehand. Well, that’s what we call artificial intelligence. Think about the chatbots we have today, and how they are increasingly becoming more like humans when it comes to interaction and solving whatever problems we are throwing at them.
Internet of Things (IoT): Internet of Things refers to a network of interconnected devices that communicate and share data with each other over the internet or other networks like bluetooth. They are equipped with sensors, software, and processors to collect and exchange data with other devices to perform or automate various tasks or functions. One of the best examples for this is CCTV cameras that can be operated remotely through a mobile app.
Asset Management: Asset management is the process of monitoring, organizing, and maintaining the assets of an organization to maximize their value to deliver services efficiently and effectively. It can range from machineries, vehicles to even buildings and data centers.
Now we have a fair idea on what AI and IoT means. Think about merging AI and IoT to streamline business operations and production processes in an organization, where IoT collects the data and lets AI analyze and interpret to take measured actionable steps. We all can see what a powerhouse it could become.
Now let’s put it into asset management, starting with monitoring the performance of machines. Let’s say we have sensors installed to collect real-time data of a machine’s activities, and the data is being automatically fed into AI to analyze and predict anomalies, so it can be fixed beforehand to minimize the damage and costs, and thereby significantly increasing the productivity and lifespan of the machine. Now let’s bundle this entire process into an app, where it gets better over time learning from its data and offering recommendations to make timely data-driven decisions. That’s what we call intelligent apps.
If you are interested in checking a real-world example of an intelligent app, you can check our recent project with Hyele Ltd. here: How We Enabled 100% Real-Time Water Infrastructure Monitoring for Hyele Ltd.
What’s more? Time to say good-bye to manual processes, periodic inspections and paper-based manuals. 🙂
Now let’s explore how integrating AI & IoT can be a game-changer in asset management:
There’s no denying that AI & IoT have limitless potential in asset management. However, just like everything, they do come with a few challenges that need to be addressed. Let’s take a look at them.
As AI continues to evolve, it will create new possibilities and tools to achieve optimum transformative results in asset management. As such, here are the top 3 future trends that’s going to significantly transform the asset management of a company:
By now, it is clear that the integration of AI and IoT in asset management represents a transformative opportunity for all businesses. By implementing these technologies, businesses can achieve unimaginable levels of operational efficiency, asset reliability, competitive advantage and long-term operational success.
If you are ready to revolutionize your asset management by unlocking the full potential of AI and IoT, we are here to help you leverage that. Just book a free consultation with us to discuss your goals and challenges. Let’s reshape your company’s future together.
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