Asset management has undergone a paradigm shift today. The OEMs today are more than their customers concerned about health of their delivered equipment. Smart Asset Management involves use of IoT and associated analytics solutions for asset monitoring leading to their enhanced performance, operational availability and overall reliability.
IoTs and associated Data Analytics as Remote Monitoring and Diagnostic Tool has come to play a very significant role in how assets are managed today. The intelligence built in to the assets today is helping us in getting useful insights from machine, real time help in predictive maintenance, overall real time visibility of the equipment installed. India is a vast country and has heavy machinery deployment in almost all the parts of the country. Some of the deployments are so far away from OEM’s manufacturing and service setups that it takes considerable time to service or attend to them. IoTs have a great role to play here.
There have been some initial efforts in the world around 10 years back where separate technology solutions for specific needs were used. The earlier Asset Management frequently used bar-codes, RFID solutions etc for Asset Management. But these solutions were standalone and not in sync with the centralized control and enhanced supervisory concept.
Real time alerts, improving overall availability and reliability are two important objectives of Remote Monitoring and Diagnostic Tools. The deployment of these solutions has instilled tremendous confidence among the utilities and they are now more sure of the health of their key equipment. In India, today a lot many projects are coming up on Tariff Based Competitive Bidding (TBCB). Such projects have large capital equipment which are to be maintained over a period of 35 years. In such scenarios it becomes all the more important to keep track of health of these costly equipment so that repair and replacement charges can be minimized. The real time predictive and diagnostic solutions operated centrally and managing the entire fleet of these heavy capital equipment over large geographical distances, provide a helping hand improves overall effective availability of these equipment.
The Artificial Intelligence (AI) layer build on the top of these solutions has definitely been instrumental in improving the overall availability, reliability and reducing the downtime expenses. As the world moves towards the connected devices, the AI layer will become all the more intelligent and even correcting humans, at times.
We are on the cusp of a fast changing world where the automation and associated devices are going to rule over the human civilization and there would less and less human interventions in the routine works. Be ready for the future where human intelligence will get outsmarted by artificial intelligence.