Smarter Assets: How IoT Technologies Enable Global Asset Tracking and Management
Keeping track of critical assets has been essential as long as businesses have existed. In the past, this meant keeping assets in 'line of sight.' Still, the emergence of powerful and affordable technologies empowers firms to track assets anywhere across the globe while delivering financial, governance, and reputational dividends. Businesses that embrace these technologies are ensuring their assets' longevity and gaining a competitive edge in an increasingly dynamic and fast-paced market.
Potentially trackable assets range from individual components or parts to product inventory, from small devices to complex machinery, and include every imaginable vehicle. Harnessing the power of IoT technologies, including low-cost sensors, AI/machine learning, global communications networks, blockchain, cloud, and more, revolutionizes operational processes, maximizes resource utilization, cuts costs, increases profitability, and amplifies ROI. Tracking, connectivity, and data analytics power smarter asset management applications for the digital industry.
According to Grandview Research, the global asset management market was $374 billion in 2022, expected to grow at a 34.7% CAGR through 2030.
A Foundation of Sensors and Data
There are a number of increasingly accessible and powerful technologies that enable a new generation of asset management solutions. The Internet of Things (IoT) and sensor technologies are key in industrial asset management. Sensors collect real-time data on machine performance and condition, helping identify potential issues and enable predictive Maintenance to avoid equipment failure. The massive amounts of data generated by IoT devices and other sources can be processed and analyzed using advanced big data techniques, helping to optimize asset performance and make informed decisions. The emergence of increasingly powerful AI and ML algorithms can help more accurately predict equipment failures, schedule maintenance, and optimize operations.
Emerging Tech Empowers New Solutions
Dramatic advancements in drones and robotics technologies allow assets to be inspected in hard-to-reach or hazardous areas that previously could not be accessed. Augmented reality devices can assist technicians with real-time information and instructions delivered remotely. Blockchain technology enables secure and transparent records of transactions and the movement of assets, helping to ensure the integrity of data in the supply chain, reducing the risk of fraud, and improving traceability. Low-power-wide-area networks (LPWAN) offer the balance of long-range connectivity and low power consumption, an advantage for tracking assets spread out over extensive areas or in hard-to-reach places.
Digital Dividends
Asset Management solutions enable a broad range of beneficial outcomes. Predictive (and preventive) Maintenance is, in many respects, the “killer app” of industrial asset tracking. By continuously monitoring conditions and analyzing historical data, businesses can determine the optimal timing of service and Maintenance, helping reduce unplanned downtime and extending the lifespan of machinery. Advanced analytics and AI can help optimize asset performance, reduce energy usage, and improve operational efficiency, ultimately reducing costs. Drones and robotics can improve worker safety by performing inspections or tasks in conditions that would be hazardous to humans. Collecting asset performance and movement data also allows for improved tracking and documentation for regulatory compliance.
Source: Shoreline
One of Momenta’s portfolio companies is Shoreline, which applies a cloud-native approach with smart sensors that automatically connect to the cloud and are auto-provisioned via a library of 30,000+ pre-built asset physics models. Shoreline is helping clients in energy, manufacturing, pharma, and the data-center cooling industry maximize operational performance and profitability, create a proactive and predictive approach to asset management, and accelerate sustainability initiatives.
AKUA is another portfolio company that delivers end-to-end visibility across the logistics supply chain. Through a combination of advanced tracking devices, proprietary multi-layer security, advanced analytics, and web services, AKUA delivers in-transit visibility of goods and shipments across the globe, enabling customers to improve operating efficiency,
minimize losses from theft, damage, or spoilage, and optimize the value of goods through predictive analytics.
In the rapidly evolving landscape of business and industry, the efficient tracking and management of assets is critical for success. From manufacturing plants to logistics and supply chain operations, organizations are increasingly turning to advanced technologies to enhance their asset-tracking capabilities.
At Momenta, we prioritize Asset Performance and Tracking Management (APM) as a crucial element that shapes our digital industrial vision. APM is a critical component in our strategic framework, serving as a foundation for the future landscape of our digital initiatives in the industrial sector. Our commitment to APM highlights its significant role in shaping the digital industrial perspective at Momenta. For a deeper exploration, our Smarter Assets webinar replay is available here.
Momenta is the leading Industrial Impact venture capital + growth firm. We accelerate entrepreneurs and leaders devoted to the digitization of energy, manufacturing, smart spaces, and supply chains. Since 2012, our team of deep industry operators have made over 100 investments in entrepreneurs and helped scale over 150 industry leaders via our award-winning executive search and strategic advisory practices.
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