What Is Remote Asset Management & How Does It Help Your Business Succeed?
Industrial Internet of things (IIoT)
Vishnu Narayan July 1, 2024

Do you find it hard to keep track of your equipment and machinery spread across different locations? Remote asset management is here to save the day!

Today, this handy technology can help you keep your assets secure and help you run your operations more smoothly and more economically. 

In this blog, we’ll dive into how remote asset management can boost your business. But what is remote asset management, why should your business consider it? And how can it help your business? Let’s find out more!

Remote asset management: an overview

In today’s competitive market, businesses need to stay sharp. So, one vital area businesses need to give more attention to is asset management because proper asset management helps companies keep everything running smoothly and prevents costly breakdowns.

This is where remote asset management comes in. Moreover, it gives you real-time updates, reports issues, schedules maintenance, and more. That is why it’s no surprise that the remote asset management industry is booming and expected to reach $32.6 billion by 2025, growing fast every year. Therefore, remote asset management is clearly becoming highly essential these days. Before going further, let’s learn more about the term ‘remote asset management.’ Let’s dive deep.

What exactly is remote asset management?

Simply put, remote asset management is tracking your company’s equipment, such as computers, machinery, and other valuable items, to prevent theft, improve maintenance, and help you save more on your operational costs.

With the rise of remote work, especially after COVID-19, managing assets has become more complicated. In a traditional office, a manager could easily check on equipment.

It’s much more difficult to keep track of assets that are geographically dispersed and where employees are working remotely.

This is where remote asset management comes in. It offers advanced tools to monitor and manage your assets from anywhere. moreover, by using this technology, you can boost your company’s efficiency and productivity.

Remote asset management helps answer important questions like:

➡How many assets do we have?

➡When was each item purchased?

➡How long has each piece of equipment been in use?

➡Does anything need to be replaced?

By addressing these questions, you can ensure all your assets are secure and functioning properly.

What are the key benefits of remote asset management?

Assets are the backbone of any business, and monitoring them makes sure employees do their best and projects meet deadlines. That is why remote asset management is really valuable and helps your company in many ways, as we’ll explain below.

1. Keeping track of your assets’ physical locations

Nowadays, every business relies on vital equipment like vehicles, computers, and machinery to run smoothly. However, increasing incidents of theft and mismanagement are causing significant losses. According to the Service Management Group, 30% of business bankruptcies result from equipment theft, with American businesses losing $50 billion annually to internal theft!

This is where asset management software comes in. Here, an asset management software tracks who’s using assets, for how long, and when they should be returned. Also, this ensures employees are screened properly when they get or return assets on time. The payoff? It keeps both assets and employees in line, giving you peace of mind and boosting productivity.

2. Eliminating paperwork inaccuracies

Using cloud-based asset management can do wonders for fixing paperwork mistakes. Nowadays, paperwork errors are very common, with about 88% of spreadsheets having mistakes. Moreover, these errors can lead to problems like misplacing assets or ordering the wrong amount. Therefore, implementing cloud-based systems in your operations can help you keep everything digital so that you will keep all of your essential information.

3. Cost savings

Switching to remote asset management software gives you detailed insights into your assets, supercharging productivity and efficiency. So, there is no need for extra staff; the software does the tracking for you, making decisions easier.

And don’t forget maintenance costs. Without regular upkeep, your assets can break down more often, costing you money. However, with predictive maintenance, the software tells you when maintenance is due, keeping your equipment in top shape and your expenses in check. Also, if maintenance costs start to outweigh the benefits, you can always consider investing in new equipment.

4. Ensuring Operational Continuity

Operational continuity is vital for business success, and remote asset management ensures it in two simple ways.

Firstly, it keeps your asset records accurate and consistent, even as your business grows. Moreover, with remote asset management, you can track everything efficiently, avoiding mistakes and saving costs.

Secondly, it helps new employees seamlessly adapt to managing assets. When someone new joins the team, they can easily follow the established system, ensuring smooth operations without any disruptions.

How does cloud-based asset management help businesses?

Cloud-based asset management offers several key benefits that simplify and improve business operations:

  • Data Security: With proper asset management in place, your data is protected with encryption, which is essential today due to rising cybercrimes.
  • Cost Savings: Cloud-based asset management systems can help you save money by eliminating the need for physical storage and infrastructure. Moreover, it also helps catch maintenance issues early, preventing expensive breakdowns.
  • Centralized Data: With cloud-based asset management, all your asset information is stored in one place, making it easy for employees to access, even if they work remotely.
  • Real-time Alerts: If deployed, an asset management system can send users automatic alerts for inspections and repairs, ensuring everything is maintained on time and reducing manual follow-up.
  • Asset Tracking: Asset management can help you monitor where your assets are, how they are used, and their maintenance history through real-time asset tracking and activity detection. Also, this helps prevent loss, know the location and activity of your assets, plan for future needs, and make the most of your assets.
Also read: IIoT Platform in Action | Learn How ‘NetvirE’ Solves Business Challenges

Industry-specific use cases of remote asset management systems

Here are some significant industry-specific use cases of remote asset management systems across diverse industries:

1. Maritime Sector: In the maritime sector, remote asset management helps to closely monitor ships’ important parameters, such as engines, fuel levels, and temperatures, making maritime operations smoother.

2. Energy and Utilities: In the energy and utilities, it helps manage infrastructure, predicts maintenance needs, and controls power use in the energy and utilities sector.

3. Mining and Construction: In mining and construction, remote asset management systems ensure equipment works well, detect problems early, and keep construction projects running smoothly.

4. Telecommunications: In the telecom, it helps to safeguards telecom equipment, prevents theft, and boosts security in the telecom industry.

5. Logistics: In logistics, asset management helps to track vehicles and shipments, making deliveries faster and more efficient.

6. Manufacturing: In the manufacturing sector, asset management systems can help to minimize downtime by keeping an eye on equipment and spotting issues before they become big problems.

7. Transportation: The transportation industry can make use of asset management for tracking vehicles and routes, making travel safer and more efficient.

8. Healthcare: In healthcare, asset monitoring can really help to monitor medical equipment and facilities, ensuring patients get the care they need.

9. Smart Cities: When it comes to smart cities and related projects, proper asset monitoring can help to efficiently manage city infrastructure and monitor the environment to improve urban living.

Also Read: Industry Specific Real Life Use Cases Of NetvirE | A Cutting-Edge Industrial IoT Platform From ThinkPalm

Final thoughts: How to choose the best asset management platform for your business?

To make the most of your assets, you need to measure and analyze their efficiency and effectiveness. However, this data is often overlooked. With NetvirE, ThinkPalm’s advanced cloud-native IIoT platform, we transform this data into actionable insights. This helps you make decisions that boost efficiency, improve production yields, and extend asset lifecycles.

NetvirE’s key asset management features include:

  • Condition monitoring of infrastructure and equipment
  • Predictive maintenance
  • Activity detection
  • Asset tracking

Without proper asset monitoring, optimization is impossible. So, Partner with ThinkPalm today to maximize your assets’ effectiveness. We’ll help improve resource allocation, reduce operational variability, and achieve greater returns.

Furthermore, NetvirE integrates AI/ML-powered smart data analysis capabilities to predict potential issues preemptively and schedule maintenance accordingly. Also, it can notify facility personnel to take action or recommend proactive maintenance, helping detect and troubleshoot issues before they occur, and minimizing breakdowns and downtime.

Want to see NetvirE in action? Contact us today to schedule a free personalized demo of NetvirE and discover how it can help your business.Contact us today to schedule a free personalized demo of NetvirE and discover how it can help your business.

Frequently Asked Questions (FAQ)

What is remote asset management?

Remote asset management involves monitoring and controlling assets remotely to optimize their performance and efficiency.

How does asset management support the business?

Asset management supports businesses by ensuring optimal utilization, maintenance, and longevity of assets, thereby reducing costs and enhancing productivity.

Author Bio

Vishnu Narayan is a dedicated content writer and a skilled copywriter working at ThinkPalm Technologies. More than a passionate writer, he is a tech enthusiast and an avid reader who seamlessly blends creativity with technical expertise. A wanderer at heart, he tries to roam the world with a heart that longs to watch more sunsets than Netflix!