The remote monitoring of assets is gaining momentum in every industry, it provides the monitoring solution to the businesses so they can better information about their assets, their worth, availability, productivity, and accessibility all in one place.
Asset management is needed and relevant to every vertical management. If we talk about the manufacturing industry, the machinery and equipment for finished consumer goods can be quite expensive. This one feature makes asset monitoring in manufacturing crucial.
Why Does Manufacturing Asset Management Matter?
The pain point is that the businesses and industries are asset-intensive and most of them do not prioritize their assets and their upkeep or tracking. This might result in cluttered operation flow due to service delays and failures.
Asset monitoring in manufacturing is needed due to the need of monitoring multiple plant locations simultaneously to get real-time information about the process, operations, and inventory.
What Are The Benefits of Asset Monitoring in Manufacturing?
Discovering Uses of Assets in Process
Do you know how many laptops you have in your organization or manufacturing industry, how many go-carts are being used right now in the process? With real-time asset monitoring, you can find out the number of machinery and equipment in action and even their physical location as well.
Effective Auditing
Auditing is an important process for any organization to identify and verify the assets owned by the company. It also explains how many of the assets of the company are rented or purchased.
This is also needed for the taxation and proper management of the funds. This can be done through auditing software about the location, condition, and active statutes of the assets which will help to streamline the compliance and policies.
Supporting Lean Manufacturing
Most of the manufacturing units are running on lean manufacturing and using regular improvements for the betterment of the process. It provides the management of inventory to monitor the flow across the facility.
It will help in reducing the wait time for the allotment of each asset to different teams so it will help to make a system that will allow sharing of resources and assets without downtime or wait time.
Decreasing Labor Cost
Monitoring the activity of employees during working hours will help in analyzing the movement and the total time spent on the production floor. It will help to prioritize the task and assign them to the employees to maximize the performance and help to cut down the wasted time.
This helps to determine the status of the process and operations on the production flow ensuring the optimum use of the labor force available at any time.
Improvement in The Delivery of Order
Continuous tracking of assets will help in making improvements in the delivery time and schedule. It will also forecast the total time taken in the production along with the time breakdown including delivery as well.
It will result in increased efficiency of your manufacturing unit to produce and deliver on time.
Breakdowns Minimized
Regular monitoring of the assets will help in determining the upkeep schedule as people want preventive maintenance. Assets that are not maintained regularly may shut down unexpectedly and can create a stir due to expensive repairs, or replacement.
The emphasis is given to the preventive method to reduce the breakdown time and reduction in cost. It also avoids the employees being from idle due to breakdown.
Increased Life Cycle of The Asset
The assets in any manufacturing unit will go through a heavy workload at times and maintenance can be overlooked sometimes. When asset tracking or monitoring is being done regular updates for the maintenance are given on time.
Tracking the assets may help in increasing the life cycle of the resources for any organization, overall the software and system make sure that each asset is working properly or need downtime for maintenance.
How Does Asset Monitoring Will help in Revenue Increase?
- This can serve at various levels to endure revenue increase through the below methods.
- It will reduce the loss during production
- Minimize the material wastage
- The right allocation of the resources
- Sharing of the resources among people and teams to get the best.
- Appropriate disposal of the machinery and equipment before the end of the product’s life cycle.
- Conduction of careful repairing and consultation from the right department.
- It will help in documenting and noting down all the activity throughout the allocation asset to better decision making.
- It also tracks the repair history to ensure preventive maintenance.
- Reduce the depreciation of the resources and assets over a long time.
- It will help in inventory management along with avoiding overstocking or understocking.
- Keep the production cost under control and within the defined budget.
- It reduces the wastage done on different levels like deterioration, pilferage, wastages, and other damages.
- It will maintain the system and readable record of activity throughout its life cycle.
- It will help in asset evaluation and account keeping for audit-related tasks.
- The auditing will help in informed decision-making on financial matters.
- It also suggests if the staff is undertrained to use the right resources and to get the best out of the assets.
Conclusion
We have listed some of the benefits of asset monitoring in manufacturing units and plants. this method helps in the production process and delivery and maintenance of the inventory.
equipment monitoring should be a priority in any business as it is the only source of the company to make the operation a reality and generate revenue. if the real-time asset monitoring is done on a regular basis in any company it will help in several other areas like auditing, inventory planning, resource allocation, sharing, etc.