The Industrial Internet of Things is turning our planet into a data-generator. From mines and energy platforms, forests and fields, construction sites and equipment in motion, IoT assets are capturing data that lets us be more productive, efficient, frugal, safe and environmentally aware.
IoT in Space
A lot of that data flows through satellites. Why? Because some of the greatest opportunities for added value lie in places far from any other connectivity: energy platforms and ships at sea, mines and infrastructure projects in remote regions, railways and trucks that venture far from city centers, forests and fields where no cellular network reaches.
The global market for IoT for asset management in industry was sized at over $263 billion in 2021 and is expected to swell to $1.1 trillion by 2028. That’s a clear sign that companies expect high value from IoT assets. The big question they face is how to turn expectation into reality.
Keep it Simple
Industries everywhere can struggle with that issue. Effective turnkey solutions are in short supply. Integrating them into existing management platforms can be hard. And the information technology skills needed to do it are in short supply.
As a result, large-scale digital transformation projects in general have a poor record. A 2020 study by Boston Consulting Group found that a staggering 70% of digital transformation projects fall short of their goals.
What’s the key to success in IoT for asset management? Instead of approaching it as a massive project prone to delays and failures, companies are better off deploying simple IoT assets that meet real needs affordably, reliably and now.
Making IoT Work
Globalstar offers a family of asset tracking equipment used to monitor where movable assets are and where they are going. Easy-mounting trackers powered by long-lasting batteries or solar cells provide regular updates on GPS coordinates.
Simple? Sure. But it delivers high value. Logistics companies, engineering and construction companies and wildfire fighters, to name a few, depend on having their assets in the right place at the right time. Only IoT for asset management – aka, asset tracking – can deliver.
Globalstar asset tracking equipment also functions as affordable data transmitters accepting inputs from a wide range of IoT sensors. IoT assets can monitor systems for better runtime management and service scheduling. The data they provide enables everything from just-in-time provisioning of supplies and monitoring of corrosion to measuring tree growth, soil condition, run-time and fluid levels.
The stream of data from asset tracking equipment and IoT sensors becomes actionable knowledge when it is displayed on a digital map. The SPOT My Globalstar mapping platform is accessible by computer, tablet or smartphone. It allows you to restrict asset tracking equipment to a particular location and sends alerts if it moves out of bounds to protect against theft and misuse.
IoT for asset management doesn’t have to be complex to deliver transformative results. As with most things in life, simpler is better. But you can always make it more complicated if you like. The folks in IT will love it.