Internet of Things in Asset Management

Abstract

The emerging Internet of Things (IoT) technologies could rationalize data processes from acquisition to decision making if future research is focused on the exact needs of industry. This article contributes to this field by examining and categorizing the applications available through IoT technologies in the management of industrial asset groups. Previous literature and a number of industrial professionals and academic experts are used to identify the feasibility of IoT technologies in asset management. This article describes a preliminary study, which highlights the research potential of specific IoT technologies, for further research related to smart factories of the future. Based on the results of literature review and empirical panels IoT technologies have significant potential to be applied widely in the management of different asset groups. For example, RFID (Radio Frequency Identification) technologies are recognized to be potential in the management of inventories, sensor technologies in the management of machinery, equipment and buildings, and the naming technologies are potential in the management of spare parts.

Internet of Things (IoT) of Smart Homes: Privacy and Security

“…Additional features include rain sensing windows and automatic light control for energy efciency. Te main objective is to implement wireless home automation features and home security [78] Tey proposed a system that exhibits superior performance in resource efciency, agility, and scalability compared to traditional IoT surveillance systems and state-of-the-art approaches [79] Te paper focuses on utilising IoT and computer vision for detecting faces in security applications, enhancing security systems by automating detection processes and sending notifcations to users [80] Development of an IoT-based mobile smart home surveillance application aimed at enhancing security, privacy, and energy efciency by controlling smart sensors and recording data for future insights Author Customer asset tracking [85] Te main fndings include the identifcation of IoT technologies' feasibility in asset management, highlighting research potential for smart factories, and recognising signifcant potential for IoT technologies in managing diferent asset groups [86] Te proposed solution ofers a lightweight approach without integrating blockchain into IoT devices, meeting the demand for specifc features in IoT blockchain applications, and addressing security issues in existing centralized IoT solutions [87] Te paper presents an asset management system utilising NFC and IoT technologies to track and update asset information, addressing issues of inaccurate asset recording. A low-cost IoT-based NFC reader/writer is introduced as a companion module [88] Te paper emphasises the need for integrating diverse devices and data ingestion mechanisms into a unifed platform for security and data segregation, the development of interoperable platforms to meet increasing demand, and the goal of providing a user-friendly interface for managing devices and data visualization [89] Te paper focuses on developing innovative IoT devices for better management of asset infrastructure through on-demand tracking and monitoring of rental items using various wireless technologies.…”

Industrial Internet of Things (IIoT) and Other Industry 4.0 Technologies in Spare Parts Warehousing in the Oil and Gas Industry: A Systematic Literature Review

“…Coito et al [113], Gupta et al [114], Kinnunen et al [115] Responsibility of managers that all implemented technologies are compatible with each other. Borghetti et al [116] Deeper knowledge of warehouse operations can be obtained by "observing" operations through IoT and other technologies.…”

The Drivers of Complexity in Inventory Management Within the Healthcare Industry

“…Furthermore, RFID tags can be more durable than traditional barcode labels, as they are often encased in protective materials such as plastic or epoxy. Common uses of RFID technology include inventory management (Kinnunen et al, 2018), asset tracking (Allègre et al, 2014), access control, supply chain management, and contactless payment systems.…”