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.