Enterprises today are becoming increasingly distributed with global operations and more assets in the field than ever before. The opportunity to add intelligence to these remote assets has presented itself. Today, machines and equipment in the field can tell their own productivity story and predict maintenance needs before failure occurs.
For those within the retail industry, the cost of operating and maintaining assets is rising while operational budgets are shrinking. To remain competitive, companies must look for new ways to get the most out of their equipment, assure their assets stay online, and plan for unexpected failures. Those who proactively manage their assets see reductions in maintenance costs and overall energy consumption. However, proactive asset management has traditionally only been considered on local assets, ones that are easily monitored and maintained.
Roughly a third of companies surveyed are utilizing connectivity to remote assets as part of their day-to-day operations. Much of this is due to the cost of incorporating remote connectivity into new machines decreasing substantially over the past decade.
Clearly, the value of remote connectivity is being realized by a large portion of companies today. Over the past two years, the amount of companies that had no plans to utilize remote assets has dropped by over 30%. However, this increase in remote assets presents new challenges to asset and maintenance managers, who must evaluate the best way to optimize their performance and ensure reliability.
Utilizing Connectivity of Remote Assets
For retailers, assets like refrigeration equipment, gas pumps, lighting, and HVAC systems have historically been viewed as pure cost centers. Innovative companies can take advantage of the new opportunity these “smart” assets present. Successful companies are more likely than their competitors to not only invest in remote monitoring solutions but utilize this connectivity to improve asset and maintenance performance. The top use of remote connectivity, whether it is Best-in-Class or All Others, is to track remote assets in the field and monitor their condition. This is an important but simple, use of remote monitoring; it does not fully maximize the potential of connectivity. As the data shows, Best-in-Class companies take this new connectivity a step further.
Driving down operating costs has been one of the biggest forces behind a company’s focus on asset and facilities management. Energy costs are a large portion of the total operating costs for many organizations, especially in retail. Best-in-Class companies are 39% more likely than All Others to monitor and regulate power usage of their remote assets.
Even more telling is the fact that the retail industry is outpacing the Best-in-Class; this just goes to show the importance lowering energy costs is for this industry. By focusing more on energy management, the Best-in-Class see a decrease in total energy consumption of 10.2%, as compared to Laggards who experienced a 2.2% increase for the past twelve months.
Companies trying to get the most out of their current asset base by leveraging remote connectivity to improve performance should read the full report for more actionable insights on connected remote assets.