By: Sarika Andhee - Marketing Leader: Field Service at Schneider Electric

Asset tracking plays a critical role in the success of industrial businesses. By effectively managing and monitoring assets, companies can optimise their operations, ensuring that resources are used efficiently. This leads to improved productivity and reduced costs.

Additionally, robust asset tracking systems contribute to enhanced customer experiences by providing better visibility and reliability in service delivery. Moreover, by promoting efficient use of resources and minimising waste, asset tracking supports sustainability initiatives, ultimately driving growth in a competitive market.

It is crucial for businesses, particularly with electrical assets, to have a clear understanding of what they have on site. This visibility enables them to optimise asset performance and maximise utilisation.

A key aspect of asset tracking is recognising obsolescence. For example, an asset installed 20 years ago may no longer be fit for purpose, yet the asset owner may not be aware of its outdated status. By maintaining a comprehensive inventory, they gain visibility into which assets require modernisation or upgrades due to reaching the end of their lifecycle. Additionally, asset tracking helps determine the critical spares that must be kept on hand.

Crucial for performance optimisation

Effective asset management also plays a vital role in performance optimisation. To get the most value out of their assets, companies need to assess whether an asset can be made intelligent. If an asset lacks built-in monitoring capabilities, such as sensors, it may be possible to retrofit it with the necessary technology to make it connectable. 

Installing sensors allows for continuous 24/7 monitoring, providing valuable insights into an asset’s condition and performance. We need to shift from a traditional planned maintenance strategy to conditional-based maintenance. This can have a significant impact of operational expenditure. This approach means that maintenance is performed only when necessary, based on real-time asset data, rather than relying on predetermined schedules or manual inspections.

Optimising existing assets is not always about replacement due to obsolescence; it’s also about cost reduction. Instead of replacing an asset entirely to make it “smart”, customers can often integrate sensors to achieve similar functionality at a lower cost.

When a business has a comprehensive understanding of its on-site assets, it gains the necessary insights to make informed decisions and effectively mitigate risks. 

Asset awareness drives sustainability

From a sustainability perspective, knowing their energy consumption enables organisations to assess efficiency levels. If their energy use is suboptimal, it serves as a motivator to analyse inefficiencies within their processes. By identifying areas for improvement, they can enhance energy efficiency, reduce costs and minimise their overall environmental impact. Ultimately, asset awareness empowers businesses to drive cost-effective and sustainable operations while ensuring long-term resilience and performance.

An original equipment manufacturer (OEM) offers comprehensive consulting services to assist customers in optimising their asset management. This includes conducting on-site walkthroughs to capture all electrical assets within a facility. Based on this assessment, the OEM will provide tailored maintenance plans and lifecycle management strategies, ensuring assets remain efficient, reliable and up to date.

At Schneider Electric, we accompany our customers throughout this journey, supporting them in digitising their assets for enhanced visibility and control. Additionally, we facilitate the creation of digital twins – virtual replicas of a facility’s electrical infrastructure – allowing for predictive analysis, improved decision-making and proactive maintenance planning.

Through these solutions, customers can achieve operational efficiency, minimise risks and maximise the performance of their assets. Additionally, by adopting proactive electrical asset management, organisations can enhance safety and resilience while working towards a more sustainable future.