We cannot imagine life without technology. Evolved technology is a blessing of revolutions. Revolutions have played an important role in our life. Without these revolutions, our life would have been way back in terms of technology and development. For example, we can speak from one country to another.
We can reach from one country to another within hours. From sitting in the office, we can control our home facility. Thanks to all these revolutions! Now all these revolutions bought changes in everyone’s life and led to development.
What Is the Fourth Industrial Revolution?
The fourth industrial revolution is a combination of using smart technology, artificial intelligence, the internet of things, genetic engineering, 3d printing, and so on! It improves automation, communication.
Without human assistance, smart machines can analyze equipment, diagnose the issue.
While the fourth industrial revolution is set to change the general public more than ever.
However, the fourth industrial revolution is running and development is ongoing. It expands on the establishment laid by the first three revolutions.
The first revolution permitting creation to be automated interestingly and driving social change as individuals become progressively urbanized.
In this revolution, hand practices were replaced by automated machine utilization with the help of steam engine power and water power.
The second revolution led to electric and other scientific progressions helping large manufacturing. This revolution is known technological revolution because it resulted in extensive railroad installation and electrical telegraph networks.
The third revolution began in the 1950s in which we saw the rise of computer technology. It is also known as the digital revolution. This revolution brought personal computers, internet technology, mainframe computing.
Let us understand these revolutions with an example:
In the first revolution, machines were created but it required manpower to run machines. Moreover, the process was slow.
In the second revolution, electric power was used so manpower was less required since machines were running with electricity. Furthermore, the speed of the process was also increased.
In the third revolution, communication was improved. Humans could send information anywhere in the world with the help of the internet and telephone.
For the fourth industrial revolution, you can take the example of data. For example, when you are using YouTube and you searched for “cat” you will start getting recommendations of cat and animal-related videos.
Another example is Netflix they collect data on what people are watching today. Then it will be ranked 1,2,3 for better customer experience.
How the 4th Industrial Revolution Will Impact Asset Management?
As we know the fourth industrial revolution is allowing the organization to automate and digitalize traditional processes so that the global economy can be taken to another level.
IoT and cloud computing are some of the most important technologies for this transition.
Cyber-physical applications can communicate and cooperate with employees or humans in real-time with the help of IoT.
4th industrial revolution is bringing digital frameworks, artificial intelligence (A.I), and the power of cyber networks. This change will make a further advance change in automation accomplished by each industrial revolution.
From an asset management point of view, expanding the automation opportunity introduced by the fourth industrial revolution needs the business to digitize resources and consolidate an advanced overlay into the manner in which we work and monitor them.
This doesn’t really mean all resource the executive’s frameworks and cycles require quick and far-reaching digitization, given it isn’t sensible for most resource proprietors.
Managers can know complete and accurate information of each asset such as where an asset is, where it is located, what is the status with the help of IoT (Internet of Things).
This will keep transparent information that will help in making business decisions. In the 4th industrial revolution, work will be automated and machines will have the power to make their own decisions.
With the help of cloud computing technology and IoT, you can know accurate asset location that too in real-time from anywhere in the world.
When you will have all the information you can take better decisions & without human intervention, the machine can make strategic decisions.
This feature will be very useful in asset maintenance they will not have to keep track of maintenance as most of the work will be done by the machine itself with minimum human interference.
What Are the Current Challenges Organizations Are Facing in Asset Management?
Current challenges organizations are facing in asset management are as follow:
- Asset theft
- Inefficient data
- Financial constraint
- Manual work management
- Inaccurate tracking of assets
- Regulatory compliance
What Will Be the Benefit of the 4th Industrial Revolution in Terms of Asset Management?
The benefit of the 4th industrial revolution in terms of asset management are given below:
- Improved customer service
- Increased productivity
- Accurate asset information
- Asset Reliability
- Data security
- Asset lifespan will grow
- Retrieving data quickly
You can still get all these benefits but with the 4th industrial revolution only it will be more enhanced, improved, and more effective.
The impact of the 4th industrial revolution in terms of asset management will be huge. It will improve the quality of services, customer experience, and optimizing daily operations.
Due to the improved features of asset management software, we exist in this revolution. This revolution will help organizations by providing personalized solutions to their clientele.
The technologies that are helping in this revolution are artificial intelligence, robotics, the Internet of Things, cloud computing, and so on.
It will make machines independent, to function, diagnose the issue, and might allow them to make decentralized decisions. On the other hand, businesses need to prepare their employees to cope up with the new technologies as it will provide new opportunities.
When we use from old technology to new technology lots of methods and techniques are changed. We adopted them is important in order to stay ahead of the curve.
With data and artificial intelligence, the system can gather patterns by itself and alert the team about asset failure chances.
The asset will automatically predict when maintenance is due.
A machine can make a decision with minimum human intervention.
These are a few of the potential benefits of digitalizing assets in the fourth revolution.
Data will be playing a crucial role in the fourth industrial revolution. In fact, information is the key to a successful business. With A. I data will be analyzed and duplicate or incomplete data will be eliminated.
After that whenever a new asset will be added complete information will be added in the application so that asset lifecycle management can be done easily. With the application, the asset will be monitored 24*7 and accurate alerts will be sent to the user so that decisions can be made easily.
As we know industry revolution is ongoing and it has its own challenges and opportunities. We all have to work together in order to overcome its challenges in order to seize the opportunity.