Reinventing asset lifecycle management as a service

07 September, 2021

In construction, managing the lifecycle of equipment is critical to ensure that it performs well so that projects are completed on time. These vehicles must be in the correct locations and offer the maximum value compared to hourly owning and operating costs. But with a large mobile fleet to monitor, asset lifecycle management can easily overwhelm project owners, especially if they monitor teams on multiple job sites. For equipment manufacturers and their distributors, there is an open opportunity to support these customers and provide asset lifecycle management as a recurring value-added service through telemetry. By equipping machines with the latest internet connected devices and sensors (IIoT), comprehensive data on equipment usage, health, performance and location can be collected. When data is shared in real time via the cloud and displayed in an asset management application, OEMs and distributors can gain enhanced visibility into a customer's connected fleet along with information to guide the maintenance, implementation and equipment replacement decisions in a smarter way. Let's look at how telemetry solutions can optimize asset lifecycle management in these three areas, and how the technology provides benefits for both equipment owners and dealers.

Proactive maintenance scheduling and management

Telemetry data on equipment usage, such as hours of use and operator behavior, can help proactively determine when a vehicle requires maintenance or repair. Alerts can be configured to automatically notify relevant personnel, within the equipment owner and dealer organization, if a device detects an engine failure or any type of vehicle maintenance or service need. Combined with a third-party maintenance management solution, these insights enable dealers to develop equipment maintenance schedules and drive work orders from start to finish. Once service is completed on a piece of equipment, installed sensors and devices can provide additional operational data to confirm that the job was done correctly before deployment in the field. For owners, proactive maintenance scheduling and equipment-based maintenance reduces the risks of a vehicle breakdown in the middle of the job to maximize uptime.

Asset location tracking

GPS-tracked telemetry devices displayed via an asset management application can provide owners and dealers with accurate location information for all assets in their connected fleet, even across different job sites. That is, if a vehicle requires maintenance, it can be quickly located and sent to the dealer for repair.