IoT applications in asset management: A review of accounting and tracking techniques

Abstract

In the digital age, the confluence of Internet of Things (IoT) technologies with asset management practices heralds a transformative era, promising unprecedented efficiency and strategic advantage. This paper delves into the intricacies of this integration, exploring the evolution, challenges, and potential of IoT in reshaping asset management paradigms. With a keen aim to elucidate the transformative impact of IoT and navigate the complexities of its integration into asset management systems, the study adopts a qualitative research methodology, underpinned by a systematic literature review. This approach enables a comprehensive exploration of the subject matter, ensuring a nuanced understanding of the IoT's potential and pitfalls within the asset management domain. The findings illuminate a landscape where IoT applications significantly enhance asset utilization rates, underscored by empirical success stories and quantifiable improvements in operational efficiency. However, the journey reveals barriers—technical, organizational, and cultural—that impede seamless IoT adoption. Addressing these challenges, the paper offers strategic recommendations, emphasizing the need for strategic alignment, inter-organisational collaboration, and robust data management strategies to overcome integration hurdles. Conclusively, the study not only achieves its aim of highlighting the potential of IoT in asset management but also charts a course for future endeavors in this field. It posits that the strategic integration of IoT technologies stands as a cornerstone for the next generation of asset management practices, promising a future marked by enhanced efficiency, economic viability, and strategic agility. The recommendations provided serve as a compass for organizations embarking on the IoT integration journey, guiding them towards a horizon of transformative potential.