Asset tracking systems using IoT are not a new solution, but sadly, industries are still not aware of the perks of having an asset-tracking system.
Industries have big machines, equipment, and other important stuff that are considered assets and they need to be tracked and monitored regularly.
Asset tracking has always been there, the only difference is that with the introduction of IoT, the entire traditional process of managing assets has become automated and much easier.
Now, IoT-based asset-tracking solutions are considered important to run quality business operations.
Moreover, traditional asset management solutions lead to several faults in asset management that affect production and cause a lag in the supply chain.
Read the article till the end to learn all about asset tracking systems using IoT, their benefits, applications, and everything in between.
Let’s start first by understanding an IoT-based asset tracking system.
About Asset Tracking System Using IoT
An asset tracking system is developed to improve the quality and operating life of equipment and to automate inventory management.
The smart asset tracking system comes with tracking devices, which are basically IoT devices.
These tracking devices are small and compact and can be easily attached to any physical assets.
The tracking devices run on batteries (rechargeable/non-rechargeable) and typically use cellular networks or Wi-Fi. GPS is also integrated into the device for real-time location tracking.
Nonetheless, these are active trackers. There are also some passive trackers that are either RFID-based or have gateways to transmit data.
The passive trackers are generally small and budget-friendly. But they work only for a limited range.
But then, inside a factory or store, limited range or line of sight isn't really a thing to worry about).
These tracking devices collect the data and transmit it to the cloud, where the data is processed and analyzed. The cloud platform provides a central dashboard to allow users to track assets' location, view sensor data, and manage alerts.
Benefits of Asset Tracking System Using IoT
The asset tracking devices collect real-time data on the location, condition, and usage of assets, providing businesses with abundant benefits:
Real-time Visibility
The system keeps you informed about the exact location of any asset, anytime, anywhere. IoT asset trackers provide this level of transparency, eliminating the need for manual searches and wasted time.
For instance- in a big warehouse, there are hundreds of tow trucks. Manually searching the location of a specific toe truck is time-consuming. However, with an IoT asset tracking device attached to the toe truck, the staff can locate the truck’s location in real-time with zero time wastage.
Increased Asset Security
Operations can be heavily disrupted by theft, unapproved movement, or misplaced equipment. The smart asset tracking system can be integrated with a feature to trigger alerts when assets move outside designated zones, hindering theft and simplifying recovery.
For example, construction sites have to deal with expensive equipment. Installing an asset tracking system that comes with geofencing, can send alerts when the equipment moves outside the designated zone.
Predictive Maintenance
Predictive maintenance is always better than reactive maintenance. Proactive maintenance scheduling is made possible by a smart IoT system, which continuously monitors asset performance and health.
This helps prevent unexpected breakdowns, reduces downtime, and extends asset lifespans.
Here take the example of airline maintenance. The IoT devices attached to aircraft engines monitor temperature and vibration data. By analyzing these data, airlines can predict maintenance needs before the actual breakdown occurs.
Improved Operational Efficiency
Knowing where your assets are and how they're being utilized helps in proper decision-making. Companies can coordinate resource allocation, optimize logistics routes, and guarantee that the appropriate equipment is on hand for the task.
For instance, in the logistics industry, businesses struggle with fleet management and fail to ensure the safety of the assets inside the trucks. Asset tracking devices are a good example of IoT in fleet management, which can reduce delivery times.
Reduced Supply Chain Disruptions
By gaining real-time visibility into the movement of goods throughout the supply chain, proactive management can be implemented. By identifying potential delays and optimizing inventory levels, companies can even ensure timely deliveries.
Imagine if a shipment is done for a temperature-sensitive medication. The IoT device attached to the shipment will monitor the temperature and humidity of the material throughout the journey and can send real-time alerts if any condition deviates from the set threshold.
Data-driven Insights
IoT sensors collect valuable data beyond just the location of the assets. Temperature, vibration, and other environmental factors can be monitored, providing insights into asset performance and potential issues.
Here, take an example of eCommerce stores that have installed smart shelves. Smart shelves use weight sensors and tags. These sensors track the inventory level in real time, notifying the staff when the stock needs to be replenished.
Use Cases of IoT-based Asset Tracking
IoT-based asset tracking has a wide range of applications across all industries. In the above section, I have already mentioned the use cases of an asset tracking system in various industries through examples. But still, if we have to list, then applications of smart asset tracking systems extend to industries like:
Logistics and Transportation
Manufacturing
Healthcare
Construction
Retail…..and more.
To Sum Up,
IoT-based asset tracking system is a smart way to manage assets. Moreover, every business takes a different approach to asset management.
Thankfully, asset-tracking devices using IoT are a flexible system that easily integrates with all kinds of industries and industrial operations.
Moreover, the use cases listed above are still touching surfaces only. If you want to integrate an asset tracking system into your business, reach out to PsiBorg Technologies with your specific requirements.
PsiBorg Technologies is a leading IoT product development service-providing company that caters to businesses across all industries by developing unique and innovative end-to-end IoT solutions for them.