IoT-based asset tracking systems are a game-changer for a wide range of industries. Many businesses in several sectors are implementing advanced asset tracking IoT systems without good reason. These internet-enabled devices help track and manage people, goods, vehicles, and other assets.
But what do the numbers tell about the IoT asset tracking market? The global asset tracking market is expected to grow to $36 billion by 2025, increasing at a 15% CAGR. The IoT asset tracking market accounts for 95% of all industrial sectors. The immense growth of IoT asset tracking and monitoring is because of the innumerable benefits for industries and enterprises.
Introduction to IoT- Based Tracking System
Let’s break the concept into three parts to understand the IoT-based tracking system.
The Internet of things is a group of connected equipment or physical objects with technologies such as sensors and systems. These interrelated computing devices transfer the gathered data using the sensors over the web without human or computer interaction.
Many organizations use various IoT devices to accurately access information about equipment, vehicles, or goods, automating tasks that improve the quality of business and customer satisfaction. However, like other complicated technologies, IoT also deserves proper deployment to enjoy potential benefits.
- Asset Tracking
Asset tracking and monitoring are crucial to improving equipment and inventory management systems and gaining insights into business spaces and storage performance. Each tracked asset is fitted with a sensor or wireless tags and UID, and the assets can be tracked in real-time during their time or in transit from one location to another.
- Fleet Tracking
In the logistics industry, fleet tracking has become an integral part. As part of asset tracking, vehicle tracking has helped businesses streamline, automate, and boost the efficiency of operations—vehicle tracking systems aid in monitoring driver behavior and health, fuel monitoring, and more.
Ideal Features in An IoT-based Asset Tracking System
It must have these four outstanding features to leverage the immense benefits of an IoT-based asset tracking system.
- Seamless Connectivity
Connectivity is the backbone of the Internet of Things; if the network is shoddy, you can’t guarantee the performance. For the assets’ data, location, performance metrics, and functionality to be accurately tracked, monitored, and relayed, you should connect the devices to a reliable network.
- Wide-ranging Security
In addition to connectivity, the security of the network is also essential. Since valuable and critical data is transmitted across connected systems, the connection should be safe, tamper-proof, and protected.
- Performance management
IoT-based asset tracking systems should be equipped to monitor and gather credible data about assets’ location, performance, and condition in real-time. Regular updates should be provided to ensure glitch-free connectivity.
- Data crunching and analytics
Data gathering is only one aspect of asset tracking. Unless the data is analyzed correctly, the business will not implement data-driven performance-enhancing strategies.
Unless businesses don’t leverage the value of IoT and asset tracking systems, they will become obsolete and left behind in the race to success. Some of the most notable benefits of IoT asset tracking systems are:
- Real-time tracking and data collection
IoT-based tracking is different from other forms of traditional monitoring because it offers real-time monitoring of equipment, its location, health, and additional project-critical information. The collected data is then passed to other computers in the network of humans in charge of decision-making. Besides, when the technology starts to become commonplace, even small-to-medium scale businesses will use critical business intelligence.
- Resource optimization
IoT asset tracking helps enhance the quality of equipment and its performance capabilities. It also gives businesses greater control over equipment usage, idle time, and overall health. By measuring equipment overutilization or underutilization, process managers can evenly distribute the inventory to avoid excessive wear and tear. Moreover, it is also possible to prevent downtime due to machine failure or repair by undertaking preventive maintenance solutions.
- Performance monitoring
Collecting data about asset usage and cost makes it easier to manage inventory, analyze stock, and reduce costs. Asset monitoring also helps in making strategic purchase decisions. Since the assets, including inventory and goods, are monitored in real-time, it becomes easier to know which jobs are idle, which machines are underutilized, and specific areas of production which consume more than the required time.
- Business process support
It is possible to develop an entirely new process flow keeping in mind maintenance and usage of equipment. By assessing data reports, technicians can judge whether the equipment is near its end or requires repair and immediately take corrective action. Moreover, the asset can also be taken out of use before impacting the workflow.
Popular use cases
Although IoT is yet widely used in many industries, these are some of the most popular use-cases of IoT-based asset tracking systems. One of the main benefits of IoT is it can be used in several industries as it is not domain-specific technology. The technology’s flexibility makes it ideal for almost all industries and enterprises.
Hospitals and medical centers can reduce their wait times for equipment and medicines by using an asset tracking system, and it also helps in improving the quality and cost of care. Besides, the doctors and nurses will also accurately know when particular equipment is taken out for use, its current condition, and when it is likely to be returned.
Besides, IoT-based tracking also helps keep a real-time check over critical equipment in times of emergency. It will also help nurses and other medical staff proactively know when equipment needs repairs and servicing before it affects medical care.
Logistics is one area where asset tracking offers its most benefits. If the goods are being transported from the warehouse to the customer, theft of property can be eliminated using real-time tracking. With the data collected, it is possible to provide safer, faster, and more cost-effective fleet management.
From pharmaceuticals to eCommerce delivery, every business is dependent on the timely transfer of goods from one location to another. Especially in the case of perishable goods, tracking the vehicle becomes more important.
IoT-based asset tracking helps manufacturing companies monitor the movement and performance of all their equipment and locate even the smallest tools. It can become extremely time-consuming and labor-intensive if the manufacturing unit has to perform maintenance, assessment checks, and finding tools manually.
In the case of businesses that undertake their distribution, use handheld scanners to track assets. Even though the scanners are expensive, companies depend on them to digitize their shipping process. If the scanners are not available at the right time, shipping, inventory management, and process flow are slow and laborious.
By using the IoT asset tracking system, companies can track the scanners ahead of time and keep them charged and ready to use before the start of the shift. Asset tracking is used to track all physical assets of a manufacturing unit and to monitor their current location and activity.
IoT devices help manage tools and equipment between each production phase, and it also helps determine the exact location of inventory, finished goods, and other merchandise.
With real-time tracking, it is easier to track goods movement and work orders through the entire process flow – beginning till the end.
Most educational institutions have a range of electronic equipment they use, provide and manage on their premises. Expensive equipment could include laboratory tools and equipment, laptops, computers, scanners, tablets, projectors, and more. IoT-based asset tracking could also help universities and research centers track the movement of sensitive materials and control access to restricted labs.
How does IoT enhance Asset Tracking and Management?
IoT will lead the future of asset management because of its ability to streamline and automate processes, reduce redundancies, and do time-consuming manual work. IoT-based asset management and monitoring are not designed to meet the needs of a specific industry or domain. It is a highly flexible and advanced solution that meets the needs of several industries and businesses.
With IoT systems taking over the tracking of assets and equipment, workers have the chance to focus more on improving their productivity and efficiency. The process flow is streamlined, and theft, loss, repairs, downtime, and delays are prevented, which boosts customer satisfaction, operational efficiency, and business profit.