In today’s interconnected world, it is essential to track physical assets such as equipment, vehicles, and cargo. As the Internet of Things (IoT) evolves, asset tracking becomes more efficient and offers unprecedented advantages, such as increased operational efficiency and cost savings.
Why is IoT Asset Tracking Crucial for Every Business?
Introduction
In today’s interconnected world, it is essential to track physical assets such as equipment, vehicles, and cargo. As the Internet of Things (IoT) evolves, asset tracking becomes more efficient and offers unprecedented advantages, such as increased operational efficiency and cost savings.
This article is an effort to understanding IoT asset tracking, used cases and its benefits.
What is IoT Asset Tracking?
Asset tracking refers to the monitoring of an asset’s location, condition, and status. We are examining asset tracking in the context of the Internet of Things, so physical items such as equipment, cargo, and vehicles, as opposed to software and data.
The primary objective of asset tracking is to optimize utilization, reduce losses, and streamline operations. With the evolution of IoT technologies, asset tracking has become more efficient and sophisticated, presenting businesses like yours with unprecedented opportunities.
Typically, external devices are attached to existing assets. These IoT devices come in the form of cargo tracking tags, smart labels, multipurpose GPS tracking devices, and so forth. IoT devices also need various wireless technologies like Wi-Fi, RFID, Bluetooth, and cellular networks to maintain constant connectivity with your assets.
To know more about Asset Management, please read our blog on Asset Management – The Key to Efficient and Streamlined Business Operations
What are the benefits of IoT Asset Tracking?
Numerous benefits are associated with asset tracking. By adopting an Internet of Things (IoT) asset tracking system, you can gain enhanced visibility of your assets.
Below is the information you will have access to:
Where your asset is located?
Asset tracking substantially reduces the possibility of loss or theft. It provides real-time alerts regarding the location of assets, allowing you to ensure that they are secure. By preventing the misplacement of assets and eliminating manual tracking efforts, you can significantly reduce operational expenses.
How they are utilized?
Asset tracking facilitates regulatory compliance by keeping accurate records of asset movements and utilization patterns. With access to this data, you can make informed decisions to maximize asset utilization and prevent unplanned downtime.
When they require maintenance?
Asset tracking can also result in substantial cost savings. The data can provide insights to preventive maintenance which will reduce downtime and enhanced operational efficiency.
Various Industries that benefit from IoT asset tracking
Certain industries gain even more due to the nature of their operations.
Retail:
IoT Asset tracking in retail provides real-time visibility of the location and status of products, thereby enhancing inventory management, minimizing stockouts and pilferage, and optimizing supply chains. This data-driven strategy increases productivity and customer satisfaction while decreasing operational expenses.
Logistics and transportation:
IoT Asset tracking Enables real-time visibility and management of high-value assets such as vehicles, containers, and cargo. This helps to optimize routing, reduce theft and loss, enhance asset utilization, delivery of cargo and improve overall operational efficiency.
Healthcare:
IoT Asset tracking optimizes the management of medical equipment like monitors, infusion pumps, and diagnostic devices. It allows healthcare providers to precisely locate and monitor the status of these assets in real-time. This ensures that equipment is readily available when needed, reduces the risk of loss or theft, simplifies maintenance scheduling, and ultimately improves patient care by ensuring that vital equipment is always available and in good working condition.
How to find the best IoT asset tracking solution
Focusing on your specific needs enables you to identify the asset tracking solution that is the best fit for your business. Consider what you need to monitor and the level of granularity required.
A simple GPS tracker may suffice if you require only basic location information for a small number of assets. If you need to monitor the condition of a large number of assets in multiple locations, however, you should invest in a more sophisticated, end-to-end solution that is simple to develop, operate, and scale.
Next, consider the surrounding environment of your assets. If the majority of your assets are located indoors, a Wi-Fi or Bluetooth-based system would work well. If your assets are mobile, however, you may require a solution with cellular connectivity. An organization that requires indoor asset tracking can ensure stable connectivity by combining Wi-Fi and cellular connectivity. We at Aastro Tech are happy to support you on your IoT Asset Tracking journey.
Conclusion
Asset tracking enabled by IoT is no longer a luxury but a necessity for most businesses that value efficiency, security, and cost-effectiveness.
Connect with Aastro Tech Electronics at info@aastroelectronics.com to know how you can incorporate IoT for Asset Tracking.
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