Why Your Business Needs an IoT Asset Tracking System in 2024?

Integration of IoT technology can be seen everywhere. Whether it’s your home, office, business, or the cafe you visit to buy coffee. 

However, manufacturing industries have the most common use cases of IoT and greatly benefit from IoT technology. One such use case is the IoT asset tracking system that has been utilized extensively in manufacturing industries, warehouses, and supply chains to increase business productivity and to follow smart work practices at the workplace. 

IoT asset tracking system is the process of monitoring and managing assets and equipment in industrial settings. 

Today, an IoT-based asset tracking system is the most reliable way to keep track of assets and equipment.

Industries of all types deal with assets and equipment that are critical for everyday business operations. 

This article discusses and explains everything in detail about an IoT asset tracking system. 

Asset Tracking System Using IoT Explained!

An asset tracking system is developed to improve asset management operations. IoT technology makes it possible to track the movement of company assets using positioning technologies, short-range wireless communication, and the cloud. 

The aforementioned system is needed to improve asset management operations in the manufacturing and construction industries.

No doubt, IoT technology makes it possible to track the movement of assets using positioning technologies, short-range wireless communication, and the cloud.

Continue reading to understand how the system works. 

How the Asset Tracking System Works

The working of an asset tracking system can be explained in 5 steps:

1. Asset Tagging: Each asset is fitted with an IoT device that acts as an identifier.

2. Data Collection: The IoT device collects data about the asset, such as location, temperature, humidity, or vibration. 

3. Data Transmission: The collected data is transmitted to a cloud-based platform or on-premises server. 

4. Data Analysis: The data is processed and analyzed to give detailed insights into asset utilization, location, condition, and performance. 

5. Actionable Insights: The system generates alerts, reports, and visualizations through interactive dashboard to support decision-making and improve asset management. 

Which Technology is Used in Asset Tracking?

The choice of technology for an asset tracking system depends on various factors, such as the type of assets, desired accuracy, range, battery life, cost, and environmental conditions. Here’s a breakdown of the key differences between BLE Beacons, UWB, LoRaWAN, and Wi-Fi for asset tracking:

Reasons to Choose BLE Beacons

• Short range (typically up to 100 meters).
• Moderate accuracy (within a few meters).
• Low power consumption, best-suited for battery-powered devices.
• Relatively low cost.
• Best suited for indoor environments with line-of-sight.
• It is used for Indoor asset tracking, proximity marketing, indoor navigation.

Reasons to Choose UWB (Ultra-Wideband)

• Short to medium range (up to 100 meters).
• High accuracy (centimeter-level precision).
• Moderate power consumption.
• Higher cost compared to BLE and Wi-Fi.
• Works best in both indoor and outdoor settings.
• It’s used for high-precision asset tracking, indoor positioning, real-time location systems (RTLS).

Reasons to Choose LoRaWAN (Long Range Wide Area Network)

• Long range (several kilometers).
• Low accuracy (typically within tens of meters).
• Low power consumption, best suited for battery-powered devices.
• Relatively low cost.
• Suitable for both indoor and outdoor environments, more specifically in areas with limited cellular coverage.
• Used for outdoor asset tracking, remote asset management, logistics, agriculture.

Reasons to Choose Wi-Fi

• Indoor range typically up to 100 meters, outdoor range varies.
• Moderate accuracy (within a few meters).
• Higher power consumption compared to BLE and LoRaWAN.
• Low cost for existing Wi-Fi infrastructure.
• Primarily indoor environments with Wi-Fi coverage.
• Indoor asset tracking in areas with existing Wi-Fi networks, manpower tracking.

Which technology to choose entirely depends on what type of solution you want and what’s your budget. In some cases, a combination of technologies can be used to achieve the desired results.

So, make sure to get IoT consulting before deciding or pinpointing any specific solution. 

What are the Benefits of an Asset Tracking System?

IoT asset tracking offers a multitude of advantages across various industries. However, getting all the benefits in one product mainly if it’s off-shelf is difficult. That’s where product customization comes in. Choose an experienced IoT development company that can customise and develop the product as per your specific requirements. 

However, some of the benefits involved with smart asset tracking system are::

 Some of the major benefits offered by the system are:

1. Operational Efficiency

With the smart system, the team gets real-time visibility on asset placements. This helps the organization receive accurate and up-to-date information on asset location, condition, and usage.

Moreover, the system offers improved asset utilization capability. It identifies underutilised and excessively utilised assets to better allocate resources and reduce operational costs. 

With the smart system, the organization can also improve its workflow by streamlining operations and identifying bottlenecks. 

Proactive maintenance based on asset condition data minimizes equipment failures.  

2. Cost Reduction

With proper asset tracking, inventory can also be managed effectively. This prevents stockouts and overstocking situations. 

In addition, with the power of accurately tracking assets in near real-time, the organization can easily detect unauthorized asset movement. This way, asset theft can be prevented, and recovery of stolen assets will become easier.

3. Decision Making

The smart system gives detailed insights on assets location, movement, and working for informed decision-making.  

Also, with an interactive dashboard and asset performance analysis feature, the organization can evaluate asset performance metrics to identify the areas that need improvement. 

Besides, with an IoT based asset tracking system, the team can foresee asset needs and take preventive measures to counter potential risks. 

4. Customer Satisfaction

An IoT based smart asset tracking system will improve your service quality by tracking availability and location of assets. 

Supply chain visibility will also improve by using a smart asset tracking solution. As customers and supply chain team will have real-time shipment tracking information.  

The system also helps the organization demonstrate responsible asset management practices by providing transparency in asset management. 

Some Use Cases of IoT based Asset Tracking Solution

IoT asset tracking finds applications in a wide range of industries, such as:

1. Logistics and Supply Chain

• Shipment tracking: Monitor the location and condition of goods in transit.
• Container management: Track container movement, loading, and unloading.
• Fleet management: Optimize vehicle routes, monitor driver behavior, and reduce fuel consumption.
• Supply chain visibility: Improve supply chain efficiency and transparency.

2. Ecommerce and Retail

• Inventory management: Maintain accurate stock levels and prevent stockouts.
• Loss prevention: Track high-value items to deter theft.
• Shelf management: Monitor product placement and identify out-of-stock items.
• Customer experience: Enhance shopping experience with product location information.

3. Healthcare and Remote Patient Monitoring

• Medical equipment management: Track the location and condition of medical devices.
• Patient monitoring: Monitor patient location within healthcare facilities.
• Asset management: Optimize utilization of medical equipment and supplies.
• Supply chain management: Ensure the safe and timely delivery of medical supplies.

4. Manufacturing and Inventory Management

• Equipment maintenance: Predict equipment failures and schedule maintenance proactively.
• Asset tracking: Monitor the location and usage of tools and equipment.
• Work-in-progress tracking: Monitor the progress of products through the manufacturing process.
• Inventory management: Optimize inventory levels and reduce carrying costs.

5. Construction and Building Management System

• Equipment tracking: Monitor the location and usage of construction equipment.
• Material and Labour tracking: Track the movement of materials and workers on the construction site.
• Asset management: Optimize equipment utilization and reduce theft.
• Safety monitoring: Monitor worker safety and identify potential hazards.

To Sum Up, 

If you have business in the above mentioned sectors, it is very evident that you are in need of a smart asset tracking and inventory management system. 

Visit the PsiBorg Technologies website or directly reach out to them to get a customised asset tracking and monitoring solutions of all kinds be it an asset tracking system, inventory management system, equipment monitoring system, or employee tracking system.