Asset tracking is a crucial practice for contemporary firms to manage and monitor physical assets effectively throughout their existence. Whether it’s equipment, inventory, cars, or tools, managing these resources enables businesses to increase their use, decrease losses, and improve operational effectiveness. With real-time data and automation, new technologies like barcodes, RFID, IoT, and GPS have completely changed how companies manage their assets.
The fundamental concepts of asset tracking, technologies for modern businesses, and their benefits are all covered in this blog.
Understanding Asset Tracking
Asset tracking is the practice of keeping an eye on and overseeing tangible assets during the course of their existence. This involves monitoring the location, condition, and utilization of assets. Businesses may improve and increase asset performance and usage, decrease theft and loss, and increase efficiency by utilizing technology.
Firms can also benefit from asset tracking in terms of compliance, maintenance plans, and overall cost control. It is important for companies to try to maximize their return on investment and streamline their processes.
Importance of Asset Tracking
A significant amount of a company’s net value may be made up of fixed assets like servers and transport vehicles, which demand a significant capital expenditure. Furthermore, many firms may not even be aware of the full extent of their physical assets. One example of a tangible asset is an elevator in a business facility.
A company’s chances of optimizing the value of its investments as it grows are positively correlated with how well and efficiently it manages its assets. Finding out which assets are generating value, and which aren’t – begins with asset tracking.
Because it provides precise, comprehensive asset information records, efficient asset monitoring simplifies the work of both maintenance and administrative staff. By doing this, they avoid wasting their working hours looking for missing items that may be on-site or buying new assets that may already be there.
Asset Tracking Technologies
#1 Bar Codes
Bar codes are regarded as the industry standard for tracking assets. Data that is represented by bar code labels uses parallel lines of different sizes, widths, and spacing. They may provide each item with a unique identification and are affixed to bigger physical assets.
Because there are so many Android and iOS apps and mobile devices with bar code scanning software, they are a reliable, affordable, and scalable choice. QR codes are bar codes’ two-dimensional equivalent. When we compare it with conventional bar codes, they can store more information and can be read from any direction.
#2 Low-Power Wide-Area Network (LPWAN)
A wireless telecommunication network with low power consumption that facilitates long-distance communication is known as an LPWAN. The power efficiency of LPWAN technology can actually help an Internet of Things (IoT) device’s battery last longer.
IoT devices and sensor data are connected via LPWAN, whereas wireless WAN links individuals and companies. Both indoor and outdoor assets may be tracked and monitored by companies using LPWAN with IoT-enabled devices.
#3 Radio Frequency Identification (RFID) Tags
RFID tags use radio waves to broadcast the position of an object and store its information. They may be used for a variety of purposes, including tracking inventories in warehouses.
To document start and finish timings as well as cattle movement, they are also utilized in highway toll scanners and bicycle competitions.
#4 Internet of Things (IoT)
The term “Internet of Things,” or IoT, refers to a network of physical items that are equipped with sensors, software, and other technologies that allow them to communicate with other systems and devices globally and exchange data. These devices might range from everyday household things like thermostats and smart kitchen appliances to industrial apparatus used in factories and even cars.
Businesses can now track assets in real-time, get useful information, and make data-driven decisions to improve operations thanks to IoT technology.
#5 Bluetooth Low Energy (BLE)
Regular signals are sent by BLE asset tracking devices, and smartphones and other BLE-enabled devices can read them. Different use cases exist for the two primary BLE types: BLE tags are effective for smaller, non-stationary assets, while BLE beacons are appropriate for indoor, stationary assets.
In comparison to certain other asset monitoring systems, BLE offers a longer battery life, reduced prices, and greater location precision. Because of this, sectors including industry and healthcare have found use for them. BLE devices, however, are only suitable for short-range data transfer.
#6 Global Position Systems (GPS)
GPS asset trackers identify and monitor assets by sending data via satellites and cellular networks. GPS asset tracking devices are very precise, offer several connectivity choices, and can monitor assets all over the world.
Additionally, they may be used to establish geofences, which will alert companies when an asset departs the perimeter.
Advantages of Asset Tracking
- Loss prevention: It can aid in preventing misplaced, stolen, or lost valuables.
- Lowering insurance premiums: It can assist in lowering insurance expenses.
- Enhancing inventory management: Asset monitoring has the potential to enhance inventory management.
- Asset life extension: It makes an asset last longer.
- Data collection automation: It can assist with data collection automation.
- Enhancing auditing: It has the potential to enhance auditing.
What’s Next?
The asset tracking market was estimated to be worth USD 21.2 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 15.0% from 2024 to 2030, reaching USD 63.6 billion.
Asset Tracking – A Strategic Necessity for Modern Businesses!
Asset tracking has emerged as a fundamental component of successful corporate management. Utilizing new technology such as RFID, GPS, and the IoT, companies may obtain real-time asset visibility, which guarantees more intelligent decision-making and smooth operations.
More dynamic asset management skills are promised by AI and IoT developments as industries change, which opens the door to increased competitiveness and productivity.
We hope you will start exploring asset tracking today to enhance efficiency and safeguard your business’s future. For more insights and solutions, visit us at HiTechNectar.
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