IoT Asset Tracking: Benefits, Technology, Use-Cases

The potential for tracking assets with the Internet of Things is vast. An IoT solution for tracking assets can boost productivity in any industry where they are used. This includes agriculture, supply chain, construction, and mining.

That’s why experts predict 267 million asset trackers will be used worldwide by 2027. Companies would use the Internet of Things for asset tracking and management to maintain a competitive edge. In addition to this, there are countless IoT development companies across the globe that provide business owners with seamless and sustainable app development solutions. If you’re one of those business owner, looking for user-freindly and  cost-efficient IoT app development solutions; IoT development company in Dubai is one of the reliable & top-grade company for the unexpected level of growth of your company.

Experts in mobile technology predict that the number of assets tracked by the Internet of Things will quadruple, from 20 million in 2016 to 70 million in 2022.

IoT and the Future of Asset Tracking?

Supply chains, as we all know, are expanding at a rapid rate today. Because of this, navigating the complexities involved is challenging for us. They are moving towards IoT and other technology-driven solutions to ensure precise asset tracking.

Nokia’s head of WING marketing, Thomas Fuerst, stated, “Supply chains are becoming more global by nature, and you can’t wait until someone arrives to know what condition the asset is in or if something went wrong on the way.”

Sensor data gathered through the Internet of Things can provide a current picture of the asset’s condition. Focusing on the coding of IoT devices is essential for this purpose. This means that in addition to knowing where an asset is, they must also know where it has been and who is responsible for what.

Consider how important raw material delivery is to your factory. If the shipment is delayed, it could cause serious problems for your company. Attaching Internet of Things (IoT) devices to the package lets you track its whereabouts in real time. You can redirect the shipment if it’s going in the wrong direction. Canceling the cargo or purchasing it from another supplier are two options for maintaining the supply chain’s timeline.

Internet-of-Things Asset Tracking’s Benefits

As is well-known, keeping tabs on company assets is crucial. The advantages of an Internet of Things tracking system are manifold.

Save Money

Do you know that cargo theft costs the United States over $30 billion annually?

By using sensors and trackers, even a little increase in theft prevention can save millions.

Asset loss can be prevented if Iot tracking devices are attached to all valuables. Implement an asset-tracking IoT solution to ensure that none of your assets are moved without permission. If an asset is stolen or misplaced, its precise location can be determined.

When tracking assets, automation eliminates the majority of the tedious, time-consuming, and expensive manual processes previously required.

Reduced Waiting Time

The Internet of Things enables the creation of alerts and notifications for significant events and problems. As a result, the response time lengthens.

Consider the scenario in which you are informed that the shipment cannot be delivered at the specified time. In this scenario, you can contact the driver immediately and sort anything out.

In a second situation, a piece of manufacturing equipment’s sensor reports malfunctioning. It can sound an alarm and notify the appropriate party of a problem with the asset, prompting a thorough inspection. Predictive analytics can predict delays before they happen, allowing managers to take preventative measures that minimize the impact on business operations caused by the delays.

Facilitated Procedures

An Internet of Things solution for tracking assets allows the centralized management of multiple thousands of items. From anywhere in the world, drivers may change their routes, damaged goods can be recalled, and supply networks can be restocked using only their smartphones. Predictive maintenance can be used for asset planning. If your asset requires servicing, this will be helpful. All procedures involving assets, including tracking, can be automated for increased efficiency.

Leveraging IT operations with AI is the most effective strategy to speed up and simplify asset maintenance. Preventative asset maintenance can be planned for with the help of AI, greatly lowering the need for human labor and the associated expenses. As a result, asset tracking will become even more streamlined, and problems will be solved faster.

Let’s say a component of your asset has broken down and needs fixing immediately. An asset tracker will immediately identify the problem and alert you to it. The system engineer will be kept up to speed on the replacement, and the following steps will be predicted. The program will see if the component is in stock. If it’s not in stock, it will initiate a purchase order with the distributor so the system engineer can work immediately.

Abundant Ideas

It will be challenging to keep real-time tabs on data such as asset delivery time, client usage, common causes of numerous asset failures, machinery conditions, etc. The Internet of Things, however, makes automation possible. Insights with commercial value can also boost earnings. Regarding asset tracking, 79% of supply chain leaders implementing IoT see greater revenue growth than their peers.

Ease the Pain of Being a Customer

Approximately 89% of businesses now compete based on providing a superior customer experience. Asset tracking enabled by the Internet of Things enables data collection, cloud storage, and analysis. Edge computing reduces the amount of data sent to the cloud, which speeds up reliable data delivery in the here and now.

Technologies Driving IoT Tracking System

Barcodes and inventory lists were two examples of manual processes previously use by corporations to keep tabs on their possessions. But with the current level of demand and complexity in the industry, that is impossible. Integrating the Internet of Things with other technologies can save time and effort.

An IoT tracking system can make use of a variety of technologies. The most frequent ones are:

• Beacon/BLE Bracelet
• RFID tags

Tracking Assets: How It All Works

Beacon/Bluetooth Low Energy Bracelet Asset Tracking

The Internet of Things (IoT) hub is the asset tracking solution’s central component, including the beacon/BLE bracelet and receivers. A small BLE (Bluetooth Low Energy) device does attach to the target object and acts as the transmitter. The gadget transmits a radio signal that any nearby receiver, such as a smartphone, may pick up. The IoT Platform, or the cloud database, receives a constant stream of location data from each instance via a real-time signal from the IoT Hub. Beacons/BLE bracelets feature extra sensors like an accelerometer or temperature to track delicate items.

RFID-Based Asset Tracking

RFID tags employ radio frequency identification (RFID) technology‘s passive reading mode to monitor property movement. RFID tags are passive if they do not actively transmit a signal. An RFID reader can pick up an RFID-tagged asset. When an RFID reader collects data, the asset’s location and status does update in the cloud-based IoT Platform. IoT-enabled RFID’s enhanced asset visibility helps reduce breakdowns and boost productivity.

Case Studies in Asset Management Using Internet of Things Tracking Devices 

Today, asset tracking is useful in every sector. This protects against wasteful spendings like theft, loss, and damage. Assets represent a sizable portion of most businesses’ resources, making asset management essential. Additionally, it aids in conforming to regulatory frameworks and industry standards. IoT digital asset tracking applications: what are their potential uses?

Recovering Stolen Vehicles for Insurance Purposes

These days, car thieves uses GSM jammers. However, innovative IoT tracking technologies have develop by firms such as Sigfox. The radio transmissions use by them cannot intercept. Even if a car has been stolen, the tracking gadget will continue to report its location through GPS. They also facilitate interaction between insurers, security firms, and law enforcement. This makes it simple to track down and retrieve stolen autos.

Insurance firms can benefit from this application of IoT location tracking. This is due to the fact that insurance companies will benefit monetarily from the adoption of such gadgets. Additionally, they can reduce the amount of premiums charged to customers.

Inventory management in a supply chain system

Moving items from one location to another is the essence of logistics. However, extreme caution should be exercised when handling pharmaceuticals and food consumption. For safe and palatable transport, businesses must adhere to strict guidelines.