IoT asset tracking is a fast-growing phenomenon across a number of industries. It is expected that by 2027, there will be 267 million active asset trackers in use worldwide for agriculture, supply chain, construction, mining, and other markets. And it’s no wonder—for asset-intensive organizations, utilization, risk, and return on assets are critical elements with regard to staying competitive.
Would your business benefit from an IoT tracking system? Keep reading to find out.
What is IoT asset tracking?
“Asset tracking” refers to monitoring the location of specific assets that are important to your business, whether those assets are hammers, X-ray machines, vehicles, shipping crates, or even people. “Real time asset tracking” means tracking the movement of an asset as it occurs, so you know its whereabouts at all times.Rather than tracking assets manually—having a supervisor fill out a form stating that an asset arrived at a specific location, for example—IoT tracking systems use sensors and asset management software to track things automatically. Click To Tweet
How does the IoT fit in? Rather than tracking assets manually—having a supervisor fill out a form stating that an asset arrived at a specific location, for example—IoT tracking systems use sensors and asset management software to track things automatically. Assets to be tracked are affixed with sensors, which continuously or periodically broadcast their location information over the internet; the software then displays that information for you to see. The various types of IoT asset tracking systems differ in the way in which the location information is transmitted, usually via GPS, Wi-Fi, or cellular networks. With sensor technology having advanced to the point where the costs are quite low, the biggest expense now associated with IoT asset tracking is Internet connectivity—an area that continues to develop and will likely drive even bigger growth as more lower-cost options arise.
What can a real time asset tracking solution do for you?
Poor management of physical assets can be detrimental to productivity, and have a negative impact on the bottom line. Your company could be losing hundreds of thousands of dollars in time wasted searching for equipment; in some cases, like construction, the cost of stolen assets can also add up significantly. Asset tracking provides a way to address these and other challenges, no matter what industry you’re in:
- Manufacturing companies, particularly those operating in large spaces, can reduce the amount of time they spend locating materials, tools, and equipment.
- Hospitals can improve patient care and reduce waiting times if equipment is more easily located; they can also track equipment associated with external patient care, such as home health aides.
- Logistics companies can use it to stay on top of the location of cargo and improve delivery times.
- Educational organizations can keep track of school property such as laboratory equipment, library books, laptops, etc.
- Mining companies can use it to get alerts if mine vehicles are operating in unsafe work zones, ensuring the safety of their employees.
- Farmers can use it to track and monitor livestock, track harvested crops and their locations in various storage facilities, and manage locations of harvesting equipment.
- Rental companies can use it to track rental items, both on and offsite.
- Construction companies are using it to help derail theft, and stay on schedule by keeping better track of materials.
Do you really need asset tracking? 3 Questions To Ask
Interested in getting started with IoT asset tracking?
Every business requires a different approach to asset tracking; we can help design yours.
Iota has everything you need to get started, including a line of IoT sensors that can track location as well as environmental conditions; a dedicated, cost-effective IoT network designed specifically for IoT connectivity; and an easy-to-use IoT platform that simplifies the management of it all. If you’d like to talk with us about our real time asset tracking solution and how it might work for you, get in touch.