The modern business landscape is always changing and with it the tools and technologies that businesses use to operate.
It’s no secret that the internet of things (IoT) has been making waves in recent years, with more and more devices connecting to the internet and sharing data. This ever-growing network of interconnected devices is what drives the IoT, and it’s proving to be a powerful force in the business world, with enterprises across the world investing heavily in IoT projects.
So what does this mean for asset tracking? In short, enterprise IoT is paving the way for a new era of smart asset tracking. Let’s take a closer look at how this is happening and what it means for businesses.
What is the Internet of Things (IoT)? What Impact do IoT Technologies have on Business?
The Internet of Things commonly referred to as IoT is a system of interconnected devices and sensors that collect and share data about their surroundings. IoT solutions utilize both cloud computing and edge computing to gather data from connected devices and then send it to the cloud for storage and analysis.
IoT technologies are used to track and manage everything from industrial machinery and consumer electronics to home automation and smart buildings, and they are having a major impact on businesses across a wide range of industries.
By collecting real-time data from connected IoT devices, businesses can gain insights into their operations and make better-informed decisions. Industrial IoT technologies can also help businesses to automate tasks and improve efficiency using IoT device management.
In addition, IoT-enabled devices can be used to monitor and manage inventory, track shipments, and provide customer service. As the IoT continues to evolve, it is expected to have an even greater impact on businesses around the world.
How have IoT Technologies Changed the Landscape of Asset Tracking and Management?
IoT technologies have revolutionized the landscape of asset tracking, giving organizations unprecedented visibility into the location and utilization of their high-value assets.
In the past, asset tracking was a reactive process, driven by manual data entry and inventory management. Today, IoT technologies are enabling smart asset tracking, which is a proactive and preventive approach to managing assets.
IoT-enabled devices are able to collect real-time data on asset location, condition, and usage of assets, providing organizations with unprecedented visibility into their operations. This is particularly valuable for companies that manage large fleets of vehicles, returnable transport items (RTIs), or distributed teams of workers, as it allows them to optimize routes, track utilization rates, and ensure that critical assets are properly maintained.
IoT applications are also making it possible to automate asset tracking processes, further improving efficiency and reducing labor costs. As IoT-based smart asset tracking solutions become more commonplace, they are poised to have a major impact on the way businesses operate.
What is Smart Asset Tracking?
Smart asset tracking uses a combination of IoT sensors, asset tags, and software to track the location and status of assets in real time. This information can be used to improve asset utilization, optimize maintenance schedules, and reduce losses due to theft or damage.
IoT technologies provide the foundation for smart asset tracking, but the system also relies on a robust cloud-based IoT platform to collect and interpret asset data. By bringing together these different components, smart asset tracking provides a real-time, end-to-end view of an organization’s assets, making it an essential tool for optimizing operations and reducing costs.
The Benefits of Smart Asset Tracking with IoT Technologies
The use of smart asset tracking with IoT technologies can offer many benefits for businesses including:
- Reduced Costs: One of the primary benefits of using IoT technologies for asset tracking is that it can help businesses to lower costs. By tracking the location and status of assets in real-time, businesses can make more efficient use of their resources and avoid costly downtime. Additionally, businesses can use smart asset tracking data to improve their maintenance and repair processes, which can further reduce costs.
- Increased Efficiency: When you know where your assets are at all times, you can more easily keep track of them and ensure that they are being used in the most efficient way possible. Additionally, smart asset tracking can help you to avoid lost or stolen assets, which can further improve your operational efficiency.
- Improved Decision Making: Another top benefit of using IoT technologies for asset tracking is that it can help businesses to improve decision-making. By collecting data on the usage and performance of assets over time, businesses can gain insights into which assets are being used most effectively and which ones may need to be replaced or repaired. Additionally, businesses can use asset tracking data to develop predictive models that can help businesses to anticipate future needs and trends.
- Enhanced Security: Smart asset tracking can also help to enhance security by deterring theft and providing law enforcement with the information they need to quickly recover stolen assets. For example, if an asset is equipped with a GPS tracker, law enforcement will be able to quickly locate it if it is stolen. Additionally, if an asset is equipped with an RFID tag, it can be scanned for identification purposes, which can help to prevent theft in the first place.
- Meet Regulatory Compliance: Smart asset tracking data can also be used to improve regulatory compliance. For example, if you have real-time visibility into the location and condition of your assets, you can quickly address any issues that may arise during shipping or delivery. Additionally, if you have real-time visibility into the location and condition of your assets, you can proactively address any issues that may arise during storage or transportation.
As the IoT continues to grow, smart asset tracking is expected to become increasingly commonplace, unlocking new benefits for businesses and consumers alike.
The Future of Asset Tracking is Smart
Not only are smart asset tracking devices becoming smaller, more accurate, and more reliable, but this new generation of asset tracking solutions is already beginning to change the way we think about supply chain management.
For example, smart asset trackers like BLE beacons can be used to monitor the real-time location of returnable assets, like shipping containers and pallets, track their usage, and even predict when they have gone missing.
In addition, smart asset trackers can be integrated with other IoT technologies to create a “digital twin” of an asset. This digital twin can be used to simulate different scenarios and optimize the performance of the asset.
Finally, the use of blockchain technology is providing a new level of security and traceability for asset tracking. The possibilities are endless, and smart asset tracking is surely destined to become a cornerstone of modern business. The future of asset tracking looks very promising indeed.
How Smart is your Asset Tracking?
The impact of IoT technologies on business cannot be overstated. Businesses can now harness the power of data to improve their operations in ways never before possible. From tracking assets in real-time to improving supply chain management, the benefits of IoT are vast.
With smart asset tracking, businesses can enjoy a number of benefits including improved visibility into their operations, enhanced security measures, and reduced costs. As the world becomes increasingly connected through the internet of things, it is clear that the future of asset tracking is smart. Are you ready for it? Please explore our smart asset tracking solution and request your demo below.
Last Updated on September 21, 2022 by Radiant