Asset tracking has come a long way from pen-and-paper logs and barcodes. Today, the Internet of Things (IoT) is revolutionizing the way businesses track and manage their assets, providing unprecedented visibility, efficiency, and cost savings.
Introduction To IoT And Asset Tracking
What Is IoT
The Internet of Things (IoT) is a network of physical devices that can communicate to each other and to the internet wirelessly via attached or embedded electronic tags or sensors. Some examples may include smart thermostats, smart lighting systems, industrial equipment embedded with sensors, automated irrigation systems, and more.IoT creates an opportunity for the direct integration between the physical objects and cloud software systems. Implementing IoT in various industries results in the efficiency improvements, economic benefits, and reduced manual labor.
What Is Asset Tracking
Asset tracking is the process of monitoring the location, status, and condition of physical assets. While traditional methods involve manual tracking or basic electronic systems, modern asset tracking leverages technologies like RFID tags, BLE beacons, GPS, and IoT sensors to collect and transmit real-time data about the assets.Why Asset Tracking Is Important
Asset tracking is vital for businesses. It provides real-time visibility into the location and condition of their valuable assets. This knowledge provides a lot of benefits to the companies:- helps prevent assets loss or theft
- helps optimize asset utilization
- ensures that assets are available when and where they are needed
- helps prevent project delays and ensures smooth operations
- enables companies to make data-driven decisions, improve efficiency and reduce costs
Ultimately, effective asset tracking enhances a company's bottom line and competitive advantage.
How IoT Transforms Asset Tracking
The Internet of Things (IoT) revolutionizes asset tracking by seamlessly integrating sensors, connectivity, and data analysis. IoT-enabled sensors continuously collect information about asset location, condition, and usage, transmitting this data to a central system for real-time monitoring and analysis. This eliminates manual processes, minimizes errors, and enables proactive maintenance, ultimately optimizing operations and maximizing the value of assets.How IoT is Revolutionizing Asset Tracking
Real-Time Asset Location Tracking
IoT enables real-time asset location tracking through various technologies. GPS provides precise outdoor positioning, while indoor tracking relies on solutions like Bluetooth Low Energy (BLE) beacons. BLE beacons emit signals that can be picked up by smartphones or dedicated readers, enabling accurate tracking within warehouses, hospitals, or job sites. By combining these technologies, businesses achieve comprehensive, real-time visibility into the location of their assets, both indoors and outdoors. This granular tracking data enables efficient asset management, optimizes workflows, and enhances security by preventing loss or theft.Remote Asset Condition Monitoring
IoT sensors play a crucial role in asset condition monitoring. Sensors can continuously gather data on various parameters like temperature, humidity, vibration, and pressure. This real-time information allows businesses to proactively identify potential issues before they escalate into costly breakdowns. By analyzing the collected data, companies can optimize maintenance schedules, predict equipment failures, and extend the lifespan of their assets.IoT-based condition monitoring improves operational efficiency, reduces downtime, and enhances overall asset performance.
Prevention Of Assets Loss And Theft
IoT-enabled asset tracking significantly enhances security by incorporating features like alerts and geofencing. Geofencing establishes virtual boundaries for assets, triggering alerts if an asset moves beyond these designated areas. Real-time alerts can also be sent for unauthorized access attempts or suspicious movements.These immediate notifications allow businesses to take swift action, preventing theft, recovering lost assets, and ensuring the security of valuable inventory. This proactive approach significantly reduces the risk of asset loss and strengthens overall security measures.
Data-driven Insights
IoT data analytics processes the vast amounts of data generated by connected devices to uncover valuable insights. By applying advanced analytics and machine learning algorithms, businesses can identify patterns, correlations, and trends that were previously hidden. These insights can range from predicting equipment failures and optimizing maintenance schedules to identifying usage patterns and improving resource allocation.This data-driven approach enables proactive decision-making, leading to enhanced efficiency, cost reduction, and improved overall performance.
Introduction To IoT Asset Tracking Technologies
There are quite a few IoT asset tracking technologies that can be used for diiferent purposes, conditions and scenarios. Below is a brief summary of the most common technologies.| Technology | How It Works | Typical Use Cases |
| BLE | Uses BLE tags, that communicate to receivers (gateways or smartphones) using radio waves. Receivers transmit asset data to the cloud for processing. | Asset tracking indoors and outdoors in designated locations (service trucks, job sites, warehouse areas, offices). |
| RFID | Uses radio waves for contactless asset identification and tracking. RFID tags can be active or passive. Need specialized RFID readers to transmit data to asset tracking software. | Asset tracking by employees with RFID scanners or by using fixed gateways, indoors and outdoors. |
| GPS | Provides accurate outdoor location of assets using satellite signals. GPS tags transmit data to the cloud using cellular or satellite connection. No ateways or scanners are required. | Continuous recording of the real time location of the assets, works only outdoors. |
| LoRaWAN | Long-range, low-power networks for wide-area asset tracking. | Used for asset tracking in wide areas without Wi-Fi or cellular connection. |
| UWB | High precision asset location tracking using wide band radio signals. | Asset tracking indoors and outdoors when the precise location of asset is required, rather than a broader area. |
IoT Asset Tracking Industry Applications
IoT asset tracking is already being used by business in diverse industries to automate processes and improve efficiency. Here are some examples of IoT asset tracking in different industries.IoT Asset And People Management In Construction
Equipment And Tools Tracking
Smart electronic tags (BLE, RFID or GPS) allows companies to monitor the location and usage of heavy machinery, tools, and materials in real tme. Using IoT asset tracking data companies optimize asset utilization, reduce theft, and improve project management.More info on BLE based equipment and tool tracking, and BLE construction asset management.
Predictive Maintenance
IoT sensors attached to the equipment allows for remote monitoring of parameters such as temperature, humidity, vibration, and more. Based on these parameters businesses can predict maintenance needs and prevent costly equipment breakdowns.Safety Of The Construction Site Workers
Using IoT tags companies can track the location of construction site workers and visitors in real-time. Such tracking ensures that nobody accidently wanders into the hazardous environments.IoT Systems Use In Warehousing
Accurate Inventory Management
Companies can automate tracking of inventory flow in and out of the warehouse, as well as location of inventory inside the warehouse with precision. This automated tracking helps companies have accurate inventory levels at all times, optimize storage locations, and streamline order fulfillment.More info on BLE based warehouse inventory management.
Tracking Asset Utilization
IoT devices help you monitor the usage of forklifts, pallet jacks, and other equipment to improve resource allocation and maintenance scheduling.Climate Control In The Warehouse
Using IoT sensors you can remotely monitor temperature and humidity levels for sensitive inventory 24/7, from a single web dashboard. IoT monitoring system helps you ensure proper storage conditions for food, pharmaceuticals, and other sensitive items.More info on warehouse inventory management with climate control.
IoT In Manufacturing
WIP Tracking
Using electronic tags and IoT gateways manufacturers can track the movement of work orders through the production line. IoT systems help you access at a glance status of everything in production, and review production history to identify bottlenecks and optimize production flow.More info on Iot based WIP tracking.