Asset tracking has come a long way from pen-and-paper logs to digital mobile systems. Internet of Things (IoT) is the latest asset tracking technology that provides full automation, real time assets visibility, improved efficiency and cost savings.
Introduction: What Is IoT And How It Can Be Used For Asset Tracking
Efficient asset tracking is crucial for all types of businesses. IoT technology provides a powerful solution for monitoring and managing assets in real-time, ensuring optimal utilization, minimizing losses and delays.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 with embedded 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 process automation, reduced manual labor and economic benefits.
Asset Tracking And Why It Is Important
Asset tracking is the process of monitoring the location, status, and condition of the physical assets. While traditional methods involve manual tracking or basic electronic systems, modern asset tracking relies on digital wireless technologies (RFID, Bluetooth Low Energy - BLE, GPS) to collect and transmit assets info in real time.Real time visibility into assets location and conditions provides a lot of benefits to the companies. Accurate asset tracking helps companies to:
- prevent assets loss or theft
- optimize asset utilization
- ensure that assets are available when and where they are needed
- prevent project delays and ensures smooth operations
- make informed, data-driven decisions
- improve efficiency and reduce costs
To sum it up, effective asset tracking improves your bottom line and gives you a competitive advantage.
How IoT Is Used In Asset Tracking
The Internet of Things (IoT) devices, such as electronic asset tags (BLE or RFID) and gateways, can continuously collect asset location and conditions data, and transmit this info to a central system for real-time monitoring and analysis. IoT asset tracking system eliminates manual processes, minimizes errors, and enables proactive maintenance, ultimately optimizing operations and maximizing the value of assets.Benefits Of Using IoT For Asset Tracking
IoT-enabled asset tracking provides a range of benefits, including real-time location monitoring, predictive maintenance, and enhanced security.Real-Time Asset Location Tracking
There are several IoT technologies that can give you a real time asset location without involving company employees in the process.- Global Positioning System (GPS) provides precise outdoor positioning. Using GPS tags on the assets and equipment you can continuously monitor real time asset location and movement path via a web dashboard. Read this article for more info on GPS asset tracking.
- Bluetooth Low Energy (BLE) can be used for tracking assets inside and outside in the designated locations, such as a warehouse section, hospital area, a job site or a lumber yard. BLE beacons emit signals that are picked up by a smartphone or a dedicated IoT gateway. Smartphones or IoT gateways transmit data to the central system for processing and analysis. You can review real time assets location, assets movement history and quickly identify missing assets via the web dashboard. Read this article for more info on BLE asset tracking.
- Radio Frequency IDentification (RFID) is an older technology that can help you track assets in designated locations using RFID tags and gateways.
Remote Asset Condition Monitoring
IoT sensors can remotely monitor asset conditions 24/7. Sensors continuously gather data on various parameters, such as temperature, humidity, vibration, and pressure. This real-time information allows businesses to proactively identify potential issues before they escalate into costly equipment breakdowns. By analyzing the collected data, companies can optimize maintenance schedules, predict equipment failures, and extend the lifespan of their assets.Prevention Of Assets Loss And Theft
IoT-enabled asset tracking significantly improves security, preventing assets loss and theft. Io asset tracking systems often include a geofencing option. Using geofencing feature a company can establishes virtual boundaries for each asset. Immediate alerts are triggered by the IoT tracking system if an asset moves beyond its designated area.These timely notifications allow businesses to act fast, preventing theft and recovering lost assets.
Optimized Assets Utilization With Data-driven Insights
IoT data analytics generates valuable information that companies can use to optimize their process and workflow. By applying AI algorithms, businesses can identify patterns, correlations, and trends that were previously hidden. This info can help businesses identify asset usage patterns and improve resource allocation.
IoT Asset Tracking Technologies
There are quite a few IoT asset tracking technologies that can be used for different purposes, conditions and scenarios. Below is a brief summary of the most common IoT 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 gateways 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 the 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 In Different Industries
IoT asset tracking is already being used by businesses 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) allow companies to monitor the location and usage of heavy machinery, tools and materials in real time. IoT asset tracking systems help construction companies optimize asset utilization, reduce theft, and improve project management.You can find more information on IoT asset tracking in construction in these articles:
- BLE based equipment and tool tracking - how you can track equipment and tools in the warehouse, on the job sites and in the service trucks with BLE tags and smartphones or IoT gateways.
- BLE construction asset management - how you can track construction equipment on the job sites, allocate equipment for jobs and review equipment utilization using BLE tags.
Predictive Maintenance
IoT sensors attached to the equipment allow for the remote monitoring of critical parameters, such as temperature, humidity, and vibration pattern. Based on these parameters businesses can do pro-active equipment maintenance and prevent costly equipment breakdowns.Safety Of The Construction Site Workers
Using BLE tags construction companies can track location of the construction site workers and visitors in real time. Such tracking ensures that nobody accidently wanders into the hazardous environment, prevents accidents and saves lives.IoT Systems Use In Warehousing
Accurate Inventory Management
Companies can automate tracking of inventory flow in and out of the warehouse, as well as track inventory location inside the warehouse. This automated tracking provides real time accurate stock levels, helps companies optimize storage locations and streamline order fulfillment.Read this article for more info on BLE based warehouse inventory management.
Tracking Asset Utilization
IoT devices help warehouse managers monitor the usage of the forklifts, pallet jacks, and other equipment. They can use this info to improve resource allocation and maintenance scheduling.Climate Control In The Warehouse
IoT sensors allow you to remotely monitor temperature and humidity levels for sensitive inventory 24/7, from a single web dashboard. You can ensure proper storage conditions for food, pharmaceuticals, and other sensitive items without manual measurements.Read this article for 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 allow manufacturers to review the status of everything in production on a single web dashboard. You can review production history of each work order for traceability, as well as identify bottlenecks in the process and optimize production workflow.Read this article for more info on Iot based WIP tracking.
Manufacturing Tool Tracking
IoT systems help manufacturers track tools and equipment location and usage. Real time monitoring ensures that tools and equipment are available when and where they are needed, there are no production delays, tools loss or theft.IoT Equipment And Patients Tracking In Healthcare
Medical Equipment Tracking
Hospital staff usually do not have time and ability to track equipment manually or with the help of a barcode scanning. IoT asset tracking system helps hospitals locate and manage medical equipment hands free to improve asset utilization and patient care.Patients Tracking
Wearable IoT devices help hospital staff monitor the location of patients. Hospital or care facility staff always know patients' whereabouts, and get immediate alerts on accidental falls. IoT patients monitoring enhances patients' safety and reduces the need for constant physical checking, making the work of the healthcare facility employees more productive.Conclusion
The Internet of Things (IoT) technology has opened new opportunities in the asset tracking process. Businesses in diverse industries can use IoT technology to gain visibility and control over their valuable resources. From real-time location tracking and condition monitoring to theft prevention and data-driven insights, IoT asset tracking solutions offer multiple benefits. Implementation of the IoT asset tracking system leads to the increased efficiency, reduced costs, and improved decision-making.As IoT technology continues to advance, the future of asset tracking promises even greater innovation. This is especially true when you combine IoT and AI for the real time tracking and transforming data into meaningful, actionable insights.