Using IoT for Global Asset Tracking: Connect Anything, Anywhere

The Internet of Things or IoT is transforming many businesses. It doesn’t herald in greater discernibility of manufacture asset effectiveness but can enhance the operational efficiencies and facilitate informed decision making.

This is especially true because experts say that the global asset tracking devices market will increase by $36.3 billion by 2025. This means it will grow at 15% of CARG.

Apart from that, these asset tracking devices also open up many new ways of doing business. The reach of IoT is wide and far, and its benefits can provide significant value to the global supply chains.

What are the Benefits of Asset Tracking?

The IoT asset tracking devices have massive potential, and they are used for mining, agriculture, construction, and even supply chains. It can help in improving the overall efficiency.

Studies have shown that by 2027 there will be 267 million asset trackers across the globe. But using asset tracking devices can provide you with many benefits. Let’s find out what they are.

1.     Cost Reduction

Cargo theft can cost around $30 million in countries like the United States. But using Global asset tracking devices and sensors will reduce such theft and save billions. Embedding trackers on the assets will help you avoid asset loss.

This can help you ensure that no one gets to move your assets without proper authorization. These asset trackers and sensors will also help you learn about the asset’s exact location when it’s lost or stolen. When there is automation in tracking down workflows, it will lessen:

•     All manual tasks.
•    The time needed to track down the assets through in-person or phone.
•    Save the replacement cost.

2.     Quick Response Time

Through the IoT asset tracker, you can set up notifications and alerts for many crucial issues and events. This helps in increasing the response time. For instance, you got a notification about a shipment delivery, which cannot be fulfilled during the given time. So, in this situation, you can contact the driver and work out a solution immediately.

Another example: A sensor placed on manufacturing equipment detects that the machine is not functioning correctly. This sensor will alert people about the asset fault, proposing a quick asset check.

The in-built alerts within the sensors can help the managers opt for suitable action. On the other hand, predictive analytics can estimate all the delays right before they take place. This will lessen the disturbance within the business workflow.

3.     Rich Insights

Gaining all the tracking statistics, such as:

•    The frequency with which clients utilized your service or product.
•    The asset delivery time.
•    Common problems that can cause many asset failures.
•    The machine conditions
•    And many more.

Taking care of all these things manually can be pretty difficult. But with the Global Asset Tracking devices, you can automate them with no hassle. When you get valuable insights, it can easily increase the revenue. Experts say that about 79% of the supply chain leaders are utilizing the IoT asset tracker and have increased their revenue growth.

4.     Enhances the Customer Experience

According to recent studies, 89% of firms compete over excellent customer experience. The IoT asset tracker will allow you to collect the data, store them in the cloud, and then offer insight. Edge computing will need less bandwidth, offer accurate information immediately, and limits cloud processing.

Asset Tracking Software and IoT Devices: How to Use Them in Business Operations

You can use IoT asset tracker and asset tracking software for various industries and businesses. Some of them are:

1.     IoT for Healthcare 

In this modern world, all health surgeries and hospitals must control and track all physical assets. It’s not just because they are expensive but also to ensure patient requirements are met.

Experts have provided evidence that about 1/3rd of the nurses spend around 1 hour during shift looking for equipment. Some of the equipment is:

•    Ultrasound Units.
•    IV Pumps.
•    Mobile X-ray Machines.
•    Wheelchairs.

That’s why it’s important to opt for an excellent tracking solution that can help track down all these items effectively and quickly. Wireless technology and radiofrequency waves can help in transferring data to tracking software. Doing so will help you monitor the location of all the times in real-time.

2.     IoT for Chilled Food Transportation

Using an IoT device with humidity and temperature sensors contributes to all businesses that transport or supply perishable food items. These devices transmit all the essential data right to the asset tracking solution when the temperature drops down from the actual range.

You can divert trucks that carry spoiled goods easily and get to restock and dispatch another truck immediately. This can prevent all the end-customer dissatisfaction and supply chain delays.

3.     IoT for Fire Security and Safety

All business owners will easily benefit from the IoT smoke detectors installed on their premises. These smoke detectors are ideal for you when you have your own facility. Through the asset tracking software, you can check all the devices’ conditions and locations whenever you want.

If there is a fire, these devices will send alerts by triggering it through SMS, phone call, and email. Acting quickly will surely help you save the lives of your customers and employees. Apart from that, it will also lessen fire-related insurance claims.

Conclusion

Asset tracking has become compulsory for businesses these days. It can help you improve all the business areas, save you time, provide you with rich data insights, and lessen supply chain issues and errors.