It has been reported that 90 million businesses will be using asset tracking by 2025, with 2020 seeing a 27% rise in usage in response to business concerns during Covid-19. For any business looking to secure its assets – and its profits – smart asset tracking solutions are being used across a range of applications with great success. How does asset tracking work? Find out more about this fast-growing industry and what it can do to help your business.
What is asset tracking?
As the name suggests, asset tracking is a means of monitoring assets of all varieties (from personnel to equipment). These systems can monitor assets in real time and can provide a detailed record of movements and actions of key assets within a business’s operations. This tracking can create a database of information which can drive informed decision-making and empower high-level efficiencies. There is also a strong security benefit.
What are the different types of asset tracking?
Many different variations of asset tracking systems exist on the market today. This includes everything from manual systems to RFID, GPS, and barcode variations. Improved economies of scale in the asset tracking industry have seen notable advancements – expanding the reach of these systems across many different industries and applications.
What are the benefits of asset tracking for businesses?
Efficiency and supply chain
Smart, simple, cost-effective asset tracking solutions can have far-reaching benefits for businesses. The simple integration of these technologies means they can be implemented at key positions and on pivotal assets across the supply chain. From monitoring performance to assessing return on investment, asset tracking can inspire airtight maintenance plans and long-term strategies.
By collecting data on machinery and key personnel in real time, one is also given enhanced ability to respond to ‘true’ data. By providing insights on stock, warehousing, and logistics, business owners are given the unique ability to adjust their actions and priorities to achieve operational excellence and a top-end customer experience.
Security and recovery
The obvious – and perhaps primary – benefit of asset tracking systems is around security. Where asset tracking systems can be programmed to send alerts in response to unauthorised usage, movement, or other pertinent metrics, business owners and managers are given an unsurpassed opportunity to respond immediately to out-of-the-norm changes.
If technology reports on location in real time, this live tracking feature supports far enhanced recoverability. This information can be supplied to law enforcement agents to trace and recover assets – and increase chances of prosecution. This also mitigates the risk of costly operational down time due to loss of key machinery or tools – and thus secures continuity and profitability.
Lone worker support
Lone workers – especially those in remote and isolated locations or who perform hazardous tasks – are particularly vulnerable within a workforce. As such, business owners have a responsibility to safeguard the wellbeing of these individuals within their operations. Asset tracking solutions can be applied to people within an organisation and the data collected can serve to support and protect lone workers by providing alerts to undesirable data patterns and pre-programmed variables.
What to look for
Extended battery life is becoming the benchmark for asset tracking solutions.
Cloud-based, secure reporting
The power of data relies on a centralised reporting hub, accessible at any time and from anywhere. The ideal asset tracking solution provides cloud-based storage of all data collected, transmitted over a secure network.
Long-range and hardy
The more remote and challenging the location of assets, the more vulnerable they become – especially where they are high value. Long-range solutions which are robust enough to withstand environmental challenges are beneficial to businesses in most industries.
How to incorporate asset tracking into your business
Businesses of all sizes and across myriad industries are using asset tracking solutions to report on a range of variables. This goes beyond security to inform strategic, data-driven decision-making and bolster efficiencies. How does asset tracking work?
Contact us and we will tailor our solutions to your specific business needs.