All You Should Know About IoT Asset Tracking
In this Article:
2.1 Supply Chain
2.2 Retail
3. Afterword
How can you ensure your equipment works well and will not cause costly downtime soon? Probably, your colleagues check its operation daily, collecting relevant information and building data models based on this investigation. The results will be turned into predictions. But will they be accurate enough to help business leaders remain confident in a further uninterrupted operation? You never know.
Fortunately, people created a more reliable way to keep an eye on hardware, as well as other corporate property, and its name is IoT asset tracking. The popularity of the Internet of Things is growing dramatically, and this field is not an exception. ResearchAndMarket reports that the global market of IoT asset tracking is projected to reach $ 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027. Recently, Belgian IIoT firm Sensolus joined forces with a communication service provider Deutsche Telekom to roll out one more solution with at least a 5-year lifecycle for asset tracking.
Demand creates supply, so we should expect even more valuable products to cover this need. But what IoT features are making such sort of control so popular? We're here to discover it. Read on to explore core Internet of Things capabilities allowing businesses to track assets efficiently and see how companies use the opportunity to grow.
IoT Asset Tracking in Plain Language
What is IoT asset tracking, and why is it crucial?
IoT asset tracking is the Internet of Things-based technology allowing businesses to collect and process accurate real-time data on the assets' conditions to discover their behavior or stage in the future. Mainly, this approach is used by enterprises since they need to control vast resources across various affiliates.
Just imagine how innovation can change business operations! It helps manufacturers avoid downtimes, saves employee life in the construction domain, allows retailers to provide buyers with fresh and healthy food, etc. This technology makes businesses mature and flexible by enabling them to tailor to any conditions.
What makes IoT asset tracking work
So, how does this magic wand work wonders? The secret is in smart devices gathering needed information and transferring it to the central IoT device management platform using robust connectivity. Therefore, companies usually simultaneously implement IoT and 5G to ensure uninterrupted data exchange.
IoT asset tracking: six dos against one don't
Dos | Don’t |
Fewer operational costs The technology helps businesses support assets preventing costly repair, downtime, potential income loss, etc. | Time-consuming implementation process To make IoT asset tracking tools work properly, companies must care about business processes and existing software before implementation. The adoption requires relevant integrations and procedures built in a certain way. |
Optimized business processes IoT asset tracking is capable of eliminating routine work and ensuring better productivity. It allows businesses to build well-designed processes and support employee engagement. | |
Real-time data The core IoT value is its ability to ensure real-time data and notify employees instantly in case of any risk in asset operation. | |
Accurate predictions By using IoT in asset management and tracking, managers can be sure that no force-majeure will occur and interrupt business operations. | |
Fewer risks Empowering companies with data and predictions, the technology helps managers to create virtual models of their assets (digital twins) and validate ideas on their boosting without harm and risk. | |
Basis for innovations This approach allows the creation of a mature and stable business that is able to withstand any obstacles regarding their nature. | |
How Businesses Perform IoT Asset Tracking: Use Cases
Supply Chain
At the end of 2022, the supply chain is finally on its full recovery after the pandemic and war. The enterprises here usually face issues with the location of goods, weather, governmental restrictions, etc. To achieve timely shipping, they must continually optimize routes considering the carriers’ health and productivity, weather conditions, and any unexpected situations. So, the Internet of Things is another ally helping enterprises to stay afloat.
You may also like: Digital Platform as a Solution of Supply Chain Issues: Case Study For companies in this field, “IoT asset tracking” is a synonym for “business flexibility,” “transparency,” “timely delivery,” and “fraud detection.” Therefore, even when the danger is in the past, businesses use this approach to save a competitive advantage, and most likely, they will continue to do it.
Therefore, the market is full of solutions helping businesses achieve their strategic goals in the supply chain field with IoT asset tracking. For example, Bosch launched Track and Trace, an IoT-based tracking product providing up-to-date information on the condition of shipping assets. The solution aims to ensure easier supply chain management & tracking.
Source: Bosch
The company is convinced that this product can help build reliable planning, reduce the workload and cut costs, and simultaneously ensure better business results.
“In the course of our projects, we were able to increase the utilization of logistics assets by up to 25 percent. And we were able to boost the availability of reusable containers by as much as 25 percent, sparing companies the cost of buying new ones.”
Retail
Probably, merchants worldwide require smart IoT asset tracking more than other business players. They have complex processes, various departments, and resources that should be appropriately controlled. Among the core technology use cases here are:
The above supply chain asset tracking
Regardless of the business model, retailers have to ensure stable goods turnover. They can’t afford to leave shelves empty. IoT-based tracking systems help them know where their shipments are, when they are delivered, and in what quality and quantity. Probably, the evangelists of this approach are food merchants first. Let’s remember how IoT asset tracking helped Walmart deliver fresh products to its buyers. The company used smart devices to manage the temperature and air humidity during the delivery.
The control of warehouse resources
The wide assortment of products will lead to mess in warehouses. Meanwhile, empowered with IoT, merchants systemize it. Employees know the placement of each item, its storage conditions, etc. Among core business pros, in this case, is an excellent customer experience. Let’s take a look at clothing stores. Consultants can find needed SKU on demand with lightning speed and immediately bring it to a potential customer.
You may also like: IoT is Transforming Warehouses Right Now. See How It Does ItManagement of equipment in brick-and-mortar stores
Since offline shopping has been resurrected, retailers should take care of hardware like air purifiers and ventilation systems to ensure buyer safety. Cameras, fridges, and other stuff also need proper tracking, but safety is first. So, businesses implement IoT asset tracking technology to ensure the equipment will work uninterruptedly. Moreover, hardware work at full capacity requires enormous energy resources. To remain sustainable, companies apply IoT tracking since it helps reduce energy consumption by running the power inside trading halls.
Afterword
Information is power. The Internet of Things provides businesses with the core value they need to remain competitive - the technology ensures real-time, accurate data collection. This approach always allows companies to be one step ahead: fix issues before they arise, repair before it's needed, etc.
Today, proper IoT asset tracking is rather a must than a luxury for enterprises. It helps business leaders keep all existing resources on the radar, ensuring reasonable usage, stable operation, and turnover.
The only thing business leaders might feel challenged about is the IoT adoption and IoT asset management system development. Companies can spend time and investment to build everything from scratch or optimize resources with low code tools, like the XME.fast code platform, ensuring faster time-to-market, high ROI, and better business performance.
If you're looking for a way to design an IoT asset tracking platform 2x faster - let us know. Our specialist will help you develop a full-fledged solution on an extremely tight schedule with the XME.fast code platform.
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