What is IoT asset tracking? And, would your business benefit from an IoT tracking system?

One of the fastest-growing phenomena all over various industries is IoT asset tracking. Experts expected that by 2027 there would be a number 267 billion active asset tracker users worldwide for supply chain, agriculture, mining, construction, and many other markets. It is beneficial for asset-intensive ventures as risk, uses, and return on assets are vital components to remain competitive.

What is Asset Tracking?

Asset tracking is already a self-explaining term. However, the term’s technical definition tracks a particular asset’s location that holds immense importance for your business. The assets that may be crucial for your business may be hammers, vehicles, X-ray machines, shipping crates, and even humans. Another common term you will encounter while searching for asset tracking is “real-time asset tracking,” which means tracking an asset’s movement to be aware of its whereabouts.

Uses of Asset Tracking In efferent Industries

Lacking the management of physical assets can cause severe damage to the venture’s productivity, negatively impacting the bottom line. People have faced this issue where they had to lose thousands of dollars during the search period of some equipment, or in some cases, the stolen asset cost keeps on adding up notably. IoT asset tracking offers the opportunity to the business to focus on these issues and other challenges regardless of your business industry:

•      Manufacturing Industry: With the help of asset tracking, the manufacturing companies managing large areas can significantly decrease the amount of time they spend on tracking the tools, equipment, and materials.
•      Health Care Industry: With the reduced time of equipment locating, the hospitals will enhance their patient care facilities. Moreover, saving the asset tracking time, they can also track the types of equipment involved in external care, for instance, health aides.
•      Industry of Logistics: IoT asset tracking helps logistics businesses to continue to top the location of the cargo and improve delivery times.
•      Educational Institutes: It gets more accessible for them to locate and track laboratory equipment, laptops, library books, children’s whereabouts, etc.
•      Mining Industry: The mining companies will track and get alerts of the mine vehicles and know if they are operating in unsafe zones.
•      Farmer: This system will help farmers greatly as they will track their track harvested crops, livestock, storage facilities and decide the areas for harvesting equipment.
•      Construction Industry: These companies often use this system to assist derail theft and stay maintain sound material track.

Benefits of Asset Tracking

As we have already got an overview of how asset tracking helps its clients, now we are going to find out more specific benefits of having asset tracking:

Cost Reduction

According to a survey, they estimated that the cost of cargo theft is over $300 billion in the US alone. If you can decrease theft using anything like an IoT GPS tracker, you will experience a slight improvement. By installing trackers on assets, you can prevent asset loss. With the assistance of asset tracking IoT solutions, you can guarantee that no one displaces your assets without approval. One might get the asset’s accurate area if it’s taken or lost.

Enhance Customer Experience

IoT asset tracker enables a company to collect data, store the data on the cloud, and then give insights. Thus, while almost 89% of businesses compete over good client experience, edge assessment needs less bandwidth to provide reliable immediate information, limiting cloud processing.

Streamlined Operations

With an IoT asset tracking device, you will manage extensive assets from one area. You can re-course the fleet, check harmed items, or recharge supply chains using your cell phones from any place in the world. You will also be able to plan asset maintenance utilizing proactive maintenance. This system will help you if your asset requires support. You can automate the whole asset-related process alongside tracking someone to smooth out it further.

Boost Productivity, Energy, and Cost-Efficiency

IoT GPS tracker offers insights into the excellent distribution, and real-time visibility into asset uses also operates cycle period, enhancing productivity. The cycle of acquirement to shop floor maintenance to inventory network and activities, quality asset incites improvement across the whole work process.

Labor Productivity

An average worker gives away 2.8 hours each working week in the construction industry. IoT GPS trackers enable them to secretly monitor and track labor productivity on-site only along with real-time information. Current surveys revealed that wearable tech productivity had gone up 8.5%, while the job satisfaction level elevated to 3.5%.

IoT Statistics

•      In 2021, the world had over 10 billion active IoT devices.
•      The researchers stated that the number of active IoT devices will cross the4 billion around 2030.
•      Experts suggested that over 152,200 IoT devices will get installed on the net per minute.
•      IoT arrangements can produce $4-11 trillion in financial worth by 2025.
•      83% of associations have worked on their productivity by installing IoT innovation.
•      The experts say that the assessed estimated worldwide IoT expense is $15 trillion in the coming 6-years ranging from 2019-to 2025.
•      The customer IoT market will reach $142 billion by 2026 at a CAGR of 17%.

Conclusion

Thus, if safety is an issue for your business, installing an IoT asset tracking device would be the best option. The IoT devices provide efficient and effective asset operation ability, enhancing the business venture’s management efficiency. Moreover, it also allows its users to innovate company models to track assets. It even helps the associations recognize regions of enhancement for cost optimization.