Implementing real-time asset tracking can be very beneficial for companies of any size. A solution like this allows you to predict the service life of equipment and vehicles, perform maintenance promptly, and prevent equipment theft.

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With proper implementation, tracking can successfully optimize the working process of the company and increase its efficiency.

What is a real-time asset tracking system?

Real-time asset tracking is a modern digital solution that provides positioning and monitoring inside buildings. It’s based on a set of tools that allow developers to create convenient mobile apps for tracking vehicles, goods, and equipment inside large buildings such as warehouses, factories, and shopping malls.

The main components of the system include software, as well as hardware, including fixed and portable equipment. The process is based on sensors (beacons or tags) that are installed indoors or attached to objects which are being monitored. They send out radio signals with identifiers at a certain cadence, and the reading devices receive these pulses and send them to the server to determine the location of the object. Then, the data enters the user’s mobile app and allows you to track equipment in real-time.

Key features of the platform include the following:

• monitoring the location and movement of assets on a digital map;
• developing routes for the movement of vehicles at the territory;
• preserving the movement history;
• sending push notifications with useful information (warning about the likelihood of a collision, repairs needed, etc.);
• collecting data to optimize logistics.

Implementing an indoor asset tracking system can be carried out using various technologies. The most common today are Bluetooth LE, UWB, and Wi-Fi.

Benefits of a real-time asset tracking system

Introducing real-time asset tracking allows companies to increase productivity and make their business more efficient. An indoor asset tracking system locates equipment with high accuracy and provides a wide range of benefits, such as:

• Reducing equipment loss and theft. Thanks to real-time asset tracking, staff always knows where equipment or vehicles are located. Constant monitoring ensures the safety of equipment and prevents its unauthorized removal from the territory. This contributes to significant savings in the funds spent to replace stolen or lost assets.
• Quickly searching for equipment/assets inside the building. If any object is lost, the platform will help you quickly find it in any room. This approach saves employees time and provides quick access to the necessary assets.
• Increasing productivity. The system controls the number of active objects, which allows for predicting their life cycle. After tagging each object, the platform automatically scans machinery and equipment as it goes through the motions, which helps determine their service life, and the need for repair or maintenance. Thanks to this solution, employees are freed from time-consuming accounting tasks and can focus on more important work.
• Real-time asset management. With an indoor asset tracking system, companies can accurately determine the current state of objects. The platform provides opportunities for calculating convenient routes, quickly eliminating delays or path changes, as well as adjusting daily tasks.
• Preventing accidents in the workplace. An important advantage of using a tracking system is to ensure safety at work. Tracking helps prevent possible collisions with objects or people and contributes to the immediate reaction to emergencies. With it, you can automatically send information about adverse working conditions, as well as instantly respond to violations of traffic rules.

Thanks to the ability to perform maintenance on time, an indoor asset tracking system allows you to reduce costs on repairs. It can help you track the history of asset activity and predict which equipment will need maintenance soon.

Which industries can benefit from a real-time asset tracking system

Asset tracking is widely used in many industries. Let’s focus on the following use cases:

Warehousing and logistics

A warehouse asset tracking system provides the precise locations of objects in warehouses. With it, you can constantly monitor the movement of goods, forklifts, stackers, trucks, and other assets. All traffic information is displayed on a digital map and allows you to track equipment in real-time. In addition, the platform provides detailed analytics, which makes it easier to plan everyday tasks.

The expected benefits of tracking in warehouses include:

• optimizing logistics;
• improving equipment and staff safety;
• saving on transport and staff costs;
• accurate positioning and saving time on searching for objects.

Hospitals

Tracking in healthcare allows for controlling expensive medical equipment, such as infusion pumps, dialysis machines, ventilators, heart monitors, etc. Clinic staff can track the location of these devices and quickly determine whether a particular medical device is free at the moment.

Key benefits of asset tracking in hospitals:

• optimizing hospital asset management;
• preventing theft and removal of equipment outside the hospital;
• providing quick access to assets by building the shortest possible routes (especially relevant in emergencies when the patient urgently needs medical assistance).

Manufacturing

In manufacturing, tracking helps reduce costs and increase safety at factories. When implementing the system, you can quickly determine the location of moving objects, build their routes, and identify lost or broken assets. The tracking platform allows you to control KPI fulfillment, and also evaluates the efficiency of vehicles and special equipment.

The benefits for manufacturing include:

• reducing the cost of equipment maintenance;
• optimizing logistics;
• efficiently planning tasks for equipment;
• avoiding collision;
• minimizing equipment or vehicle downtime.

Retail and shopping malls

Modern tracking solutions take the work of shopping malls to a new level. With indoor tracking, stores can increase staff productivity and reduce inventory purchase costs. The platform is equally successful at tracking forklifts and stackers, as well as shopping carts. This reduces theft and removal of commercial equipment from the territory, which minimizes the cost of purchasing new assets.

The main advantages of using tracking in retail include:

• reducing time for shopping mall staff to search for objects;
• timely notifying staff and security about equipment theft;
• building routes for moving loaders and other equipment with collision avoidance;
• ensuring the safety of customers and staff.

Thus, indoor asset tracking is an effective tool in business development. It gives a positive result in any field or industry and helps optimize the working process of the company. With real-time asset tracking, you can automate asset management, extend the life cycle of equipment and minimize operating costs.