Real-Time Asset Tracking: The Key to Optimizing Operations and Reducing Costs

The modern business environment is undergoing rapid changes. Today, many companies are faced with the need to optimize their activities, reduce costs, and improve service quality to increase customer satisfaction. This can be achieved in several different ways. One of the most effective ones is real time asset tracking, which allows for monitoring vehicles, equipment, and inventory. In this article, we will be discussing what indoor asset tracking is and what advantages it gives to companies.

How indoor asset tracking works

Real time asset tracking refers to tracking indoor objects using physical hardware and software. Each asset is equipped with a special sensor/tag that sends out radio signals and helps easily determine the location of objects. The platform shows assets on a map and provides information about daily operations, current status, and service history. All equipment data must be provided in real time.

Asset monitoring is widely used in many industries. Every year it’s gaining more and more popularity within manufacturing, logistics, retail, and healthcare. According to statistics, as of 2021, the indoor asset tracking market was valued at $17.75 billion. By 2027, these numbers are projected to increase, with an average annual growth rate of 13.91%.

Various technologies can be used to implement real time asset tracking. The most common ones are:

• Bluetooth® Low Energy is a wireless communication protocol designed to reduce power consumption. During its implementation, special tags and beacons are placed on the equipment and indoors. Readers capture pulses from these sensors and send them to the server for further processing, after which the information appears on the user’s smartphone or PC. The asset location accuracy is about 3 ft.
• UWB is an ultra-wideband technology with a bandwidth of up to 500 MHz. Like Bluetooth Low Energy, it has low energy consumption, but it detects objects with a higher accuracy of up to 4-20 inches. For asset tracking, tags are installed on the equipment and help perform tracking using TWR, TDoA, and AoA methods.
• Wi-Fi is a wireless communication system that operates based on calculating coordinates. To determine the location, the multilateration method is used, which helps track objects with an accuracy of 10-16 ft. The technology allows you to use the existing infrastructure, which significantly reduces the implementation cost.

How an asset tracking system helps optimize operations and reduce costs

Tracking vehicles and equipment indoors provides many benefits. After its implementation, businesses can instantly determine the location of assets, track their movements, and receive detailed analytics to optimize business processes.

Real Time Asset Location

Asset monitoring allows you to instantly determine the location of any objects, whether they be vehicles, special equipment, or tools. Tracking is performed in real time, so management and staff always know where a particular asset is at the current moment. All data on the location of objects is displayed on the indoor digital map, which can be viewed on a computer or in a mobile application.

Asset usage data analysis

The asset tracking solution provides the management with detailed analytical data on the movement of assets to make the right business decisions. It can help you get the following information:

• current location of objects;
• movement history;
• downtime and use of equipment;
• non-working devices, etc.

Reducing equipment downtime

RTLS indoor tracking provides more efficient asset management and helps minimize downtime. With it, you can always maintain the optimal condition of the equipment. The system monitors the condition of assets and quickly notifies you if there’s a need for repair or maintenance, which allows you to extend the life of the equipment and avoid unnecessary spending.

Quick push notifications

The system provides efficient communication and can be configured to send specific push messages. For example, you can send notifications containing the following information:

• adjusting daily tasks;
• changes in equipment routes;
• emergencies;
• collision warnings.

Theft prevention

Any company that owns or leases equipment needs to protect its assets from theft. Manual monitoring usually results in higher costs, while RTLS indoor tracking allows you to avoid hiring additional staff. Monitoring is carried out in real time and helps not only to eliminate but also to prevent theft. As soon as an object leaves the territory, the system immediately sends sound signals or push messages.

Application areas of real-time asset tracking

Indoor asset tracking can be helpful in a variety of business areas. However, it’s most relevant for manufacturing, logistics, and healthcare.

Logistics and warehouses

With a tracking solution, you can optimize and automate warehouse operations. The system opens up opportunities for tracking products, equipment, and pallets, as well as provides a quick search for objects and detailed analytics with a history of movements. The introduction of tracking increases the safety of warehouse staff and helps save on warehouse operations.

Manufacturing

Thanks to indoor asset tracking in manufacturing, it’s possible to optimize production processes. This technology allows for:

• effectively managing inventory;
• quickly finding lost equipment and tools;
• productively planning the use of technology;
• improving supply chain transparency.

Healthcare

Asset monitoring for healthcare facilities improves patient safety and the quality of their care. Through the system, staff can accurately track the location of medical equipment, allowing for faster response to emergencies and efficient resource management. Additionally, tracking provides comprehensive information about the operation of tools and equipment, which makes it possible to optimize the budget for new equipment.

In conclusion, regardless of the industry, asset monitoring improves the performance of any company. By implementing it into your infrastructure, you can remain one step ahead of the competition, optimize your operations and reduce equipment downtime to decrease costs.