The boom in technological advancement has turned the long-stretched world into a smart global village. The world is evolving at an astonishing speed, and thanks to IoT, the surrounding around us is now digitally connected, controlled, and directed by our single tap on a smart screen. Seemingly, with the advent of smart tracking or asset tracking system, we can now easily determine the exact location of anything. This shows that IoT innovations and smart solutions have paved the way for stronger, reliable, and better connections than in the past.
Asset tracking is the process of monitoring and tracking a company’s physical assets and resources. It can sometimes be referred to as an Asset tracking system or asset management. Moreover, with the innovation of IoT, people can integrate smart asset tracking into their businesses, which has decreased their labor expenses while increasing their efficiency in terms of time, energy, and accuracy.
Which type of asset tracking technology is better?
There are mainly three types of asset tracking technologies. We can use Barcode tracking, RFID tags (Radio Frequency Identification), or GPS Asset Tracking to locate or track an asset, product, or resource. A barcode label is attached to the asset, and users can use scanning software via smartphones to manage, operate and monitor assets through such tracking. Chronologically speaking, barcode tracking is commonly used for inventory and on-premise tracking.
Moreover, RFID tags are mainly used in inventory warehouses. This tracking method usually includes tags, labels, a printer, wristbands, and a handheld scanner. It makes business transactions and asset monitoring accurate and efficient.
Then there is GPS asset tracking which uses cellular networks or satellites to pinpoint the exact location of the asset. GPS (Global Positioning System) based solutions like Trackpro, which involves satellite monitoring, are used to detect assets like fleets and delivery packages accurately. A tracker is attached to the asset, which transmits location points to the satellite; through a smart application, managers can see where their assets are currently.
Comparatively, Barcode tracking is cheaper than the GPS tracking system. However, in terms of accuracy, complexity, and real-time access to data, GPS asset tracking seems to be the more efficient and better choice. Furthermore, RFID tags, in terms of tracking workplace resources, have significant advantages- reading long-distance data and utilizing multiple tags. Nevertheless, GPS asset tracking is still a preferable option in terms of providing real-time data. It is a larger outlay for different businesses that helps managers efficiently monitor the company’s assets and resources.
In addition, Barcode and RFID tags are mostly used for micro-level trackings like warehouse inventory and products. At the same time, GPS tracking is mostly used for macro-level monitoring like fleet management, car rentals, and huge delivery consignments. Their level of usage may vary from each other. Still, regarding efficiency and quick accessibility to accurate real-time data, GPS-based asset tracking solutions seem to take the lead among the three types.
Benefits Different Industries Can Reap From Smart Asset Tracking
• Easy Monitoring of Different Assets and Resources
Businesses involve complex processes and include a huge list of assets and resources in operations. Monitoring and maintaining them properly and simultaneously is next to impossible task. However, with smart solutions like Trackpro, asset tracking can become easy and smooth. Such asset tracking systems consist of smart sensors that provide real-time location and monitoring of different assets and resources, especially regarding fleet management. Moreover, sometimes the managers can not track the company assets properly due to physical restraints and long distances. This creates a hurdle in properly allocating assets in different places. You remain unsure or get mistaken about the asset’s availability. Thus, smart tracking can also fill this gap by supporting the timely allocation of resources while preventing delays in completing tasks and the company’s progress.
• Avert Losses and Theft
One of the setbacks companies may face misplacement and theft of their assets and resources. This may cost some fortune and an economic dent in the company’s expenses. However, attaching different intelligent tags and smart tracking sensors on different resources or supplies like a laptop, or any handheld machinery, can easily give the asset’s whereabouts to the manager. Not only will the manager be fully aware of the resource location, but the worker will be more responsible for using the tool and putting it back in its proper place. This will significantly make using different assets cost-effectively and save the company from losses and theft.
• Optimize the Life of Assets
Asset tracking systems can be very beneficial in terms of increasing the life span of different tools and assets. Because it consists of smart sensors that provide real-time location of the resource to the asset managers, this helps them optimize the use of assets. These smart solutions generate alerts to the managers about the maintenance of the device or tools. Hence, ensuring timely repair and maintenance further increases the tools or equipment usage. With these self-driven maintenance schedules, replacement, and fixing, the managers can save many bucks for the company and its business operations. This ensures that the company’s progress and commitment remain uninterrupted in the market.
• Digital Updates
Asset tracking solutions can also help gather all the stakeholders in one place despite their physical and time restraints. Such smart solutions for smart tracking provide and store real-time data of different assets digitally on a cloud network with the help of smart sensors and tags. Instead of going through dozens of papers, stakeholders can easily access this information and monitor the whereabouts of their assets and resources by logging into a server or an app. All of them are always aware-digitally updated about important transactions, investments, and purchases of different tools. This creates a hospitable environment in the company while paving the way for fruitful and smart decision-making for the company’s future.
• Accurate Audit and Reporting
Smart asset tracking solutions can be very helpful in organizing different operations of the company. It can help you store and access information regarding different factors or attributes like schedules, location, depreciation, maintenance, etc., regarding your assets and resources via a smart cloud-based software system. This will give you an accurate, holistic overview of your business and future endeavors. It will, in turn, provide safe and data-driven future investments and decisions with a high probability of success. Plus, rather than fault-prone humans and perishable papers, it depends on A.I-based software and smart solutions, making auditing and reporting easy, secure, and accurate.
To sum up, asset tracking systems may vary in terms of their types and usage level, but they all pose similar benefits to all businesses. Hence, given their importance and increasing market demand, it has become important for almost every industry to invest and integrate such smart solutions and smart tracking in their business operations. As a result, it will ensure efficient tracking and monitoring of assets and resources while preventing any hurdle in the company’s progress and commitment.