Asset Tracking: How to keep track of your Resources

Tracking the location of delivery vehicles and goods in real time at any moment – just a dream? Not at all! With modern asset-tracking technologies, companies can easily enhance their inventory management.

The days of long searches for lost pallets or missing delivery vehicle locations are over. The time saved by employees can be used more efficiently, allowing for better work allocation.

Asset tracking is an innovative method for monitoring company resources, such as vehicles and goods, in real time using networking technologies like GPS and LPWAN. It enables businesses to accurately track the location and condition of their assets, increase efficiency, minimize losses, and optimize inventory management.

There are numerous company resources whose location, condition, and usage can be monitored with asset tracking:

• Vehicles and Fleets: Cars, trucks, and delivery vans can be tracked using GPS trackers and LPWAN modules. This optimizes routes, monitors fuel consumption, and enhances vehicle security.
• Machinery and Equipment: Industrial machines, tools, and construction equipment can be equipped with RFID tags or GPS trackers to monitor their usage, schedule preventive maintenance, and prevent theft.
• Inventory and Stock: Products and materials in warehouses and retail stores can be tagged with barcodes, QR codes, or RFID tags, facilitating inventory management, tracking, and reordering.
• Documents and Files: Important documents, files, and contracts can be tracked with RFID or barcode systems to ensure they are easily locatable and secure.
• People and Employees: In certain environments, such as hospitals or construction sites, employees wear devices that monitor their location and safety.

Asset tracking can be integrated into various aspects of a company, with a generally similar process: Specialized devices or technologies, known as asset trackers, can be attached to company resources. These trackers collect data such as the location, movement, or condition of the asset (e.g., temperature).

The collected information is then transmitted in real time via networks such as cellular, GPS, Wi-Fi, or Bluetooth to a platform. There, the data is analyzed, visualized, and presented in user-friendly dashboards. This allows companies to track the location and usage of their assets at any time. This real-time monitoring enables quick responses to changes, better maintenance planning, and the prevention of losses.

Asset tracking plays a crucial role for companies seeking greater transparency in their inventory management.

• Increased Efficiency: By combining localization, geofencing, and motion detection, asset tracking optimizes resource utilization and reduces downtime. It helps avoid unnecessary costs by enabling preventive maintenance and minimizing losses due to theft.
• Cost Reduction: Companies can lower maintenance costs by using condition monitoring, such as tracking the temperature of their machines and vehicles, and conducting timely maintenance.
• Enhanced Safety: Real-time monitoring of machines, vehicles, and other assets helps identify and address safety risks early, thereby increasing overall operational safety.
• Improved Inventory Management: Asset tracking provides a precise overview of inventory through accurate localization or level measurement, making it easier to track and reorder stock while reducing both overstock and shortages.
• Optimized Resource Utilization: With precise tracking, such as geofencing, companies always know where their assets are and how they are being used.

The use of modern asset tracking technologies can lead to impressive efficiency gains for companies. Many businesses have seen maintenance productivity increase by 28.3%, resulting in a 20.1% reduction in equipment downtime. Additionally, maintenance and repair costs have been reduced by nearly 17.8%. Below, we provide an overview of the most important asset tracking technologies used in various applications.

The implementation of asset tracking in companies can significantly enhance efficiency and transparency. Here are the key steps to successfully introduce asset tracking:

• Define goals and choose technology: Set clear objectives for asset tracking, such as cost reduction or increased security, and select the appropriate tracking technologies like GPS, RFID, or Bluetooth based on these goals.
• Pilot project and system integration: Conduct a pilot project to test the technology under real conditions, and then seamlessly integrate the asset tracking solution into existing IT systems like ERP or CRM platforms.
• Employee training and engagement: Train relevant employees to effectively use the new technology and ensure their involvement in the process to guarantee the success of the strategy.
• Continuous monitoring and optimization: Regularly monitor the performance of the asset tracking system, make necessary adjustments, and analyze the collected data to make informed decisions and refine the strategy as needed.

Asset tracking is highly beneficial for companies looking to efficiently manage and monitor valuable resources. It is especially advantageous for logistics and transportation companies, manufacturing firms, construction businesses, and retailers with extensive inventories. By enabling real-time tracking, businesses can minimize losses, increase operational efficiency, and reduce costs, ultimately leading to better control and transparency of their assets.