The Internet of Things (IoT) has taken the world by storm and become a key part of nearly every industry in some way. But what is the Internet of Things? IoT is the connection between devices, machines, other objects, and even sensors worn by people all done via the internet. This network across the internet helps make it possible to share data, extract meaningful information, and improve our own day-to-day lives.
One way that IoT has benefited many industries and people is in improving asset management and asset tracking. What is IoT tracking? Read on to learn more about IoT asset tracking, how it works, the benefits, and how to get started.
What Is Smart Asset Tracking?
To start, what is asset tracking in general? Asset tracking is using a method of your choice to be able to determine where equipment, product, and other assets are located physically. There have been many ways to track assets historically, but these days, most companies use technology to track its assets since it makes it possible to determine locations in real-time.
With the increase of technology in asset management, there’s been a clear need for smart asset tracking or asset tracking with IoT with a growth of 17.1% in 2022. IoT asset tracking is using IoT connected devices to keep track of where assets are located. Anything that already connects to the internet is already a part of the Internet of Things, and there are many simple ways to incorporate many types of asset into the network of connectivity to be able to take better control of assets.
How IoT Tracking Works
IoT tracking has three components: tracking devices, connectivity, and remote software. Every asset that needs to be tracked will need to have an IoT enabled device attached to it if it’s not already able to connect to the internet. IoT devices need to be small enough to secure assets and sophisticated enough to connect to a network easily. With the right devices, asset tracking can be extremely smooth and effective.
Once IoT devices are connected to assets, there needs to be connectivity, so businesses can actually track the assets. Often IoT GPS tracking, bluetooth, and other similar connectivity methods are used to connect a device to the tracking software. The last element of IoT tracking is the software used remotely to manage the assets. Essentially, the device will transmit a signal through the connectivity method to the remote software where the business can view important data on the assets. The software system needs to be effective for smoothly analyzing asset information. With the right IoT technology, asset tracking can be a simple process.
Most goods today lack visibility and traceability of what happens during the journey, such as late departures or arrivals. Because the logistics industry is no longer simply moving goods from point A to point B, temperature, condition, and punctuality are increasingly important. Assets owners need to know where their shipments are, whether they’ve been handled correctly and if they’ll be delivered on time. Get started with KORE’s Critical Asset Management.
Benefits of IoT Asset Tracking
But why is asset tracking important? These are some of the main benefits of IoT asset tracking:
- Real-time tracking. Day or night or anytime in between, IoT tracking provides a way to see exactly where every asset is located. Instead of waiting for assets to hit certain checkpoints or for employees to manually enter information, IoT makes it possible to know in real-time.
- Reduction of theft and loss. Asset tracking in general is an excellent way to reduce the amount of assets that are lost or stolen. But using real-time and connected tracking gives companies even greater control over reducing theft and loss.
- Smoother supply chain and workflow. Knowing where assets are can keep every step of the supply chain moving smoothly with fewer interruptions and delays. In addition, great IoT monitoring can keep the overall workflow moving easily and with fewer interruptions or hiccups.
- Rich asset data. With almost constant data on assets, it’s much easier to gather useful and rich data on assets, production, shipping, and more. Tracking key information is much easier with connectivity.
- Improved performance and monitoring. Data from assets can also inform performance of a product. For example, if the data shows one product regularly breaks, the next model can be improved upon and perform better.
With IoT asset tracking, you can have a clear workflow, real-time tracking and data, and better control over assets.
Application of IoT Tracking
IoT has become a staple in so many industries, and IoT tracking has transformed many companies. From agriculture to manufacturing and fleet management, IoT is everywhere. These are just some of the ways IoT tracking has been applied to improve performance and production.
Healthcare has been one of the main industries where IoT has been improving practice and helping people. Healthcare equipment can be extremely important to saving lives, and it’s extremely expensive if it’s stolen or lost, so asset tracking can be been important in healthcare. IoT tracking has been an effective way to keep track of wheelchairs, IV pumps, x-ray machines, ultrasound units, and more. Real-time tracking is also important to know where equipment is when it’s needed. For example, if an IV pump is needed on one floor, it’s easy for employees to know exactly where each one is and bring one to the right location quickly.
Smart smoke detectors have already been transforming fire safety, and being able to track smart fire equipment is another important aspect. Asset tracking with IoT lets you check the status, battery life, condition, and location of fire alarms in real-time, so you can be sure your fire safety preparation is ready at all times.
IoT for smart cities has the ability to improve the lives of residents with a focus on widespread data collection, management, and strategy. Smart cities require an efficient and reliable cellular connection to access the full benefits of IoT. Local organizations team up with government agencies to monitor, respond, and protect daily functions within the city. The use of IoT in cities has improved economic development and city productivity for organizations and citizens.
Asset Tracking with Simon IoT
Overall, IoT asset tracking is an innovative and effective way to monitor assets and be able to determine the condition of assets in real-time. Doing so helps increase security, productivity, and understanding company procedures. Whatever the industry, IoT tracking can be a game changer. The key is finding the right asset tracking system and support to help you and your company take advantage of the benefits of IoT tracking.
Simon IoT provides you with the support and IoT devices you need to track assets at your company. Some key features include:
- Strong connectivity for IoT devices across many types of networks like 4G, LTE, 5G, NB-IoT
- SIM cards and other IoT devices
- Flexible and transparent pricing
- Designed for any size of business or any type of customer
- One portal for tracking
- Customizable portal display for your business needs
IoT tracking can help take your company to the next level.
Get started with Simon IoT today.