With over 10 billion devices worldwide connected to the internet, the ‘Internet of Things’ (IoT) has become more than a buzzword. It is a technology that is disrupting almost every industry, in a good way, and when it comes to IoT in Asset Management, it is a technology that one can simply not overlook.
The use of IoT devices can be seen everywhere; from smart thermostats, fitness trackers, to satellite navigation systems. In fact, the global IoT market is expected to exceed a total worth of $1.5 trillion by 2025.
With the potential to drastically cut business expenses, and make more accurate data-driven decisions, Internet of Things has become an essential addition for organisations and their processes. Including that of asset tracking.
How IoT can be adopted for Asset Management
The Internet of Things devices can be used alongside asset tracking software for several different business types and industries. Such as:
IoT for fleet management
The primary objective of fleet operators behind their efforts is to achieve the lowest total cost of ownership (TCO) simultaneously trying to comply with the stringent safety and environmental regulations.
Just as fleet management software ensures smooth tracking of vehicles, Internet of Things (IoT) connects the applications making the fleet operations greener, safer and more cost-effective.
IoT collects the data from different sensors and helps the fleet management companies to use these insights fulfilling the various objectives like fleet performance, adherence to laws, driver behavior, idling, and vehicle speeding.
When IoT is implemented properly, it guarantees an instant improvement in performance by optimum utilization of resources. Collecting and sharing the information quickly can help you take action in real-time thereby helping a company make instant improvements and quick decisions.
It can cut down the time wasted in idling, and overspeeding and also reduce the unnecessary wear and tear of vehicles.
IoT for healthcare asset tracking
It’s essential for hospitals and health surgeries to track and control physical assets. Not just because they’re very costly, but also to ensure patients’ needs are being met. According to a survey conducted by the Nursing Times, one-third of nurses spend one hour per shift looking for equipment.
Wheelchairs, IV pumps, mobile x-ray machines, and ultrasound units are just some of the items that need monitoring at all times. RFID is an effective solution for tracking these types of assets, with items being assigned RFID tags that are scanned via a mobile reader or as they move past a scanning point. Radiofrequency waves and wireless technology is used to transfer data to an asset tracking software tool. There you can monitor each item’s location in real-time.
IoT for chilled food transportation asset tracking
An IoT device with temperature and humidity sensors (as well as GPS tracking) is instrumental for any business that supplies or transports perishable food products. The device transmits the necessary data to the asset tracking solution whenever the temperature drops out of the required range.
As a result, trucks with spoiled goods can be diverted, and another one restocked and dispatched as quickly as possible. This helps to avoid supply chain delays and end-customer dissatisfaction.
IoT for fire safety asset tracking
Any business owner could benefit from IoT-connected smoke detectors on their premises, particularly those who own facilities. Through asset tracking software, it’s possible to check the location and condition of each device at any time.
In the case of fire, alerts are triggered in real-time by phone calls, email, and SMS. Quick reaction times could save the lives of employees and customers and also reduce the number of fire-related insurance claims.
Asset tracking is a necessary business process that can be substantially improved by utilising devices and the right software tool. IoT is evolving all the time and, used for asset tracking, it offers a range of benefits for various businesses. Such as:
Real-time asset tracking
Being able to monitor assets at any time of day or night and remotely through an asset tracking software tool.
Rich data insights
Utilising IoT means you’ll know much more than where your assets are located. Through useful data insights, you can make better strategic decisions and improve day-to-day operations.
Reduces supply chain disruption
You can see where assets are at every stage of the supply chain and use IoT data to ensure that goods arrive at their destination in their rightful condition.
Saves time and errors
IoT brings automation to asset tracking workflows, which saves many manual hours and reduces the risk of human error.
Reduces theft and losses
Through IoT devices and asset tracking software, you can ensure your assets aren’t moved without authorisation. In the event of theft, IoT makes recovery much easier.
The Fastcomm Advantage
If like many modern businesses, you’re looking to adopt IoT for your Asset Management, Fastcomm’s Hellothing platform can assist. Our IoT Platform enables businesses to digitally transform their operations by connecting their physical world with a digital one. By harnessing real-time operational insights, businesses can now boost efficiency, make more informed decisions, and reduce their operating costs.
Our smart connected equipment or asset monitoring solution provides you with peace of mind in that you can easily and conveniently manage and monitor your equipment from anywhere, at any time and ensure no operational downtime.
