How IoT Can Be Used In Asset Management & Tracking?
One of the most growing application areas of the Internet of Things (IoT) is asset management, also referred to as asset tracking. Mobile Experts reports forecast that asset management and tracking the IoT device market is likely to be three times by the year 2022. Even IBM has listed IoT for asset management and tracking to be one of the top industrial use cases maturing in the coming time.
What is all this hype regarding solutions offered by asset management in IoT? What are the Benefits of IoT based product scanners for asset management? How IoT enabled hand barcode scanners to help the asset management system? In this blog post, we will point out and discuss what options IoT brings to the procedures of keeping track of your organization’s assets.
Asset Management Solutions
Asset management is the complete procedure of keeping track of your organization’s physical assets and their essential details. With respect to your business, physical assets can mean diverse sorts of equipment, software devices, IT tools, or vehicles, for instance.
Before we can discuss the benefits of IoT for asset management, we first have to know how companies at present handle their assets and what insights they track without IoT. So let’s initiate with that.
Use of Legacy systems
The older way of managing assets is to use legacy systems, such as handwritten documents or Excel sheets, to keep track of information. These kinds of methods to tack assets are incompetent and at risk of errors. These manual methodologies are usually burdening for asset executives who are accountable for keeping asset records updates and answering queries related to assets’ whereabouts.
Asset Management Softwares
To enable operations to run seamlessly, many organizations use devoted asset management solutions, which facilitate employees to straightforwardly access and modernize assets’ information. Implementing this sort of solution more often than not means that an organization’s diverse assets are tagged with asset tags such as barcodes, QR codes, and NFC tags and handled utilizing an asset management software solution. The asset tags can be easily scanned through mobile devices, and they act as links connecting the physical products and their details right in the company database.
Devoted asset management solutions offer advancements matched to the traditional and manual methods, but let’s see how IoT based asset management systems bring to the table?
IoT-enabled Asset Management Facilitating Automation and Intelligence
IoT-enabled asset management solutions help in adding automation and intelligence to the whole system. These solutions use advanced IoT sensors, which allow organizations to dynamically track precise information about their assets without any human participation.
These IoT sensors can be tactically attached to assets as a substitute for or along with more usual asset tags such as QR codes. There are many categories of sensors obtainable, such as acceleration, temperature, humidity, pressure as well as proximity sensors. They can be used for diverse industries and use cases. The sensors are attached to the needed assets for collecting data, which is enabled to a cloud platform.
This scenario happens at an assured frequency, like every 15 minutes relying on the technology and settings utilized for data transmission. The data is then processed, analyzed, and transformed into usable insights about diverse assets’ usage, positions, surroundings, and state, for instance.
Applications related to IoT-enabled Asset Management
Based on the collected data, IoT-enabled asset management solutions can offer organizations with real-time notifications, alerts, predictive analytics, automated data insights, and reporting, and much more. For instance, it can also be effectively applied for an inventory management system using IoT based hand scanners.
- Usage hours
- Warehouse inventory
- Material flows
Automated location information, asset monitoring, and tracing, along with geofencing solutions using GPS trackers.
Automated tracking of used hours and alerts about reached threshold values such as the utilization of acceleration sensors.
You can have a smart inventory management system with IoT applications.
Automated tracking, insights, and reporting of material flow using RFID tags.
The Objectives of many Asset-intensive Companies are to
- Augment the company reputation and make sure its sustainability
- Trim down the overall maintenance costs
- Boost asset downtime from asset stoppages or failures
- Enable productivity and earn high ROI
Asset Management Approaches Powered by IoT-enabled Technology offers Benefits such as
- It diminishes human power involvement and amplifies device competence
- Enlarge the life of the asset optimizing kinds of stuff such as repairs and replace
- Finding the root cause of issues the asset is facing and strategic cost monitoring
- Identify the correct asset which requires to get consideration and which does not
- Keep tracking the performance data to conclude when the asset is probable to fail
- Finally, rectify all the likely problems and have smart financial decision-making
Exploring How Technostacks has Delivered Useful IoT Solutions in Asset Management
The team at Technostacks has already worked on many IoT based projects. We recently have built a smart hand glove that held’s barcode scanner, which can be used with the assistance of a battery. This glove has an inbuilt Bluetooth chip that interacts and communicates with the smartphone APK that holds the complete record of every scanned product or item. It even uploads the information to the cloud for future usages such as the management of stocks and other use cases.
Because of the overall size, pricing, and life of the sensor devices, the use cases for IoT-enabled asset management are many times restricted to tracking expensive and intense equipment such as trucks, or heavy shipping containers. However, this technology is swiftly evolving with each passing day and all the time, which can facilitate us to monitor and further track smaller and less costly equipment with IoT in the coming time.
We at Technostacks are a leading IoT app development company, and we have already delivered IoT solutions in asset management to our varied clientele. We assist companies in attaining real-time asset tracking, building robust maintenance strategy, and enable asset management. Our IoT asset monitoring services allow higher asset uptime and have enhanced ROI through our client projects.