Img Source - Yu Shin Wang
Real-time locating systems (RTLS) have become a key component in the world of asset management. Every year they’re becoming increasingly popular in various industries, as they provide visibility into the location and condition of objects at the current moment in time. RTLS asset tracking allows companies to streamline workflows and make better decisions to improve business efficiency, planning, and cost savings.
What is RTLS?
RTLS is an automated digital system that provides real-time identification and tracking of assets. With it, you can determine the location of assets, control their movement, and obtain a wide range of analytical data for more successful development of your business.
The platform is based on tags/beacons that are placed within the building or on monitored objects. They can be put on vehicles, equipment, and uniforms. When an object or a staff member moves, the sensors immediately send a signal with an identifier to the reading device, which transmits it to the server for further processing. Using special algorithms, the system determines the location of the object and then sends the finished product to the user’s smartphone or computer.
The following technologies can be used to implement RTLS:
- Bluetooth® LE is a low-power wireless communication protocol. Bluetooth® Low Energy beacons can communicate over a range of up to 330 ft, making them an excellent solution for RTLS asset tracking. The location accuracy when using the technology is about 3 ft.
- Wi-Fi is a method of building a local network that uses at least one access point. When the system is implemented into the company’s infrastructure, these points transmit their SSIDs, which make it possible to determine the location of objects with an accuracy of 1–2 inches.
- UWB is the most accurate technology using short radio signals with high bandwidth. The accuracy of asset location calculations using UWB can be up to 12 inches.
As statistics show, the global RTLS market is constantly developing. It’s expected to grow at a CAGR of 25.5% from 2023 to 2028, with total volumes increasing from US$5.2 billion to US$16.2 billion.
What benefits can implementing RTLS asset management bring to companies?
By implementing RTLS asset tracking into a company's infrastructure, you can transform a business into an optimized and highly efficient production system. The system improves asset visibility, helps save money, increases operational efficiency, and decreases decision-making time.
Improving asset visibility
The RTLS platform builds indoor maps where you can see the location of any asset in real time. Improving equipment visibility reduces the time it takes to find it, which allows you to optimize asset management and quickly solve any production problems.
An RTLS asset management system monitors the movement of vehicles and special equipment. Staff receive accurate data on the current location of equipment, can determine the availability of free assets, and analyze their current workload. All of these factors combined reduce equipment downtime and maintenance costs.
Improving operational efficiency
Knowing the exact location of assets can drastically improve a company's operational efficiency. Workers no longer have to waste time searching for the necessary equipment, which increases their productivity and allows them to use their working time to perform production tasks.
RTLS helps businesses save resources and money. After you implement one, you can significantly increase profits due to the following points:
- preventing equipment theft;
- reducing equipment downtime;
- optimizing work processes.
Rapidly making decisions based on analytics
The system collects analytical data regarding the use and condition of assets. The management receives detailed information about the movement of equipment, downtime, and entry into restricted areas. This data allows you to quickly make decisions and adjust everyday tasks.
How RTLS is used in different industries for asset management and tracking
RTLS asset management is universal and can be effectively used in many areas of business. Below we will explore some examples of how asset management is applied to specific industries.
When using RTLS systems, businesses can monitor production processes and quickly identify problems in their work. The system provides constant monitoring of the movement of raw materials and finished products, increases the transparency of the supply chain, and also helps companies optimize production processes.
The system can be useful in the field of logistics and warehousing. Its implementation allows for:
- establishing efficient supply chains;
- improving inventory management;
- reducing product delivery times;
- reducing costs and increasing profits.
Using the platform in hospitals improves the quality of care and patient safety. Healthcare facilities can accurately track equipment so it’s always available in an emergency. Additionally, the system provides critical information on asset utilization to ensure the timely delivery of new equipment.
In retail, RTLS is used to improve the quality of customer service. The system's main task is to track the location of products in real time to replenish stocks on time. This allows you to manage warehouse operations more efficiently and improve customer satisfaction when visiting the store.
RTLS asset tracking is a useful tool in shopping center operations. The platform can be used to obtain information about customer behavior, which allows you to make the right decisions regarding the placement of stores and products, and organize effective advertising campaigns.
In construction, this technology can become indispensable in tracking tools and equipment. When using it, it’s much easier to find assets on a construction site, monitor their current condition, and plan maintenance.
Navigine provides clients with a platform for real-time asset management and tracking. It allows you to successfully solve problems of monitoring expensive equipment and can be effectively used in any industry. After implementing a tracking platform into your company’s infrastructure, you can monitor assets around the clock, control their timely maintenance, and receive detailed analytics to make informed management decisions.
The future of asset management with RTLS
Many experts believe that RTLS can have a dramatic impact on businesses and change the way they operate. Soon, the system will provide an unprecedented level of asset monitoring, which will make it possible to more effectively optimize business processes and increase company revenues.
Currently, many organizations are experiencing some problems associated with labor shortages, difficulties in supply chains, and increased consumer demand for specific products. Resolving these issues is one of the main goals of RTLS. The use of smart technologies will help businesses adapt to modern realities and meet their daily production requirements.
To organize efficient RTLS asset management, use convenient tools by Navigine. You can learn more about the software and its implementation by filling out the feedback form on our website or booking a free Zoom demo.