Img Source - Kemal Sanli
In recent years, industrial asset tracking has become increasingly important. It’s being used by many companies, including big factories, who want to optimize their production processes and increase their efficiency. Statistically speaking, as of 2021 alone, the asset tracking market was valued at $17.75 billion. In the near future, its average annual growth rate is projected to rapidly increase and reach 13.91% by 2027.
What is an asset tracking system?
An asset tracking system is a digital platform used to automatically identify and calculate the location of objects. It can be used to track equipment, vehicles, workpieces on production lines, mobile assets, and more. When implemented in the infrastructure, the system identifies objects in real time and displays them on a digital map, allowing you to control the movement of assets around a factory or plant.
The key features of an industrial tracking system are the following:
- tracking the location and movement of assets throughout the enterprise;
- sending push notifications for emergencies;
- setting up and sending notifications to staff;
- searching for lost equipment or tools;
- building routes for equipment, preventing collisions with people;
- assessing equipment efficiency;
- collecting analytical data.
To implement a system like this, IoT equipment is required, which can be either portable or stationary. The former includes various sensors, such as smartphones, trackers, smart watches, etc., used to calculate the location and transmit information to readers. The latter is equipment that provides data exchange between tags and transfers information to servers (e.g. beacons, antennas). You will also need software that works with data from servers. The Navigine Tracking platform developed by our company can act as the software.
Using a tracking system has many benefits. After it’s implemented, companies can take advantage of optimized logistics, can promptly detect and stop the theft of expensive assets, and also limit unauthorized access to certain areas. IoT asset tracking improves business process management and minimizes the response time to emergencies.
What do businesses gain from implementing IoT-based asset tracking?
Tracking industrial assets opens up many opportunities for companies to improve their work. The system improves company efficiency, reduces the cost of purchasing new equipment, ensures staff safety, and positively impacts business processes.
Improving efficiency through real-time tracking
The main value of using an asset tracking platform is to increase efficiency. The system allows you to control assets in real time and provides their full accounting for more efficient management. After introducing manufacturing asset tracking, you can get many benefits, such as:
- Quick asset search: finding lost items will be much easier. The system determines the location of any asset in a matter of seconds and builds a short route to it.
- Equipment downtime prevention: you can identify non-working equipment and avoid the cost of downtime. The tracking system also controls equipment maintenance issues and sends reminders about the need for maintenance or scheduled repairs.
- Monitoring work in progress: the management can monitor production processes and control parts on conveyors.
Reducing costs through rapid detection of theft, unauthorized actions
With real time asset tracking, it’s possible to minimize the number of thefts or loss of assets. Equipment and tools will now be accompanied by sensors that help track their location and prevent any unauthorized actions. When using the platform, you can set the boundaries for the movement of equipment. As soon as the equipment crosses the established zone, the system immediately sends out notifications accordingly. This approach helps the business maintain storage guidelines, as well as minimize the likelihood of theft, vandalism, and even robbery.
Improving staff safety & preventing emergencies
Asset management in the manufacturing industry helps control any moving objects, including cars, loaders, cranes, etc. With it, you can not only determine the location of equipment, but also build the optimal paths for its movement, track the trajectory, and correct routes in real time. If needed, the system predicts possible accidents and quickly notifies the staff.
Navigine’s industrial asset tracking provides the following features:
- preventing collisions between equipment and staff;
- preventing vehicle collision;
- reducing the number of emergencies;
- assisting in prompt evacuation in an emergency with tips on the shortest exit routes;
- providing nearby employees with access to the scene.
Improving business processes with detailed analytics
The tracking system collects data around the clock, which allows management to conduct a detailed analysis of the company's activities. Accurate information about the location of equipment, its operating time or downtime, can optimize production processes and help make more effective management decisions.
Analytics opens up a wide range of opportunities for management, such as:
- increasing the efficiency by monitoring valuable assets and quickly searching for them indoors;
- reducing downtime costs due to quickly identifying idle or broken equipment;
- reducing the number of emergencies due to traffic tracking and logistics optimization within the company.
In addition to assets, IoT asset tracking also allows you to monitor the staff. One of its features is to supervise the movement of employees in hazardous areas. Thanks to this, it’s possible to warn them about accidents or emergencies on time and ensure their safety.
Navigine is ready to provide an industrial asset tracking platform tailored to the needs of your specific business. With it, you can achieve your performance goals and effectively optimize your business processes.
Manufacturing asset tracking by Navigine is a solution that provides high monitoring accuracy, is easy to install, and is scalable according to customer needs. Our platform works with a variety of location technologies. We can help you implement the platform into your infrastructure and provide professional technical support every step of the way.
Technologies for implementing asset tracking
Several technologies can be used to organize the monitoring of equipment and vehicles. The most common ones are:
- Bluetooth® Low Energy works through beacons that are installed within the building and that send out signals with data. As soon as the equipment appears in their service area, the sensors determine its location and allow you to track its movement around the territory. The system is characterized by low power consumption and affordable implementation and can locate assets with an accuracy of 3 ft.
- UWB is an ultra-wideband technology that is a perfect fit for businesses that require standardized computer connectivity. It provides the most accurate location of objects and can detect them with an accuracy of up to 12 in. However, its implementation is quite pricey, so UWB is more often used to monitor high-value assets.
- Wi-Fi can work with already existing infrastructure and tracks objects with an accuracy of 10-16 ft. When implementing this technology, special Wi-Fi tags are used that constantly scan access points in the surroundings. Tags can include various sensors, smartphones, and other devices that calculate the location and perform data transmission.
- Wireless Mesh (Wirepas) is a relatively new technology that provides low installation and maintenance costs (devices are plug-and-play), wide scalability and high reliability of data transmission.
For more details on tracking technology options, see the article here: https://navigine.com/blog/popular-asset-tracking-technologies/
To sum up, there’s no one-size-fits-all real time asset tracking solution. Each business is unique and requires an individual approach to organizing equipment monitoring. To choose the right option for your company and organize high-quality IoT asset tracking, contact us by filling out the feedback form on our website or by booking a free Zoom demo: