Software forms the backbone of many industries. Whether it is manufacturing, construction, or advanced medical machinery, effective equipment, and asset management play a crucial role in ensuring the smooth operation of enterprises and achieving business goals. To ensure the safe use and maintenance of machinery and vehicles, many companies turn to asset tracking systems. In this article, we will explore what equipment management entails and how software can facilitate proper management of equipment.
Equipment Management Using Asset Tracking Systems: Features and Core Functions
Each year, more companies are adopting equipment tracking systems. According to statistics, the global market for asset tracking systems was valued at $14.3 billion in 2022. Experts predict it will grow at a compound annual growth rate of 12.8%, reaching $34.5 billion by 2032.
The essence of asset tracking systems lies in using specialized software that enables real-time tracking of machinery location and movement. Tags, beacons, and other sensors are installed on machinery or within premises (on walls, ceilings, etc.) to implement this solution. At set intervals, they send radio signals with unique identifiers, which are processed on servers, allowing the location of objects to be determined with an accuracy of 30 cm to 5 m.
The system operates on various technologies, such as Bluetooth® LE, UWB, Wi-Fi, and others. Depending on the software features, it can perform the following functions:
- Object positioning
- Real-time tracking of equipment movement
- Zoning
- Emergency notifications
- Analytics collection, including movement history, downtime, maintenance frequency, and more
For a comprehensive analysis of operational processes, the system monitors equipment movement between building floors and provides combined asset control indoors and outdoors.
Benefits of Effective Equipment Management
Monitoring and managing equipment offers numerous advantages to organizations. Asset tracking technology can boost labor productivity, minimize maintenance costs, reduce downtime, and enhance operational safety.
Enhancing Operational Efficiency and Productivity
Effective equipment management helps leadership understand which assets are being utilized at any given time, improving productivity, avoiding downtime, and enhancing overall operational efficiency.
Cost Savings and Increased ROI
Integrating asset tracking into the organization’s infrastructure ensures a high return on investment by:
- Reducing maintenance costs through proper planning and scheduling
- Minimizing risks of accidents and equipment collisions, thus lowering repair expenses
- Extending equipment lifespan by leveraging movement analytics to develop efficient usage strategies
Enhancing Workplace Safety and Reducing Downtime
Improving workplace safety is a top priority for company leaders. Asset tracking systems increase object visibility, ensure transparency in movements, and prevent collisions and accidents involving machinery (such as forklifts and other transport equipment), thereby minimizing injury risks and preventing device damage. Additionally, the system can better manage machinery occupancy, reducing downtime.
Best Practices and Tips for Equipment Management
A hardware management system offers an automated approach to tracking and controlling machinery. To maximize asset productivity and safety, the following methods are employed:
- Efficient Use and Optimization of Equipment: Asset tracking technology helps prioritize and determine the importance of each piece of hardware, enabling informed decisions regarding its use.
- Downtime Control: The system closely monitors equipment movements and provides a detailed analysis of downtime.
- Equipment Tracking by Zones (Geofencing): Dividing the enterprise territory into zones allows for more thorough monitoring within each zone and prevents machinery from entering restricted areas.
- Preventive Maintenance Planning: The system allows scheduling machinery maintenance and monitoring adherence to these schedules, reducing downtime
- Lifecycle Management through Current Analytics: The platform collects detailed data on equipment operation, aiding in decisions regarding its usage, repairs, or new asset purchases.
Industry Examples of Effective Equipment Management
To illustrate the benefits of asset tracking, here are examples from several industries where equipment management is most effective:
Manufacturing
Asset tracking helps staff monitor equipment location and reduce search time within the premises. The system generates heat maps of vehicle movements indoors and provides tools to prevent machinery collisions and pedestrian accidents, optimizing production processes.
Logistics and Warehousing
Equipment asset management on warehouse premises is optimized through tracking systems. Employees can quickly locate forklifts, carts, and other hardware, streamline routes, and easily access them. Additionally, the system tracks pallets, containers, and goods, prevents vehicle collisions, and restricts unauthorized access to secure zones.
Oil and Gas
A key advantage in the oil and gas sector is minimizing downtime of crucial machinery. Detailed analytics on equipment or vehicle occupancy help make informed management decisions. Furthermore, oil gas maintenance planning is more efficient, significantly reducing operational costs.
Construction
Monitoring tools and equipment on construction sites allows for quick location of needed assets. The system tracks assets, selects optimal routes for transport, controls downtime, and collectively aids in more effective planning of construction machinery use.
Healthcare
Key healthcare monitoring objects are medical assets, such as defibrillators, ventilators, portable ECG devices, and similar apparatus. Implementing an asset tracking system allows not only location tracking but also theft prevention, ensuring timely access to equipment for patient care.
For efficient equipment and asset management, you can always rely on Navigine. We provide effective tracking solutions that ensure real-time monitoring and precise control of your assets. For more detailed information about our services, contact our managers at info@navigine.com or fill out the feedback form.
