IoT asset tracking is no longer cutting-edge; there are already more than 10 billion Internet-connected devices in use around the world. Real-time data collection and transfer using connected devices and digital tools like Asset Tracking Software.
The Internet of Things (IoT) permeates our daily lives, from sat navs and smart speakers to Wi-Fi thermostats and activity trackers. The Internet of Things (IoT) sector might be valued at more than $1.5 trillion by 2025.
The Internet of Things is quickly becoming an essential component of modern business and its operations, particularly in cost reduction, data quality improvement, and the initiation of a fourth industrial revolution, all of which impact the monitoring and valuation of assets.
This article will discuss how IoT can be combined with asset-tracking systems to manage the tracking of essential company assets effectively. As a bonus, we’ll find out what kinds of companies and organizations stand to benefit the most from deploying IoT asset monitoring. You can get expert assistance from a Dubai-based IoT development company.
Explain what it means to have an IoT based asset tracking system
The “Internet of Things” (IoT) is the interconnection of various objects and resources across a computer network. To conduct intelligent analytics, pooling data and employing substantial computational resources is necessary.
We, as consumers, rely heavily on the IoT in our routine activities. Keep track of your heart rate and caloric expenditure with a fitness wristwatch. When planning a trip, do you ever use Google Maps to find the quickest route? What about setting the temperature in your home from your phone? The Internet of Things is already at work all around us.
Connectivity options for the sensors and processors used in IoT devices include Bluetooth, Wi-Fi, cellular networks, LPWAN, RFID, and satellite. Computer programs then analyze the data and provide the results to the user through an alarm system.
The Internet of Things operates independently of human supervision and input. It can have a game-changing impact on businesses when used to support asset tracking, which entails keeping tabs on and managing physical assets as they are moved from one location to another.
However, the interoperability of IoT devices significantly increases their value in stock control. By combining IoT with tracking devices like Barcodes, GPS, and RFID, businesses can better monitor their possessions and reduce the possibility of loss, damage, or theft.
Advantages of Using IoT to Keep Track of Assets
The asset tracking process, a vital business activity, can be considerably improved with the help of devices and the right software solutions. There are a number of advantages to asset tracking made possible by the fast developing Internet of Things (IoT).
Monitoring of Assets in Real Time
Anytime, anywhere access to an asset tracking solution is a major benefit.
Wide-ranging Data-Driven Insights
The Internet of Things allows you to do more than merely track down misplaced property. Insightful data allows for better strategic decisions and increased operational efficiency.
Supply Chain Disruptions Reduced
Tracking assets at any stage of the supply chain with IoT data allows for damage-free delivery. To build an IOT software, you can get in touch with IOT Development Company in Dubai.
There is more efficient use of time and fewer missteps
IoT automates asset tracking procedures, which eliminates the need for human intervention and saves time and money.
Reduction in Theft-Related Financial Losses
Devices connected to the Internet of Things (IoT) and asset tracking programs ensure that no items are relocated without authorization. The Internet of Things is a terrific tool for tracking down stolen items.
Read More: IOT Blockchain Development company
Why do we need an Internet of Things system to monitor our possessions?
Tracking devices, a connection mechanism, and remote administration software are the three pillars of Internet of Things asset tracking.
IoT devices must fulfill several requirements before being used for asset tracking. In addition to being small enough to connect to real-world objects securely, these sensors also need to be technologically powerful enough to record useful data. The form of the gadget is also decided by its intended use.
The gadgets that make up the Internet of Things (IoT) need to be inexpensive and capable of monitoring large areas on a global scale. It is also crucial to consider the quantity of energy needed. Devices with a lifespan of more than five years are needed for one-third of all industrial asset tracking. Consequently, this is something that should be considered by leaders and innovators.
Several original equipment manufacturers (OEM) alternatives exist for custom and off-the-shelf Internet of Things (IoT) devices. Bluetooth Low Energy transmitters frequently accompany asset-tracking software.
- Using GPS-enabled tags
- Instrumentation for measuring power consumption
- Locks operated by a computerized system
- Camera Watching
- Utilization of automated light switches
- Smoke and carbon monoxide detectors
- Security measures for computers
Asset tracking via the Internet of Things has three main applications
Asset tracking software that integrates with the Internet of Things has numerous potential uses. Here’s an example:
- Keeping Tabs on Healthcare Resources
The high cost of assets and the need to cater to patients’ demands make asset tracking and management in the healthcare business essential. Nursing Times found that one-third of nurses spend up to an hour of their shift simply looking for supplies.
Wheelchairs, intravenous pumps, portable X-ray equipment, and ultrasound machines are medical devices requiring close monitoring. The assets can be tracked effectively by assigning RFID tags to them and scanning them with a mobile reader or when they pass a scanning station. Wireless and radio waves are used to transmit information to asset-tracking software. At any time, you may see exactly where your stuff is stored.
- Freighting Frozen Foods
If you sell or transport perishable foods, an Internet of Things device with temperature and humidity sensors (and GPS tracking) is essential. The gadget sends a signal to the asset tracking solution when the temperature falls outside the acceptable range.
This allows for the rapid diversion of vehicles carrying perishable commodities and the fast loading and sending out of replacement trucks. This helps avoid snarls in the supply chain and dissatisfied clients.
- Fire Safety and Prevention
Installing Internet of Things (IoT) connected smoke detectors is a worthwhile investment for businesses, especially those with physical locations. The asset tracking software enables continuous tracking of the assets’ whereabouts and statuses.
In case of fire, quick notifications are made by phone calls, emails, and texts. Employees and customers might be saved from harm, and fire-related insurance claims could be lowered if response times were improved.