Asset management not only cleans up assets, but also locates and tracks, monitors data and logistics, etc.
With the vigorous development of IoT technologies such as sensing,communication,and platforms,traditional asset management measures are gradually being replaced by intelligent asset management methods.One of the most promising IoT applications is asset tracking.A professional report expects the asset tracking IoT device market to triple by 2022,with 267 million active asset trackers expected to be used globally by 2027 in agriculture,supply chain,construction,mining and other markets.
The old approach to asset management was to use siloed systems such as handwritten lists or Excel sheets to track asset information.These manual methods can be overwhelming for asset managers reponsible for maintaining up-to-date asset records and answering questions about asset whereabouts.
Instead of manual tracking,IoT tracking systems use sensors and asset management software to automatically track assets,with sensors broadcasting their location information continuously or preriodically over the internet,which the software then displays for you to review.
Asset management is the process of tracking a company's physical assets and their information.Depending on the type of business,physical assets can mean different types of equipment,such as IT equipment,tools,or vehicles.IoT asset management solutions can provide companies with real-time alerts,predictive analytics,automated reporting,data insights,and more.
The following are some of the expected scenarios for asset management using IoT technology:
▲Location: Automatic location data, asset tracking and geofencing solutions (e.g. utilizing GPS trackers).
▲Usage time: Automatically track usage time and alert notifications about reaching thresholds (e.g. accelerometer sensor, temperature sensor).
▲Warehouse inventory: Automated warehouse inventory management (such as BLE beacons).
▲Material flow: Automatically track and report material flow (eg RFID tags).IoT-enabled asset management use cases are often limited to tracking expensive and heavy equipment due to the size,price,and longevity of sensor devices.As technology continues to evolve,smaller,cheaper devices may be tracked in the future.
Based on cost considerations, please answer 3 questions before asset location and tracking is required:
1. Does your company have high-value items that need to be protected? 2. Is device loss a common and costly problem? 3. Would having additional real-time streaming data on assets benefit your business?
Some enterprises may have serious negative effects due to poor management of physical assets,or reduce the efficiency of the company,causing huge waves.For example,food or vaccines in transit must be kept at a certain temperature.You can set up alert notifications when these conditions are not met.Such applications may also appear in other industries and companies,such as:
▲ Manufacturing companies: In intensive industrial manufacturing companies, workers can reduce the time they spend searching for materials, tools and equipment.
▲Hospitals or medical centers: If the medical equipment is easy to locate, the hospital will divert the flow of people, reduce the waiting time, and improve the utilization rate of the equipment.
▲Logistics company: Master the location of the goods, shorten the delivery time, monitor the transportation process and understand the transportation status.
▲ Educational institutions: Track school assets such as laboratory equipment, library books, laptops, etc.
▲ Farm:Farmers can use it to track and monitor livestock, track harvested crops and their location in various storage facilities,and manage the location of agricultural machinery and equipment.
▲ Rental companies can use it to track rental projects on and off-site.
Today's asset management is not only about cleaning up simple information such as the number of assets,but also monitoring the real-time operating status and location tracking of assets.In this way,the asset management is combined with the production status of the enterprise,so that the equipment can play a better role.
Asset management and IoT will greatly improve the efficiency of management.
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