The Internet of Things (IoT) is about understanding how things are operating, understanding where they are performing from, and understanding what is possible.
What is asset tracking?
Asset tracking is a way to monitor devices passively. It provides the location of the device and allows for pushing commands. But, passive monitoring has a wide-ranging set of possible consequences if the tracking le, such as renting the device in question. The asset tracker generates an accurate dot on a map.
Assets have different values. Higher valued assets involve tracking to control loss prevention and the recovery of a lost or stolen item. It is also part of creating efficiency. It helps to understand the journey of a device from manufacturing to the warehouse.
Tracking every step means optimizing handling or delivery time as it helps cost. The bottom line is the winner when asset tracking.
Beneficiaries of Asset Tracking
The commercial and industrial industries are the beneficiaries of asset tracking. The two segments have the highest value in transit. Consumers have access to asset tracking, but it is still not entirely cost-effective unless it is to preserve value.
As IoT device manufacturers evolve with technology, so does the benefits.
Shipping high valued goods are about knowing where they are. The regular update gives the location of products, delivers alerts about movement, and notifies upon arrival. It streamlines schedules for efficiency.
Fleet Monitoring & Logging
Truck fleets require Electronic Logging Devices (ELD) by law. It is a sure way to assess that drivers are getting adequate rest time. It reduces sleep-related accidents and improves the safety of the driver and others.
Asset tracking for the use of personal vehicles is to track mileage for those used for company purposes. It prevents abuse, shows the car owner the exact miles driven, creates a more accurate reimbursement, and offers a possible charge-off on tax forms.
Vehicle insurance companies use the tracking system to lower premium costs for their customers.
The Sharing Culture
Bikes, scooters, property, and cars are part of the sharing economy. For instance, a tourist scooter company uses asset tracking to check up on their individual scooters. It shows location, the condition, and grants access to the user renting it.
High Valued Protection
Military and construction equipment has a high value. Owners not only want but need to ensure their assets are safe. The dot on the map approach is the most efficient and accurate way to track equipment of value. The asset tracker is the simplest way to monitor the use of a piece of equipment, but it also gives a clear view of downtime. It creates absolute efficiency.
Asset tracking understands locations and transmits accurate information back to the central location. The method evolves as technology evolves. The current satellite tracking method leaves little room for errors in terms of dots on a map.
Cell and GPS technology gets more affordable every year. It makes for cheaper asset tracking and opens up the market to everyone.