The Impact of Emerging Technologies on Industrial Asset Tracking

Systems for tracking industrial assets are a useful resource for businesses trying to streamline their operations and get the most out of their assets. These systems can assist businesses in increasing efficiency, asset utilization, maintenance, decision-making, and security by offering real-time data on the location, condition, and usage of assets.

Industrial businesses may make educated decisions that can result in better operations and lower costs by being able to track assets in real-time. An industrial asset tracking system can assist you in achieving your objectives, whether they aim to improve productivity, decrease downtime, or safeguard your priceless assets. 

In this blog, we will discuss the future of asset tracking and what technologies will play a crucial role in the future. Stay tuned! 

What is Industrial Asset Tracking?  

Industrial asset tracking is the process of keeping an eye on and controlling how physical assets are used and moved about in industrial settings like factories, warehouses, and industrial sites. Utilizing a variety of technologies, including barcodes, RFID (Radio-Frequency Identification), GPS (Global Positioning System), and IoT (Internet of Things) sensors, the objective is to increase visibility, traceability, and reliability. 

Challenges in Traditional Asset Tracking Systems 

Traditional asset tracking systems face a number of difficulties, including: 

• Lack of real-time visibility: Traditional asset tracking systems frequently rely upon manual asset monitoring techniques, such as hand inspections or paper logbooks, which can result in a lack of real-time visibility into the current area and status of assets. 
• Data that is erroneous or lacking: Because manual data entry is prone to mistakes and omissions, traditional asset tracking systems might also have data that is inaccurate or lacking. 
• Processes that are inefficient: Traditional asset monitoring systems can also be sluggish and inefficient, with lengthy manual procedures that raise expenses and decrease productivity. 
• Manual Reporting: Traditional asset tracking systems, which rely on manual reporting of locations or manual inspections, may have trouble tracking movable assets, such as automobiles or portable equipment. 
• Limited data analysis capabilities: This is yet another issue that usually arises with traditional methods of asset tracking. Its limited capacity for data analysis makes it difficult to get relevant insight into asset use and maintenance status and other important data. 

These are some of the typical difficulties that businesses involved in asset management confront. But getting rid of these demanding jobs is now quite simple. People in this era of cutting-edge technologies have developed innovative solutions to deal with typical day-to-day operating problems.  

We’ll talk about contemporary asset management technologies in below sections, so keep reading and stay connected. 

The Future and Emerging Trends for Industrial Asset Tracking 

Technology developments and new, creative solutions will determine the direction of industrial asset tracking in the future. Industrial asset monitoring systems are becoming more commonplace as a business relies on technologies to manage and trace their assets. The management of industrial assets is changing as a result of rising technologies, which we will examine in this article. 

• Internet of things (IoT) 
• Cloud computing 
• Artificial Intelligence (AI) 
• Machine learning (ML) 
• Augmented reality (AR) 
• Blockchain 

Moreover, the trend toward industry 4.0 is likely to increase in upcoming years because it focuses on the implementation of digital technologies in the manufacturing process.  Due to this, it gets easy to track assets and ultimately the company saves its overall cost which it spends on hiring resources with whom the chances of errors always remain. Apart from that it boosts productivity, reduces costs, and improves overall performance.  

Overall, industrial asset tracking is expected to become increasingly sophisticated and high-tech, allowing firms to manage assets more efficiently and promote commercial success. 

Modern Technologies for Monitoring your Industrial Asset 

• Radio-Frequency Identification (RFID) tracking: This kind of tracking makes use of RFID tags that are affixed to assets and read by RFID readers to offer real-time information on the position and state of the assets. 
• GPS tracking: This type of tracking makes use of GPS technology to monitor the status of assets in real time and provides details on their speed, route, and location. 
• Barcode tracking: Using barcode labels or QR codes that are attached to assets and scanned by barcode scanners, this sort of tracking can offer factual info on the whereabouts and status of assets. 
• IoT: Real-time asset monitoring and management is enabled by using IoT devices, such as sensors, to collect and transmit data about asset locations and conditions. 
• Wi-Fi tracking: This method of tracking tracks the whereabouts of assets using Wi-Fi technology and reports on their movement, position, and state. 

• Bluetooth Low Energy (BLE) tracking: This is also one of the most used technology when it comes to tracking the whereabouts of assets in real-time, providing information on their position, movement, and condition. 
• NFC (Near Field Communication) Monitoring: Here you can easily track the whereabouts of your assets and chekc out each relevant details on their movement, position, and state. 

How IoT Plays a Crucial Role in the Asset-Tracking System? 

The Internet of Things (IoT) significantly influences asset tracking by enabling real-time asset monitoring and data collection. Industrial asset tracking is automated and more effective with the incorporation of IoT sensors and devices. They have completely changed how businesses track and manage their assets. There are many advantages to using these systems, including: 

Data gathering in real-time: IoT devices can offer real-time data on the location, use, and status of assets, which can be utilized to improve operations and cut downtime. 

1. Enhanced operational effectiveness: Today each and every company tries to enhace ther operations. With IoT asset tracking businesses can quickly locate and deploy the resources they need and reduce the downtime, by tracking assets in real-time.  

2. Better visibility and real-time tracking: Asset tracking systems give users access to up-to-date data on the location, state, and use of their assets. This aids businesses in making quick decisions and responding to supply chain changes. 

3. Better Asset Management and Quicker Reaction to Supply Chain Changes: Asset monitoring systems give companies access to real-time information on the whereabouts of their assets, allowing them to better manage their assets and react quickly to supply chain changes. 

4. Predictive maintenance: IoT sensors can offer useful information on the performance and utilization patterns of assets, enabling businesses to foresee when a repair is necessary, cutting downtime, and boosting productivity. 

5. Increased Operational Efficiency: Industrial asset tracking systems can assist businesses in lowering the possibility of unscheduled downtime, which will result in cost savings and increased operational effectiveness. 

6. Enhanced Security: By giving real-time data on the location and state of assets, asset tracking systems can assist organizations in lowering the risk of fraud and thievery. 

7. Cost Savings: By increasing operational efficiency and lowering the likelihood of unscheduled downtime, industrial asset tracking systems can assist businesses in cutting costs. 

8. Better Decision Making: Asset monitoring systems give businesses real-time data and insights into how their assets are used and performing, empowering them to make better decisions and oversee their assets. 

IoT, in general, helps firms track and manage their assets more efficiently, which benefits businesses on a large scale. It also increases operational effectiveness, decreases downtime, and increases profitability. 

Asset Management vs. Asset Tracking  

Asset management and asset tracking are two different concepts in the world of industrial management that are connected yet different. 

Asset management is the comprehensive process of assessing, controlling, and maximizing the productivity, risk, and financial return of an organization’s assets, encompassing both tangible assets like machinery, structures, and land as well as intangible assets like stocks, bonds, and other investments. Numerous tasks are involved in asset management, such as asset acquisition, financing, upkeep, disposal, and optimization. 

On the other hand, asset tracking describes the procedure of continuously tracking and documenting the position and state of physical assets utilizing technologies like RFID (Radio-Frequency Identification), GPS (Global Positioning System), and IoT. (Internet of Things). Asset monitoring makes it possible for businesses to find and manage their assets more effectively, resulting in less downtime, better utilization, and longer asset lifespans. 

Asset tracking is a specific instrument used to enhance asset management by giving real-time information on the location and condition of tangible assets. Asset management, on the other hand, is a larger phrase that incorporates the whole management of assets. 

Kemsys’s Industrial Asset Tracking Solutions and Services  

We at Kemsys provide a broad range of services to businesses to help them manage their industrial assets more effectively. We assist our clients in enhancing operational effectiveness, decreasing downtime, and boosting profitability with the aid of our cutting-edge technologies, which include Remote device management, IoT, Asset tracking solutions and many more like these. Our skilled team is committed to offering customized solutions that address the particular demands of each of our customers.  

To find out more about how we can assist your company in achieving its asset management objectives, contact us right away. 

Conclusion 

We covered every aspect of industrial asset tracking in this blog. This article describes the procedure for monitoring tangible assets in industrial, warehouse, and commercial environments. Traditional asset monitoring systems encountered a variety of issues, including a lack of real-time visibility, inaccurate or incomplete data, and ineffective operations. 

With the adoption of new technologies like IoT, cloud computing, artificial intelligence, machine learning, augmented reality, and blockchain, industrial asset monitoring is predicted to grow more complex and rising in the future. RFID, GPS, barcode, IoT, Wi-Fi, BLE, and NFC are some of the contemporary technologies used to monitor industrial assets. The Internet of Things (IoT) significantly improves and automates asset tracking by providing real-time asset monitoring and data collection.