Asset tracking is a rapidly growing industry and it shows no signs of slowing down anytime soon. With all the new asset tracking technology on the market, it can be difficult to pinpoint what your company’s needs are and how you can use this technology to improve your business operations.
Top 5 Use Cases for IoT Asset Tracking
1. Fleet Management
To properly monitor and manage large fleets, some form of asset tracking technology is necessary. When you’re deploying a large number of fleets regularly, you need to determine how long it takes for these vehicles to get from Point A to Point B. Asset tracking sensors can provide the real-time location of your fleet, as well as tracking history. This data can then be used to make informed decisions about delivery routes and vehicles. Sensors can also be used to track shipping containers and cargo to prevent theft.
2. Waste Management
For waste management, asset trackers can be used to easily pinpoint the location of containers and bins like trash cans and dumpsters. If you’re renting out waste containers, you want to make sure you know where these containers are at all times to prevent theft/loss. If your business involves waste disposal, on the other hand, you can use trackers to find the most efficient routes for picking up containers saving both time and money.
A major issue on construction sites is the theft of high-value construction equipment. Construction site theft costs the industry up to $1 billion each year! The easiest way to mitigate the risk of loss is to apply asset tracking technology to valuable assets. This kind of technology also allows you to geofence the construction area, so you’ll be alerted anytime an asset leaves the geofenced location, thus saving your company hundreds of thousands annually.
Healthcare, specifically the pharmaceutical industry loses billions of dollars each year on damaged goods. The pharma industry loses roughly $35 billion annually from failures in temperature-controlled logistics. Medication and certain equipment need to be stored in a controlled environment with strict temperature regulations for preservation purposes. Connected sensors can track these assets and monitor temperature conditions to ensure they’re being stored properly.
5. Shipping & Logistics
The biggest benefit asset tracking offers for shipping and logistics is the end-to-end visibility within the supply chain. With this technology, companies can remotely track assets from deployment to delivery. By getting this glimpse into the supply chain, it's easier to determine where the bottlenecks are within the company’s operations. It also gives insight into what inventory is in high demand to make future procurement decisions.