A study by Mobile Experts
predicts that 70 million IoT asset-tracking devices will be in circulation by 2023, up from 22 million in 2017. Demand is growing in a broad range of industries—from agriculture and healthcare to retail and transportation.
In asset tracking, IoT sensors are placed on or embedded in goods and containers—as well as at various points throughout a facility where the goods are housed—to keep track of their whereabouts and deliver ongoing data on who’s using what, where and when.
This offers many significant benefits to businesses:
The vast potential of asset tracking
- Faster and easier access to goods—Employees know the whereabouts of goods and equipment at all times, so they don’t have to waste time hunting for what they need. In mission critical settings like hospitals and clinics, the time saved locating medicine or equipment can save lives.
- Theft reduction and loss prevention—IoT asset tracking systems can identify when products or equipment leave a designated area without authorization and issue an alert to inform security personnel. Over time, this can result in huge cost savings. Case in point: The construction industry alone loses between $300 million and $1 billion due to equipment theft—and less than 25% of the stolen equipment is recovered. Asset tracking is helping construction companies reverse that trend.
Asset tracking can also present potential problems from occurring by warning when a product is in an area where it could be damaged or spoiled—or when a component is not functioning properly. Loss prevention in the fleet industry also involves the reduction of vehicle idling time to improve fuel efficiency. Asset tracking combined with mobile devices monitor fuel consumption and alert drivers when they exceed parameters set by the company. Fleet managers, in turn, receive automatic alerts about how their drivers are consuming fuel.
- Employee safety and accident prevention—Construction sites, large warehouses, industrials facilities and loading docks where heavy machinery is used can present serious safety risks to businesses and their employees. By monitoring equipment usage and the whereabouts of forklifts and other equipment—and the employees using them—and alerting foremen of potential dangers that could lead to accidents, asset tracking helps safeguard the workplace.
The above benefits are just a few of examples of how IoT is improving efficiencies and transforming operations in a variety of workplace settings—from hospitals to warehouses to construction sites. If you have a customer who could benefit from asset tracking solutions, contact our IoT experts
. And be sure to visit Ingram Micro IoT Marketplace
to check out some of the latest IoT-driven asset-tracking technology.