Assets worth billions of dollars disappear every year. Since asset tracking systems rely on antiquated paper-based systems prone to human error, they can be misplaced, stolen, or just forgotten entirely.
According to research conducted, foreign businesses are allegedly “losing” AU$4.3 billion ($2.92 billion) in assets annually as a whole. If you extrapolate the figures worldwide, it becomes clear that there is an issue with tracking physical assets in the workplace or across several organizations.
Asset monitoring systems
Reports show that despite the availability of low-cost, dependable wireless asset tracking solutions, half of all businesses still manually log their assets, and for thirty-five percent of businesses, having an employee walk around the premises to locate assets is their primary method of tracking assets.
Every organization loses several staff hours annually on average while looking for misplaced tangible assets. Even worse, the study shows that only 22% of the time are the assets retrieved. However, things don’t have to be this way.
How Does GPS Asset Tracking Operate and What Is It?
Most people are familiar with GPS technology from its use in mobile devices and smartwatches for location-based functions like mapping. However, GPS may be utilized for many more purposes, such as asset tracking. We’re sure you’re wondering what exactly asset tracking means.
Using GPS to track assets by corresponding with satellites is known as GPS asset tracking. An asset’s location and movement can be tracked as long as it is equipped with a GPS tracker.
As a result, assets can be found using their actual location, thus increasing asset visibility and lowering the possibility of missing assets.
How to Track Your Lost Assets
1. Global Positioning System (GPS)
What It Is: GPS asset tracking is a satellite-based navigation system that gives location and timing information in all-weather situations, anywhere, with an unobstructed line of sight to four or more GPS satellites.
How It Works: GPS operates by a network of satellites that deliver signals to GPS receivers. The receiver determines its position by monitoring how long signals from numerous satellites take to reach it.
By triangulating these signals, the receiver can pinpoint its precise location. This data is subsequently forwarded to a central system for monitoring and analysis.
GPS devices are attached to assets like automobiles, machinery, and high-value equipment to track them accurately. Moreover, these gadgets continuously transmit position data to a central tracking system, allowing organizations to follow their assets in real-time. Also, you can employ a RAM tracking system to track assets that travel frequently or over long distances, ensuring they are always where they should be.
2. Passive RFID tags
Passive RFID tags are made up of three components: a chip, an antenna, and a substrate.
- The chip holds data and, depending on its design, can be read-only (RO), write-once, read-many (WORM), or read-write. Memory spans from 2 to 1000 bits.
- The antenna picks up radio-frequency (RF) waves from the reader’s signal and transmits and receives information. The size of its antenna determines the capacity of a passive RFID tag.
3. Active RFID tags
Active RFID tags also have a microprocessor and an antenna. However, the chips are often larger and more capable than passive tags. Long-range RFID tagging is accomplished with active tags using Bluetooth, low-energy, high-frequency, or ultra-high frequency. They have two additional features that set them apart from passive tags: an inbuilt power supply and electronics.
The power source is often a battery, although it can also be solar. Unlike passive tags, the tag’s built-in power supply allows it to transmit data to a reader without relying on the reader’s power. Active tags can be read from distances of 100 feet or more, while passive tags can only be read up to 20 feet away.
Onboard electronics sensors, microprocessors, and input/output ports are all possible components of the tag’s onboard electronics. Speaking of, active RFID tags can be used in more applications than passive tags due to their electronics.
4. Cellular IoT technology.
Not all asset monitoring involves identifying misplaced or stolen equipment in offices, warehouses, and factories, and some tracking difficulties necessitate a low-power solution that exceeds the capabilities of Wi-Fi access points, RFID readers, and Bluetooth LE-powered gateways.
This explains, at least in part, why cellular-based low power wide area network (LPWAN) technologies are expected to increase significantly in the future years. According to telecoms giant Ericsson, cellular IoT connections will increase from 700 million in 2017 to 3.5 billion by 2023, while analyst ABI Research predicts that nearly half of LPWAN connections by 2023 will be for asset tracking applications.
What are the advantages of asset tracking and management?
IT asset managers can use RF Code’s CenterScape platform to track what’s most important, such as location, temperature, and much more.
1. Improves efficiency
Regular maintenance on data center assets such as hard disks and servers requires physically removing them from a rack server. When these assets are presented to the service department, people have a tendency to misplace or mislabel them. IT administrators can significantly shorten the time it takes to locate lost hard drives or servers by digitally tracking them.
2. Enables proactive monitoring of essential assets
In addition to detecting lost or misplaced assets, data center asset tracking enables IT professionals to proactively manage essential equipment states such as cooling and power.
3. Significantly enhances work-in-process tracking
IT managers must oversee all stages of data center operations, from installation to maintenance. IT administrators may eliminate guesswork with data center asset tracking since RFID tagging offers real-time work status information from the floor or the field.
4. Simplifies auditing
Asset tracking entails taking an accurate inventory of data center assets, right down to location details. This is just difficult to do with manual inventory techniques. Digital asset tracking minimizes costly and time-consuming human errors while significantly simplifying auditing processes.
5. Encouraging Adherence to Regulations
Depending on your sector and jurisdiction, having an efficient asset management system can assist in achieving several types of regulatory compliance.
For example, the IRS mandates that all companies keep accurate records of their assets. These contain information about discounts, depreciation rates, equipment or inventory acquisition prices, etc.
In addition, the FASB has recently updated its asset leasing policies. Upgrading from manual records to smart asset management software is the most reliable option to achieve complete compliance in the dynamic asset management landscape.
In the end!
Ultimately, asset tracking can assist businesses in tracking and managing asset utilization in addition to protecting them. That said, GPS asset tracking is a significant tool for companies to optimize asset management and ensure safety. By implementing asset management technology, your business can be equipped with real-time monitoring and tracking, proactive maintenance, and geofencing.
