What is IoT asset tracking?
Asset tracking refers to the geolocation of resources that are important to an organization. This can include people, vehicles, raw materials, equipment, or even cargo containers.
IoT asset tracking involves integrating a tracker that communicates via cellular networks into the object to be tracked. This object then becomes communicative and can send and receive data.
Using IoT in asset tracking: 5 benefits
For businesses, the advantages of asset tracking are numerous:
Real-time asset tracking
Organizations can monitor assets in real-time, such as their inventory items. Geolocation is possible at any hour, day or night, and remotely via asset management software. The result: precise asset tracking.
An example: to track deliveries and avoid delays, an automotive manufacturer places trackers in vehicles leaving the factory. Once they arrive at the dealership, an SMS alert is sent to owners to inform them that their car is available.
Obtaining valuable data
Beyond location tracking, IoT asset tracking collects valuable data that, once analyzed, aids in enhancing strategic decision-making and optimizing operations.
In the United States, retailer Walmart employs IoT asset tracking solutions to gather data on customer behavior, inventory levels, and product popularity. Once analyzed, this data provides valuable insights for offering tailored discounts, preventing stockouts, and maximizing revenue.
Time optimization
With IoT asset tracking, businesses can precisely determine where each key component is within the production chain (and all assets in general). Access to this real-time information results in significant time savings.
This is the case, for example, in the automotive industry: the gearbox, being an important and costly component, is equipped with a tracker to prevent any loss. Another example is fleet management for a truck park, which is facilitated as it is possible to know drivers’ locations or their arrival time at a given place.
Reduction of theft and losses
Organizations are alerted when a product exits a predefined zone. With integrated tracking, a lost or stolen item can be easily located within the system.
Supply chain monitoring
The location of assets at each stage of the supply chain is accessible. Thanks to IoT data, businesses are assured that goods reach their destination.
The challenges of connectivity in asset tracking
Assets tracked by businesses are typically moving objects, many of which travel internationally. This is why the choice of connectivity is crucial: it should enable tracking of the object regardless of its location and provide both national and international coverage.
Each connectivity solution has its advantages, and everything depends on the company’s needs. While some manufacturers require information regularly (24/7 and in real-time), others may only check their location data once a day. The need for coverage may also vary depending on the object’s position. If it is placed in an isolated and deep location, enhanced connectivity indoors will be essential.
For long-range and wide-area asset tracking, two technologies are particularly well-suited:
- LTE-M :
Specifically developed for the IoT sector, LTE-M is applicable in use cases where battery life is a concern. This low-power cellular network features two energy-saving modes—eDRX and PSM—designed to extend the battery life of IoT devices. Combining long-range coverage with low power consumption, LTE-M is ideally suited for autonomous trackers that are not plugged in.
- 4G