You need a smarter asset tracking solution

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Lance Turner

August 26, 2021 | 7 minute read

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You need a smarter asset tracking solution

You need a smarter asset tracking solution

Asset tracking is a sure way to lower administrative costs, improve your customer experience with predictable, guaranteed product delivery, and ultimately allow you to scale your business to a whole new level. Tracking an asset does not only involve special tracking techniques, but also special technology. Industry 4.0 and digitalization has opened a new world of gathering, analysing, and sharing your asset data. This enables you to be compliant, up to speed on the exact location of your assets, its usage behaviours and patterns, and ultimately, improved efficiency throughout your supply chain or the entire business.

Supply chain market research shows that the majority of companies (69%) don’t have complete visibility of their supply chains.” It is end-to-end visibility that many asset tracking solutions lack. In this blog post, we will outline the major reasons why your business needs a smart Asset Tracking system, we’ll focus on the immediate benefits of our smart asset tracking solution, and we’ll feature the award-winning technology providing you with a single view of your entire asset base.

Do you need an IoT.nxt Asset Tracking solution?

Why? You ask. You know the whereabouts of the vehicles in your fleet. You know the stock levels in your warehouse. You know where they are headed to; the transport company details; and when the product will arrive – you know all the relevant information. While this may be true, we still maintain that you need an IoT.nxt Asset Tracking solution, and here’s why:

  • You need end-to-end visibility
  • You still experience costly asset loss and theft
  • You need to reduce the cost of asset maintenance
  • You’re in food and beverage, or healthcare industry
  • Customer service is important to you

You need end-to-end visibility

At IoT.nxt, we consider the needs of the customer when designing solutions, therefore, we focus on the customer’s needs that will drive the decision to invest in our solutions:

The IoT.nxt Asset Tracking solution provides the customer with an end-to-end view of their assets while in transit, in use, or sitting in a warehouse – on a single pane of glass. View what is being tracked? When was its last location transmitted? Where is it headed? Who is sending, receiving, driving, paying, scanning, and accepting the asset? How is the asset treated/managed while moving or stationary? And lastly, why? Why haven’t you considered an IoT solution sooner?

Costly asset loss and theft still occur

You may find yourself writing off expensive assets on a regular basis because you simply cannot locate them in your warehouse or at their last known location. Asset theft and/or the misplacing thereof is a common occurrence in companies large and small, as indicated in an article published in DC Velocity, workplace theft can amount to as much as $50 billion per year in the U.S. alone.

The 2020 annual cargo theft report, compiled by the supply chain intelligence firm BSI, pointed out that road freight (either in transit or parked) accounts for 87% of all cargo thefts in the supply chain. That is a staggering statistic that adversely affects all businesses. The operations are affected by any type of loss or damage to equipment, so too the company’s reputation and image. Asset tracking could surely have curbed these incidents.

You need to reduce the cost of asset maintenance

Reducing the cost of asset maintenance is a difficult goal to achieve, especially when the maintenance is of the unplanned type. There are many factors to consider, and techniques to apply when attempting to lower the maintenance cost – maintenance schedules, people training, tracking and managing inventory, preventing, correcting, risk- and condition-based techniques, and warranties and insurance, the list is long. However, tracking and managing asset health, usage, behaviour, output and efficiency should be the first step in getting ahead of the asset maintenance to ensure reliability and uptime of the asset – ensuring a happy customer at the end of the process.

You’re in food and beverage, or healthcare industry

The food and beverage industry is an excellent example for IoT asset tracking use cases. The global pandemic has affected this industry the hardest, and increased efforts are required to keep food and drink products fresher for longer while in transit and in storage. “The cold chain monitoring market size is expected to grow from $4.6 billion in 2020 to $8.2 billion by 2025 at a CAGR of 12.5% from 2020 to 2025.” (Markets and Markets). The ability to track and monitor products in cold storage has become one of the most important elements of any asset tracking solution, especially with the increased requirement to monitor vaccines as they are shipped across the globe to the most remote destinations. Hospitals and clinics are prime candidates that absolutely need to track any and every critical asset in its environment, this includes critical-care patients. Doing so anonymously is a non-negotiable with the continuous focus on protective legislation like POPIA and GDPR.  An end-to-end asset tracking solution would be ideal for the tracking of food, beverage, and health assets.

Customer service is important to you

If you want to improve the experience your customers have with your products and services, a smart asset tracking solution should be your top priority. Delivering products to your customers on time, in the expected condition, builds efficiencies and ultimately, trust.

Why use IoT.nxt solutions to track your assets?

Because we offer an end-to-end asset tracking and management solution that can be applied to any asset, whether in transit or stationary. The what, when, where, who, how, and why’s of your asset will be visible on a single view, your entire asset details, in detail. Having this visibility will assist in reducing asset theft, loss and the simple misplacing thereof. Accurate location details of every asset will be available near-real-time, or when triggered.

Our solution puts you ahead of the asset maintenance strategy, managing your spending on maintaining assets could be a breeze because you are always prepared. Asset patterns and behaviour can be analysed using our data analytics models, ensuring the performance of your assets according to their design.

If you’re in the food and beverage, or healthcare industries, then our solution is designed and tailored for your requirements – from smart keg’s and fridges, utilities, to fleet vehicles and warehouse barcode scanning solutions.

Temperature and access control for cold storage solutions in stores, inside products, or inside vehicles transporting goods will be visible on a tailored dashboard of your choosing. You’ll be notified of any discrepancy in operation, deviations are tracked and time-stamped and made available for reporting.

Our solution is pertinent to the critical asset tracking in hospitals, especially during the pandemic, even more so in a post-pandemic world. Our solution visualizes the entire hospital ecosystem consisting of various solutions, onto one dashboard for easier asset tracking, monitoring, management, and decision making. The IoT.nxt Asset Tracking is the step toward improved customer service, by providing businesses with solution that reduces asset downtime, theft, and loss. And ultimately enables the delivery a product that meets the expectations of your customers. The IoT platform is designed to integrate with any existing system, be it old or new. It is designed to integrate with any vendor equipment. Its power lies in the ability to take your existing systems and assets, and bring to light insights from those systems and assets that you never thought possible.

A single view of your entire asset base

“The IoT supported asset tracking market will account for 95% of all enterprise and industrial solutions between 2020 and 2025.” (Globenewswire, Research and Markets). The prediction is clear about the future of IoT in asset tracking. Whether you need end-to-end visibility of your assets, require a cold storage tracking solution, or just need to stop asset theft and/or damage – the IoT.nxt Asset Tracking solution can be tailored to your needs. It can be scaled for small businesses or large, multinational corporations. Our solution can be integrated with your existing asset tracking solutions, any asset, anywhere, this is the value you get with our solutions.–

IoT.nxt opens up a world of possibility with our Asset Tracking Solution.

Get in touch with our team at iotnxt.com, and allow your assets and systems to talk to you and each other.

 


 


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Lance Turner

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