Knowing the location and monitoring the health of your most valuable assets is critical to business operations. Thanks to Internet of Things (IoT) technology, remote tracking of everything from heavy equipment to fleets to luggage, patients, pets and kids can reduce risk, minimize inventory, save money and create new revenue streams for businesses, in addition to making life easier for consumers.
IoT-enabled asset tracking is playing a greater role in the modern economy than ever before. A recent study found that an estimated $1.9 trillion of economic value could be created by the use of IoT devices and asset tracking solutions in the global supply chain and logistics sector. But in order to compete for a piece of this emerging, profitable market, you’ll need to know which IoT technology will benefit your asset tracking application and how to build a system that works seamlessly within your existing business model. By building a flexible, customized tracking system, you can reap the benefits of asset tracking without having to make significant changes to your business, saving you both time and money. A number of industries have adopted IoT-enabled asset tracking already, paving the way for the creation of new business opportunities and more efficient operations.Â
Industries That Rely on IoT-enabled Asset Tracking IoT-enabled asset tracking can benefit more than just fleet managers or tracking-focused products. The following industries have had immense success and are continually innovating and adding new applications:Â
Each of these industries uses tracking solutions differently, but they all have something in common: they use wireless technology to get reliable data that they can use to provide valuable services related to the asset’s supply, or asset’s usage. By customizing their tracking solutions to meet the unique needs of their customers and their industries, these businesses can leverage more competitive advantages because they have all the data that they need to make intelligent—and fast—decisions. IoT-enabled asset tracking can be used broadly to engage new customers and improve business operations.Â
Today’s customers expect reliable, efficient tracking features for nearly all their connected devices, even those that serve another purpose. For instance, a child’s walkie-talkie will be more appealing to parents if the device includes an embedded GNSS tracker that tells parents where their children are located. Likewise for a dog collar that can perform heath checks and pin-point a beloved pet’s location if he goes missing.Â
Using the latest cellular modules and Smart SIM cards, it’s easy to include worldwide connectivity as an add-on to an existing device, enabling new business models based on usage and not anymore based on ownership. A rail wagon equipped with a tracker can be sold as a service (lease on distance and time basis). Standard Low Power Wide Area (LPWA) technologies make cellular connectivity ideal for these types of solutions because they can deliver the key 3C’s (low Cost, broad Coverage and low power Consumption). Even if your business isn’t centered around tracking technology, you can still use it to improve your product. A bicycle manufacturer might embed a small tracking module into the frame of the bike that customers can use to locate it if it’s stolen. By offering these tracking options to your customers, your product stands out against the competition.
