Transparency and asset control are among the key success factors for logistics companies. Fortunately, technological advances have paved the way for real-time asset tracking systems.
By implementing an indoor tracking system, companies can obtain information about the current location, condition, and movement of their assets, which ultimately increases efficiency, reduces costs, and improves customer satisfaction.
Why is improving transparency and asset control in logistics companies important?
Many companies have already recognized how important a logistics tracking system is. It can effectively address a range of challenges, such as inaccurate inventory placement, asset loss, and excessive inventory update costs.
Statistically, indoor and outdoor asset tracking is gaining significant traction. As of 2023 alone, its market volume is estimated at $20.37 billion. Over the next five years, the annual market growth rate is expected to be 13.91%, and by 2028 its size will reach $38.05 billion.
This growth can be attributed to a wide array of benefits, such as:
- controlling logistics operations;
- obtaining accurate data on the location of assets;
- preventing delays and theft of products and cargo;
- minimizing unforeseen expenses;
- allocating resources efficiently.
A real-time tracking system makes warehouse operations more productive. When using this technology, businesses can be transformed into advanced companies with transparent business processes and the ability to make critical decisions promptly.
How does an indoor asset tracking/monitoring system work?
Warehouse asset tracking is widely used in logistics centers. Its implementation is carried out based on various protocols, but the most common ones are UWB, Bluetooth® Low Energy, and RFID. They belong to radio frequency technologies and allow you to determine location with a high level of accuracy.
Both stationary and wearable equipment can be employed for object tracking. These beacons, tags, or labels bear a unique identifier and emit radio signals at a specific frequency. Gateways also play a crucial role in tracking by capturing signals from sensors and relaying them to the server for processing. Subsequently, the processed data is transmitted to a smartphone equipped with a pre-installed mobile application. This allows a logistics center employee to access a digital map of the building and monitor object movements in real time.
One of the most prevalent asset-tracking methods is geofencing. This system monitors the movements of objects within a designated zone, and upon crossing the predefined boundary, it triggers a specific action, such as a notification, sound signal, or other response.
Advantages of the system
By investing in a warehouse management system with indoor tracking, companies not only enhance their operations but also position themselves for industry leadership. Customers gravitate towards businesses that embrace modern technology and prioritize productivity improvements. Implementing a warehouse management system unlocks a range of benefits, including heightened security and transparency of business processes, enhanced operational efficiency, and streamlined asset tracking capabilities.
Improved transparency and visibility of processes
The primary advantage of asset tracking lies in enhanced operational transparency. Whereas managers are typically restricted to a limited scope of data, implementing a warehouse tracking system enables the collection of detailed analytics across a wide range of parameters, such as:
- real-time location and movement trajectories of equipment;
- detailed information on cargo within vehicles and warehouses;
- asset condition, maintenance schedules, and planned repairs.
This increased visibility provides invaluable data for ensuring seamless logistics operations. Armed with up-to-date information, the management can proactively prevent delays and optimize routes. In the event of delays, the company can promptly notify clients and implement corrective measures.
Equipping assets with tracking sensors will allow you to monitor their location and status in real time. Thanks to asset monitoring, you can protect them from theft, tampering, or unauthorized access. Additional geofencing capabilities will provide instant notifications in the event of deviations in the movement of vehicles or equipment in and around the warehouse.
Asset tracking not only prevents the loss of property but also helps management assess the condition of the products. These solutions are considered especially relevant when transporting products, as they allow for safely delivering and maintaining the integrity of high-value or temperature-sensitive products.
Increased work efficiency
Warehouse asset tracking gives the management the key to operating assets more efficiently. At large companies, some types of equipment may sit idle for a long time, while others are used too intensively. As a result, the company suffers losses associated with long-term downtime of some equipment and repairing others. Thanks to asset monitoring, these issues can be minimized. A real-time tracking system provides insight into operational efficiency and helps operate all existing equipment equally.
In the absence of effective asset tracking, companies face a multitude of challenges. When quality issues emerge or a product recall is needed, locating the affected shipment can be a daunting task. Delays in addressing such issues directly impact the company’s reputation, potentially leading to disputes and financial losses.
Asset tracking technology revolutionizes asset management. Tags or beacons attached to equipment provide users with comprehensive information about the object, including its current location. Leveraging sensor data and identifying specific product batches becomes effortless. This enhanced visibility ensures operational integrity and boosts customer satisfaction with the company.
Integrating asset tracking into the infrastructure of your business not only simplifies operations but also drastically reduces the time spent searching for objects. By adopting this approach, companies deliver transparent and high-quality services, fostering customer loyalty and contributing to supply chain optimization.
To sum up, warehouse asset tracking fundamentally transforms the logistics landscape. Its implementation protects businesses against financial setbacks and enhances security. Real-time monitoring empowers logistics companies with unprecedented asset visibility, leading to more accurate decision-making and optimized workflows.