The Industrial Equipment market is experiencing unprecedented change with the help of IoT. Managing high-value industrial assets has proven quite challenging for businesses for years. Problems such as malfunctioning, inefficiency, damage, and even loss have caused significant declines in productivity and profitability. For all that efficient tracking systems mean, conventional solutions have failed to provide actionable insights or scalable cost-effectiveness.
Did you know that a recent research conducted by McKinsey & Company shows that the Industrial IoT can lower maintenance expenses by as much as 20% and increase the machine’s life cycle by several years? IoT; a game-changing technology redefined industrial asset tracking. Since these solutions not only guarantee reliability but offer so many more possibilities, in itself making it transformative, companies today track their assets like never before in any era of business life because they can monitor and optimize everything going their way.
The Role of IoT in Industrial Asset Tracking
IoT asset tracking systems leverage advanced technologies such as sensors, GPS, and cloud computing to provide continuous visibility into asset location, performance, and usage. These systems enable businesses to:
- Minimize Malfunctioning and unauthorized usage: With sensors and geofencing capabilities, IoT-enabled creates a virtual boundary around high-value assets. When an asset has moved beyond the periphery without authorized permission, this system raises an alarm for immediate recovery of stolen assets by companies and hence minimizes the loss.
- Improve resource allocation: This type of data gives companies insights in real-time on the equipment and its availability and use. Businesses can allocate assets accordingly based on the information from these insights, thereby saving resources from unnecessary downtime and promoting efficiency in operations.
- Streamline maintenance schedules: IoT sensors constantly monitor the condition and performance of assets and give early warnings of potential problems. This predictive maintenance approach will avoid sudden breakdowns and save the organization from expensive repair costs.
- Reduce operational costs: Optimizing asset utilization and preventing Malfunctioning or misplacement, IoT asset tracking systems help businesses cut waste and lower overhead expenses. In addition, automation of tracking processes saves time and eliminates human error.
- Enhance overall efficiency and customer satisfaction: With correct data in real-time at one’s fingertips, a company can make decisions much quicker. This leads to efficient project management, delivery time, and an enhanced customer experience.
Thanks to IoT, industrial asset tracking is now more accessible and affordable than ever, enabling businesses of all sizes to optimize operations.
Everywhere, Every Time: How IoT Enables Comprehensive Asset Tracking?
IoT-based asset tracking relies on an ecosystem of robust low-cost sensors, GPS technologies, reliable network connectivity, and smart gateways. This arrangement enables billions of connected devices to deliver real-time updates on industrial assets in various industries. Here are some key applications of IoT asset tracking:
1. Industrial Equipment Tracking
IoT delivers real-time information regarding important industrial equipment on location, performance, and utilization, enabling businesses to:
- Prevent equipment downtime.
- Optimize performance metrics.
- Extend the lifecycle of machinery.
2. Enhanced Construction Site Management
IoT solutions allow for better monitoring of materials and construction equipment, optimize resources, and avoid Malfunctioning. Geofencing with the help of GPS technology provides companies with site security opportunities that also improve operations.
3. Streamlined Perishables Management
For industries dealing with perishable goods, IoT ensures that the storage conditions are at their best through real-time monitoring. Maintaining cold chain integrity prevents spoilage, leading to huge cost savings and regulatory compliance.
4. Revolutionizing Agricultural Operations
IoT solutions empower agricultural businesses to track machinery, optimize resources, and increase yields. It enables farmers to make decisions based on data to increase efficiency and output.
5. Real-Time Visibility into Railroad Stock
With IoT-enabled tracking, rail operators can monitor the location and condition of the railcars, thereby optimizing logistics and ensuring timely deliveries. This reduces operational bottlenecks and enhances profitability.
6. Optimized Trailer Fleet Management
IoT asset tracking systems increase the visibility of the locations in trailers, hence enabling a logistics provider to increase his usage rates and decrease transportation cost. This is more crucial when delivery time is very essential.
Hazardous Material Tracking: A Safety Imperative
One of the most important applications of IoT in industrial asset tracking relates to hazardous material management. IoT allows real-time monitoring of hazardous materials, including radioactive substances, fuels, and chemicals. This enables IoT to immediately alert against any risks to health and the environment, particularly in high-density population areas. The systems also assist in ensuring that all the requirements for safety compliance are met, thus avoiding liability that could arise.
For example, IoT solutions can monitor the temperature, pressure, and location of chemical containers in transit. In case of anomalies, the system triggers alerts, allowing immediate corrective actions.
Transforming Industrial Operations: Asset Tracking in Action
To illustrate the transformative potential of IoT in industrial asset tracking, consider the case of a construction equipment company facing challenges like:
- Frequent equipment Malfunctioning.
- Inefficient fuel usage.
- Misallocation of assets.
It is remarkable how the company, through an IoT-enabled asset tracking system, achieved:
- Decreased Malfunctioning’s: Real-time GPS tracking along with geofencing capabilities reduce the act of Malfunctioning’s, and the stolen equipment is retrieved.
- Optimized Fuel Consumption: The use of IoT sensors in fuel usage helped the company reduce costs and optimizing fuel consumption.
- Improved Asset Allocation: The company could track asset availability and location in real-time, ensuring optimal utilization.
- Improved Customer Satisfaction: On-time delivery of projects increased customer trust and satisfaction.
These outcomes demonstrate the far-reaching benefits of IoT-enabled asset tracking beyond simple location monitoring.
Benefits of IoT Asset Tracking Systems
IoT asset tracking systems have a wide range of benefits that directly impact the bottom line of any business. These include:
- Cost Savings: IoT asset tracking systems prevent Malfunctioning by monitoring asset location 24/7 with real-time tracking capabilities. This helps in minimizing downtime as misplaced or stolen assets are recovered quickly. Resource allocation is optimized to avoid unnecessary expenses, thus providing substantial cost savings, leading to an increase in overall profitability.
- Enhanced Operational Efficiency: IoT systems give actionable insights toward asset performance, utilization, and availability, which helps businesses identify inefficiencies and streamline operations. This data-driven approach helps in better planning, minimizes operational bottlenecks, and ensures resources are put to their fullest potential so that a more productive workflow is ensured.
- Predictive Maintenance: It’s the continuously analyzed sensor data that an IoT system detects early wear and tear in equipment, and thus it enables business organizations to schedule maintenance before failures happen, avoiding downtime. Predictive maintenance does not only extend asset lives but also reduces repair costs and improves reliability.
- Enhanced Compliance: IoT solutions help businesses adhere to safety and environmental regulations by ensuring proper asset management. For instance, hazardous materials can be monitored to avoid risks and IoT-enabled records provide documentation in case of audits. In this way, proactive compliance diminishes liabilities and enhances the reputation of a company.
- Scalability: Modern IoT platforms such as Bridgera are scalable, and growing with the needs of business. Be it scaling an operation to include more assets or adding advanced features on how technology is evolving, flexibility from IoT systems ensures adaptability for long-term value in line with business growth.
The Bridgera Advantage in IoT Asset Tracking
Regarding its difference within the IoT asset tracking, what defines Bridgera is indeed changing the game by offering this robust and comprehensive platform – designed to cater to such differentiated needs of industrial operations rather than off-the-shelf-type solutions. Our IoT remote monitoring solution is designed to let them overcome the complexities of fast-paced, ever-evolving environments in managing industrial assets; here’s how:
1. Device Agnostic Connectivity
Bridgera integrates with any device, regardless of manufacturer. This allows businesses to track and manage assets without being bound to a particular hardware vendor. The system will be uniform and efficient.
2. Customizable Applications
We specialize in creating tailored applications, UIs, and APIs based on the needs of your operation. The solution, with Bridgera, will be intuitive and user-friendly and keep up with changing business demands.
3. Scalable and Reliable Infrastructure
Our cloud-based platform supports growing data volumes and expanding asset portfolios. From tracking a few to tens of thousands of assets, Bridgera ensures high-performance consistency and data integrity in both cases.
4. Ongoing Support
Bridgera provides hosting, maintenance and continuous development support. Keeping your IoT system always ready with this proactive approach – no need for in-house software resources and hence cutting down time and cost too.
Bridgera’s Commitment to Your Success
With innovation, customization, and a customer-first approach, Bridgera ensures that your IoT asset-tracking investment delivers maximum returns. From cost reduction to productivity improvement, we empower your digital transformation journey.
Why Choose Bridgera for IoT Asset Tracking?
Bridgera stands out among the rest in the IoT ecosystem with a focus on innovation and customer-centric solutions. Our approach includes:
- Understanding Your Needs: We take the time to understand your unique requirements and design solutions that align with your objectives.
- Deliver ROI: Reducing cost and increasing efficiency, our IoT solutions are a measurable return on investment.
- Long-term success: We are the ones with you from IoT implementation to continuous support, enabling you to gain sustained success.
Wrapping It Up
IoT is changing industrial asset tracking by making real-time monitoring, predictive maintenance, and data-driven decision-making accessible and affordable. Be it reduction of Malfunctioning, optimal resource allocation, or customer satisfaction, the scope of IoT-enabled asset tracking systems is endless.
Bridgera IoT platform allows businesses to experience these benefits by providing customized solutions, strong technology, and unrelenting support. Are you ready to transform your operations? Start a demo today and check out how Bridgera can help your business lead the next industrial revolution.
About Bridgera: Bridgera effortlessly combines innovation and expertise to deliver cutting-edge solutions using connected intelligence. We engineer experiences that go beyond expectations, equipping our clients with the tools they need to excel in an increasingly interconnected world. Since our establishment in 2015, Bridgera, headquartered in Raleigh, NC, has specialized in crafting and managing tailored SaaS solutions for web, mobile, and IoT applications across North America.
About Author: Gayatri Sriaadhibhatla is a seasoned writer with a diverse portfolio spanning multiple industries. Her passion for technology and a keen interest in emerging IoT trends drive her writing pursuits. Always eager to expand her knowledge, she is dedicated to delivering insightful content that informs the audience.