Why you should consider equipment tracking for your business
Asset tracking is expected to grow from a $17 billion dollar market in 2020 to an estimated $34 billion in 2026.i And for good reason. Businesses in multiple industries are discovering that tracking and monitoring important equipment can improve productivity, reduce costs, and increase the lifespan of high-value items.
IoT technologies are a big part of the market growth because they offer solutions that are quick to deploy, easy to use, and scalable as a business grows. Everything from toolboxes to semi-trucks or mining vehicles can be monitored in near real-time. If a piece of equipment has a surface that asset tracker hardware can be mounted to, then it is basically fair game for tracking.
Another important component of any IoT solution is advanced wireless connectivity, which makes it possible to keep an eye on equipment that is being used in remote, challenging, or weak signal environments. This can be a game-changer for companies that normally have to do manual checks on generators or tanks sitting in fields, for example. Instead of sending someone to the site to verify the location or status of the item, team members can view the equipment in the cloud-based portal, which can be accessed anytime, from any device.
The possibilities are truly endless in terms of the types of equipment that can be tracked and monitored with an IoT asset tracking solution.
Is tracking equipment worth the investment?
Many businesses rely on tools, equipment, and vehicles for day-to-day operations. Equipment tracking technologies can help you stay one step ahead of potential issues that can disrupt productivity and cost you money.
Here are three big ways asset tracking technologies can help your business:
1. Theft and loss prevention- When you know where your equipment is located at all times, it’s easy to locate an item that has been misplaced or even quickly identify a theft. Plus, many solutions enable geofencing parameters to be defined around a job site or facility. When equipment passes through the geofence, an automatic notification is sent so management can verify the status and act quickly if something is wrong.
2. Increase productivity – When your projects or operations depend on your team having the right equipment at the right time, an asset tracking solution can help keep things moving forward. If a piece of equipment has been left in the wrong location, you can quickly have it sent where it’s needed and avoid costly delays.
3. Improve ROI on equipment – Asset tracking solutions continually collect and transmit data that can be used in real-time or as a historical record. With customizable reporting capabilities, businesses can review the data in each tracker to understand usage patterns and inefficiencies and predict maintenance requirements. These insights can help improve the ROI on high-value equipment by ensuring they are being utilized and maintained correctly.
Without the right equipment, most companies can’t operate, which is one of the reasons equipment tracking is being embraced across multiple industries. Follow along as we unpack more on the subject of equipment tracking using IoT in upcoming articles!