Develop a Comprehensive Asset Management Solution

What is Asset Tracking?

Asset tracking or asset management refers to comprehensive location intelligence of an organization’s physical assets. Research and Markets valued the global asset tracking market was valued at $17.14 billion in 2020 and is expected to reach $34.82 billion by 2026. As experts in the fields of IoT and IIoT, Symmetry Electronics can assist businesses in receiving the wide range of benefits of digitized asset management solutions.

What Sectors Benefit from Asset Management Solutions?

Regardless of size, any business from any industry can benefit from enhanced location intelligence surrounding their physical assets. As much as 43% of small businesses fail to track assets and inventory reliably. However, asset tracking is an essential tool for businesses in the following industries:

• Manufacturing
• Logistics & Transportation
• Food & Beverage
• Rental Services
• Health
• Military & Defense
• Information Technology (IT)
• Corporate
• Utilities

Figure 1: Methods of asset tracking

Source: Asset

Comprehensive Technologies Driving Asset Tracking Solutions

Leveraging sensors and connected devices, methods of asset tracking (Figure 1) include radio-frequency identification (RFID), barcode scanners, GPS tracking systems, quick response (QR) code tracking, near field communication (NFC) tracking, Bluetooth™ Low Energy (BLE) beacon tracking, IoT asset tracking, and many more. When selecting an optimal asset management tool for your business, the ultimate considerations include:

• Application & use case
• Knowing what and how many items need to be tracked
• Maintenance schedules
• The physical environment of where assets will be tracked – indoor, outdoor, mobile, remote, etc.
• Equipment uptime/downtime
• Workers using the physical assets that need to be tracked
• The entire life cycle of project management
• The accuracy desired when tracking locations of physical assets
• Update rates for assets monitored

Top 9 Benefits of Asset Tracking:

The combination of digitization and asset tracking makes for powerful tools that companies can use to harness a wide range of essential benefits. The top nine benefits of comprehensive asset management tools include:

1. Increased production efficiency
2. Reducing downtime
3. Money savings
4. Asset loss and failure mitigation
5. Increased environmental awareness energy data control
6. Improved predictive analytic insights
7. Enhanced supply chain planning and logistics
8. Improved inventory management
9. Increased real-time data insights

If you’re interested in integrating an asset management solution into your operation, our team of technical experts can support you every step of the way. Symmetry Electronics can easily assist your organization in receiving the benefits of comprehensive asset tracking tools. Contact us today!

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