5 Powerful Asset Tracking examples that use IoT
There are many internet of things (iot) applications as well as multiple iot platforms and iot devices. Gone are the days of barcode scanners, these days the assets iot technology enabled and always connected to the internet. These assets get a virtual ip address which enables devices to communicate with central intelligence through the iot gateways and iot sensors. These connected devices transmit location information translated into positional coordinates. Thus the physical assets or physical objects undergo digital transformation into trackable items within asset tracking software making asset management an easy and real time activity making remote monitoring possible. Thus future of benefits of iot holds huge promise when it comes to asset management along with larger concepts like a Smart Warehouse. Additionally technologies like machine learning and artificial intelligence added on top of these can bring in many unthinkable possibilities.
Realtime Audit and Asset Tracking at Inhouse and Vendor location
In shop floor, there are Assets and tools like Dies, Jigs, Fixtures etc are spread across various locations in-house and at vendor shops. locating these assets during health audit is a major pain and impacting audit timelines and many times data collected become irrelevant by the time the actual audit happens.
Business Benefits of implementing IoT based Asset Tracking System
a) Ability of tracking the asset at vendor location will prevent the misuse of these by vendors, thus preventing revenue loss since the use getting monitored becomes deterrent.
b) Accurate location of assets helps ensures securing stakeholders interest since it becomes easier for operational purposes and making it efficient
c) With asset track able online, greatly reduces the time wasted in order to locate manually various assets during an audit, reducing the overall cost of the audit in terms of man hours of effort consumed
Warehouse Pallet Tracking
The pallets forms the building block of any warehouse. The downstream supply chain is very much enhanced in multiple ways by tracking the pallets. It also helps to reduce waste since pallets get utilized.
a) Usually inventory is stored in separately to avoid mixing of items and also easy retrieval. Real estate being costly, warehouse pallet tracking helps tracking even if the items are stored together, thus optimizing storage space.
b) You can not only get the real time information of the warehouse pallet up to the minute, but also back trace the location. This means no human error and fewer lost or misplaced pallets.
c) It would lead to better utilization of the pallets as well as time since there is no time spent trying to search for pallets as well as there is no pallets lying unused. Additionally there is less chance
Fork Lift Fleet Management Solutions
Many places the equipment like the forklift is rented. If one knows how many forklifts are needed in production helps reduce the holding cost of forklifts. Ability to optimize on paths taken by forklifts also will help generate savings.
a)On doing analysis in Industries it has been found that the usage of forklifts can be further optimized and fleet reduced by 10%. The fleet management solution will provide better insights into the usage and utilization.
b) Based on real-life applications we have achieved as high as 15% Savings within two months of implementation from IoT data collected.
Inventory Tracking System
Typical inventory maintained at any organizational level is manually kept in an excel sheet or is maintained on a system. These measures are prone to inaccuracies by the very nature of the process. The assets which are moving and those that get distributed to multiple locations in some cases to remote locations or vendor locations etc rarely get updated in terms of locations and the number maintained in the system can not be correct.
Business Benefits of Implementing IoT based Inventory Tracking System
a) Search online on a real time basis for assets to know where the location
b) Time and Cost savings during Audit
c) Operational efficiencies due to availability of assets on a just in time basis
In a large manufacturing plant as well as yards, it is difficult to manually track vehicles areas is a tedious activity consuming time and takes hours to search. When it comes to Supplier vehicles, the tracking and is a great challenge. Vehicles with in the premises go untracked and the time spent at each location is incorrectly reported leading to reduced efficiency and dispatch delays.
a) Reduction in time spent by Supplier vehicles within the premises
b) Closely monitor and track automobiles there by becoming more productive and efficient operationally
c) Use real-time dashboards to drive decisions as well as track and monitor the process
d) Do Future Capacity Planning based on historical data, there giving increasing efficiency
e) Tracking provides Security, since any unauthorized movements raise alarms