No matter the size of your business or the value of your assets, asset tracking provides the crucial transparency needed to run an efficient operation. The transportation and tracking of assets affect everyone in an organization from the executive level to inventory managers, logistics employees, and the end consumer or client. That’s why choosing the right asset tracking strategy is imperative.
Things to Consider in Asset Tracking
There are a few key considerations when choosing a strategy for your business:
Compatibility
Different assets require different software solutions that meet their unique specifications while complying with your business strategy. Any asset tracking technology considered should be compatible with the type of technology utilized by your businesses. Is your chosen strategy compatible with your existing software, hardware, or business processes?
Mobile Functionality
Tracking assets from a mobile device gives everyone in your organization an instant and flexible means of management. A system which is compatible with various devices and maintains a responsive and mobile-friendly UI is ideal. As accessibility and simplicity increases, the function of the app will improve the overall ROI.
Scalability
Whatever the size of your business, it’s important to choose an option that can grow with you. Different platforms utilize different tracking strategies so it’s wise to choose one which aligns with your business goals. Are you looking for a one-time-only flat fee or something monthly so you can quickly scale? The immediate costs associated with deployment and upgrading should be considered before choosing any strategy.
Coverage
The number of assets your business oversees and the area in which they need to be tracked at any given time, should impact the asset tracking method you select. An asset tracking solution is only effective if it provides the coverage, you need both locally and internationally. Roaming Sims can be very helpful in solutions but may increase costs, consider local sims and non-connected services if possible.
The Different Asset Tracking Strategies
Once you’ve considered the unique needs of your business, it’s time to choose an asset tracking strategy.
Barcode Tracking
Barcodes present machine-readable information using linear code, allowing for accurate asset location and more data storage while reducing manpower. Essentially, barcode tracking offers a simplified and optimized version of record-keeping.
Quick Response (QR) Code
QR codes visually represent data in machine-readable information regarding the attached item. Mobile devices and applications with in-built cameras can also read this information. This information contains almost all types of data, like alphabetical, numeric, special, and binary. It can also be scanned in 360 degrees and contains up to 100 times more data than other barcode systems.
Radio Frequency Identification (RFID)
RFID tags are smart labels that can be read via radio waves and accurately scanned from meters away. These tags can be integrated into sensor and GPS technology while offering alerts to improve asset security. They also automatically collect data and store information concerning maintenance activity.
Near Field Communication (NFC)
A subset of RFID, these are simple tags that work in shorter range using electromagnetic induction to transmit information. They can be scanned with smartphones and are capable of two-way communication, so you can see the asset that has been tagged, its geolocation, and who is reading the tag.
Bluetooth Low Energy (BLE) Beacons
BLE beacons exchange small amounts of data at regular intervals and can be read from smartphones. They can be used both indoors and outdoors with zero costs put toward installation or wiring. BLE offers real-time tracking and a long battery life with minimal drain.
Global Positioning System (GPS)
This satellite-based radio navigation system is able to operate without internet or telephonic reception. Ideal for remote tracking, GPS can monitor the exact location of any asset. The integration of GPS technology into fleets also lets you benefit from route optimization and reduced fuel costs.
LoRaWAN
When considering the optimal asset tracking strategy for your business, it’s essential to think about the coverage your operations demand. While GPS solutions provide extensive coverage and offer precise location data for assets, it’s important to recognize that a private network technology like LoRaWAN (Long Range Wide Area Network) can be a game-changer. LoRaWAN, with its impressive range capabilities, comes second only to cellular and GPS solutions.
What truly sets it apart is its unparalleled flexibility, accommodating hundreds of sensors and gateway configurations. This means you can seamlessly monitor a vast array of assets in various locations with a single network, making it a cost-effective and versatile choice for asset tracking, especially in industries where coverage and scalability are paramount.
Make the Right Choice with Evolution Data
Asset tracking is a broad field, and you have a wide range of options to choose from. Here at Evolution Data, we’re experts at providing innovative tech solutions for businesses of all types, and we’re happy to guide you through the ins and outs of asset tracking technologies so that you can make informed, confident choices. Contact us today to discuss your asset tracking need.
