The availability of equipment is not important, but it is more important to utilize those equipment and assets in a better way that enhances efficiency, productivity, and optimization. There can be various types of assets or equipment like machinery, tools, inventory, etc that operate in an organization. In simple words, equipment utilization refers to measuring how much and how well a piece of equipment is used.
In this modern and advanced demanding world, utilization of equipment cannot be possible with conventional methods as it needs some modern and advanced techniques. Real-time asset tracking solutions can be the tool that can enhance the utilization of equipment or assets within an organization by offering real-time monitoring of status, location, and conditions. Overall, better utilization of equipment leads to better decision-making and reduced downtime for the organization.
The real-time asset tracking market is also exploding at a very rapid pace as the global real-time asset tracking market is expected to be worth $23.42 billion in 2024. The market is projected to grow to $59.64 billion by 2032, with a compound annual growth rate (CAGR) of 12.4%. Since every sector is implementing this solution to their operation then these numbers are soon going to enhance in upcoming years.
How IoT and RFID Revolutionize Real-Time Asset Tracking
Real-time asset tracking can be done using various technologies like GPS, IoT, RFID, etc that enable businesses’ asset performance, condition, and location, and also enable proactive maintenance that overall enhances the efficiency of the equipment used. RFID asset tracking solution enhances transparency which increases employee accountability.
Among all, IoT solution is one of the most used tools for asset tracking as 84% of businesses could see significant cost savings and efficiency improvements by adopting IoT technologies for tracking assets. Where on the other hand, companies that use RFID tracking have seen inventory accuracy increase from 63% to 95%.
In this article, we will see the role of real-time asset tracking in enhancing the utilization of equipment. We will also see some details like benefits, challenges, etc. Finally, we will end the discussion with the concluding paragraph.
RTLS: What is it?
A group of technologies known as RTLS systems are used to automatically detect and track the location of individuals or objects in real-time. These systems usually connect to a central server using wireless communication protocols, which can subsequently be used to track the whereabouts of individuals or items.
Auto manufacturing, healthcare, logistics, and retail are just a few of the industries that have been using RTLS systems for a number of years. Nonetheless, their significance is growing in the automotive, aerospace, and general industrial industries.
Real-Time Asset Tracking for Equipment Utilization
Real-time asset tracking generally refers to enabling sensors or tracking devices to equipment that provide every information about the assets or equipment. By enabling businesses to keep an eye on the state and usage of their assets and optimize their allocation, real-time asset tracking can assist increase equipment utilization. There are many technologies like GPS, RFID tags, or barcode scanners that businesses may use to monitor the movement, use, and upkeep of their assets in real-time.
Also Read: Innovative RFID Solutions for Accurate Asset Tracking and Management
Benefits of Real-Time Asset Tracking for Improving Equipment Utilization
There are lots of benefits of real-time asset tracking for improving equipment utilization. Here are a few benefits mentioned below.
Accurate Equipment Location Tracking
This is a common issue of losing equipment in the industry as there are a lot of operations to do that do not focus on equipment placements. But losing equipment results in loss of time. Where with real-time equipment tracking with GPS and RFID, equipment location can be accurately tracked not messing up with the searching for equipment.
Reduced Equipment Downtime
Equipment like machinery, tools, etc can cause fault or error at times. This could be good if anyhow it provides an alert during the initial stage of fault. With real-time equipment tracking powered by predictive maintenance, it is possible to know the condition of equipment to predict failure and prevent downtime.
Optimize Asset Allocation
Allocation of assets and equipment according to use is very important as not having proper allocation optimization techniques can result in the overuse of equipment. Where with real-time asset tracking, this is possible to allocate equipment according to need and use. This improves the utilization and optimization of equipment within an organization.
Enhanced Equipment or Asset Security
There can be cases of theft or breaching of security with equipment that results in loss for the organization. With real-time asset tracking with technology like IoT, RFID, etc, it is possible to know the location and also get a warning whenever any asset moves outside a certain position. This also increases the cost efficiency.
Better Inventory Management
Inventory management is another aspect of equipment utilization as proper stocking, restocking, etc matters. But without proper tracking of equipment cannot help to know the exact condition of inventory. Where with real-time asset tracking, in and out equipment within areas can count which helps to better inventory management.
Aeologic solutions can assist businesses in enhancing their inventory management in addition to these advantages. Businesses can promptly determine when an item is missing or out of place by monitoring the whereabouts of tools and equipment. This can guarantee that businesses always have the tools they need to finish a job and help avoid inventory inconsistencies.
Enhancing Asset Tracking With Anti-Metal RFID Tags
Challenges with Real-Time Asset Tracking
We have seen a lot of benefits of real-time asset tracking for equipment utilization. But there are a few challenges too as there are a few mentioned below.
- Real-time asset tracking with technologies like RFID, IoT, GPS, etc requires internet connectivity that can be issued in regions with low connectivity.
- Maintenance of the tracking system can be issued as it requires regular maintenance that can affect the cost efficiency.
- Employee resistance can be another issue as concerns about privacy, additional workload, etc.
Also Read: The Best Asset Tracking Solutions for Education and Schools
Final Words
Real-time asset tracking solutions can enhance business operations and efficiency by properly utilizing their equipment usage. Real-time tracking enables proper monitoring of equipment and assets’ location, condition, usage time, etc.
While implementing these real-time asset tracking, there could be some challenges too like integration complexity, initial implementation cost, maintenance issues, etc but the benefits are too good that easily going to overweigh the challenges. By leveraging real-time asset tracking, businesses can make informed decisions, ensure running operations smoothly, and also going to increase the asset lifespans.
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