From small stores, physical storefronts to large enterprises with multiple facilities, asset tracking is a fundamental activity that allows you to determine the value of your business. While technology makes the job much efficient, it can still be considered an enormous challenge to know where your property is at all times, especially when it is constantly moving around. For that reason, an effective inventory management plan should include having asset tracking technologies designed to let businesses know where their valuables are at any given time. The same goes for cooperating organizations, healthcare facilities, and commercial transportation companies. Knowing where your assets are, how they get used, and their state of operability offers management benefits like increased productivity, reduced expenditure, regulatory compliance, and overall business improvement. You can read the eight (8) reasons why businesses need to track their assets here.
Also, thanks to advancements in technology, multiple tools have been made available to help your business track and monitor your valuable assets. In the article, we explore multiples of asset tracking tools for your business in 2021 alongside their advantages. Enjoy!
Barcodes are the oldest and most enduring of all asset tracking technologies. Their reliable, easy-to-use, and cost-efficient way of tracking assets has given rise to widespread use in numerous industries.
They work by simply entering an asset or inventory data into a barcode tracking system and building a unique barcode label. The barcode label is then printed out and attached to the right asset, allowing barcode readers or smartphones to scan it and view the stored data. With this simple code-and-scan configuration, barcodes have found essentially global traction in retail, manufacturing, warehousing, logistics, public transportation, and just about every other industry.
One of the advantages of barcodes is how cheap they are over other asset tracking technologies such as RFID tags. Other advantages include
i. Inexpensive
ii. Extremely small and lightweight
iii. Significantly reduce human data-entry errors
iv. A cheaper alternative to produce, even in large quantities
v. You can use barcodes to account for a large number of assets with zero limits on the quantity
i. It is highly manual
ii. Scanning is very short-range
iii. With barcodes, assets require line-of-sight scanning.
iv. It does not show real-time status or location. It is dependent on data from the last point of scanning.
v. Asset Tracking using Barcode can be prone to human error.
Radiofrequency identification is one of the popular asset tracking technologies for organizations that have a lot of assets to track. RFID systems work with a combination of electromagnetic readers and tags. These tags are loaded with data and attached to relevant assets through electromagnetic waves, both stationary and handheld. These readers can capture and read stored data then collect it in an asset management system where the data can be monitored and actioned. While the reading process primarily identifies the tags scanned, this scan can as well provide other data.
For illustration, a location reader like a fixed-doorway scanner can record the specific time an RFID tag crosses that doorway, thus logging its current location at the point of the scan. In the last decade, the adoption of asset tracking solutions has peaked all through the business world. With Manufacturing, Retail, Logistics, and Healthcare sectors leading the charge, it’s no wonder why the global asset tracking market share has risen significantly.
a. Active RFID connects a power source to each tag powered by a battery and sends out a continuous signal for a reader to receive. This signal allows the RFID to extend the communication range to a long range to thousands of feet.
b. Passive RFID tags that have no battery and wait for a signal from the reader to respond makes them inexpensive and long-lasting though for a limited range.
c. Semi-passive RFID tags have batteries but wait for a signal from the reader to respond to a battery-powered transponder that signals when interrogated by a reader.
The range and costs of these RFID tags vary depending on whether you are using low frequency, high frequency, or ultra-high frequency RFID. Some of the advantages and disadvantages of RFID for asset tracking include.
i. Real-time updates
ii. Gather data from distances between 20-1500 feet (depending on tag type)
iii. Enables location accuracy often within inches
iv. Tags are durable and made with material for long-lasting and weather-proofing
v. RFID increases the speed of asset monitoring by reading multiple tags at one time
i. Capital Intensive (Cost of readers)
ii. System installations can be complex, sometimes requiring manual scans
iii. Battery difficulties with large deployments of active tags
iv. Wireless signals can get intercepted.
GPS (Global Positioning System) technology is one of the most widely used tracking technologies in the world today. They get used in modern smartphones, satellite navigation systems, and the microchips of household pets.
GPS depends on a network of in-orbit satellites that understands the location and synchronizes the clock precisely. In-built trackers enable users to track anyone or anything in real-time, working over a string of connected satellite system networks. These potentials make GPS effective tracking technology for businesses with several moveable fixed assets such as vehicles. . Additionally, countless organizations work hard to make GPS even more usable and trustworthy. GPS also has the advantage of low costs for infrastructure. Often only costs for the tracked hardware itself or gateway devices in some cases because end users are not responsible for maintaining the satellite systems.
The ability to track assets in real-time is achieved by either using a specified handheld GPS device or using a cloud-based app. This app offered in many top-quality asset tracking systems would allow users to see real-time locations across desktops, tablets, and mobiles.
i. Worldwide visibility for tracked assets
ii. Trackers can be small devices that can be anywhere
iii. Full access to data on mobile devices
iv. GPS get integrated into many professional and consumer devices
v. Instant access to real-time tracking, live location, and historical location data
i. High power consumption
ii. Requires line-of-sight with satellites/limitations in urban and indoor settings
iii. End-users cannot repair or adjust the space or control segments
The term UWB refers to a technique for transmitting data over a large section of the radio spectrum. This technique works by emitting short pulses with a small power output across a significant bandwidth. Essentially, UWB can determine the location of assets with high accuracy of a few centimeters, using considerably lower power. UWB is also particularly well-suited to operate around metal and other reflective surfaces.
“To determine the location of UWB precisely in real-time, UWB solutions typically utilize techniques such as Angle of Arrival (AoA), Time of Flight (ToF), Time-Distance-of-Arrival (TDoA), and other measurement methods. Some solutions use their unique measurement techniques as well.” – Stephen Taylor.
These benefits make UWB ideal for locating and tracking in heavy industry and GPS-occluded environments where wireless technologies often fail to operate reliably. It’s also ideal for high-value assets or situations where inaccuracy poses considerable risks, such as safety, security, and healthcare applications. This technology’s ability to penetrate obstacles gives it installation flexibility, including operability without a line of sight between devices. Non-line-of-sight performance is ideal for environments such as hospitals, which have few open areas.
i. Data transmission through many walls and obstacles
ii. Outperforms other tracking technology inaccuracy, security.
iii. Real-time updates
iv. Enables location accuracy
v. zero interference with other radiofrequency signals and devices
i. General reliance on time-syncing for location and tracking
ii. Less market recognition
iii. Requires more power than adjacent wireless tracking technologies
WiFi indoor positioning systems are considered a cost-effective option for keeping track of assets located in large obstruction-free areas such as hospitals. They work off of a local wireless network, using radio waves to broadcast lots of information at high transfer speeds, with a read range of approximately 30 feet in real-time. Because businesses and individuals already use WiFi to transmit data of all kinds, WiFi tracking solutions often need fewer bridging mechanisms for data gathering. WiFi is better suited for localized tracking than global and especially advantageous for small-scale projects because there is usually no need for additional network infrastructure.
Some advantages and disadvantages of WIFI includes;
i. High data throughput
ii. A wide range for localized wireless transmissions
iii. Can work with many different WiFi-enabled devices
iv. Operability with existing WiFi networks lowers installation costs
v. Real-time updates
vi. WiFi standardization simplifies development.
i. Lack of scalability
ii. High power consumption
iii. Congestion of existing WiFi networks
iv. Some ongoing security risks
Conclusion,
To determine what your business needs, there are a few questions you must ask. Such as, how do you want your assets tracked? Do you want to track assets indoors or outdoors? Do you have sufficient assets to power? Apart from cost considerations, you may want to consider while it is possible to mix, match, and combine them in dozens of valuable ways. Also, it is necessary that in framing your asset management strategy and choosing the right real-time location system, you speak directly to a professional. Reach out to us here at pos@posshop-ng.com any time. We can give you all the help you require.