Asset Monitoring Research: What, Why, and How
Asset monitoring is the process of remotely tracking physical assets using specialized hardware and software. Asset monitoring solutions based on IoT technology enable real-time accurate information on the name, location, and condition of an asset, planning its maintenance, and alerting managers about failures. Such systems are used in manufacturing, construction, logistics, healthcare, mining, and other industries.
Key Benefits of Asset Monitoring
- Increased Asset Lifespan. Asset monitoring software tracks the location, condition, and performance of assets using IoT sensors, allowing managers to understand whether an asset is working properly or needs repair. This helps reduce equipment downtime and extend its service life.
- Theft Prevention. It is important to closely monitor valuable assets to prevent theft. Asset monitoring solutions improve asset visibility by providing accurate location data.
- Employee Behavior Tracking. Asset monitoring systems can also track employee behavior such as travel time, geographic location, driving style, etc.
- Asset Handling Control. This function ensures proper and authorized handling of valuable assets by employees. If they fail to do so, an alert can be sent to the manager.
- Maintenance Planning and Tracking. Asset monitoring software allows scheduling maintenance based on data from the last inspection or metrics such as mileage or service life. Email or SMS notifications can be set as reminders.
- Equipment Failure Prediction. Timely preventive measures are crucial for reducing production and asset maintenance costs and improving efficiency. Asset monitoring solutions enable measuring asset KPIs, analyzing work patterns, detecting anomalies, and predicting equipment failure. This information can be used to schedule preventive maintenance and keep equipment running without unplanned downtime.
- Ticketing System. Asset monitoring software can have ticketing features. An equipment-related problem reported by staff or automatically detected is immediately logged, assigned to the appropriate technician, and resolved according to a pre-defined action plan.
- Asset Data Analytics. Managers can generate asset reports and analyze equipment performance, helping reduce unplanned downtime, optimize work schedules and staffing, etc.
Technologies Behind Asset Monitoring
Below we list the most popular technologies that enable modern asset monitoring solutions, ensuring data transmission about assets. Each option has its distinct features and is designed to meet specific requirements and track different types of assets.
Barcodes / QR Codes
These are labels applied to an object that require an electronic scanning device to read. Although barcodes and QR codes are related, they differ in capability and flexibility. Barcodes are one-dimensional and must be scanned horizontally. QR codes are two-dimensional, can be read from any angle, and transmit more information. These technologies are used for small-volume manual scanning.
RFID
RFID (Radio Frequency Identification) tags are commonly used in warehouses and retail for controlling large, valuable assets. RFID systems use radio frequency signals to communicate with two types of tags: passive and active. Passive tags, which operate without batteries, have readers that transmit signals to antennas that send them back to the readers. This technology enables near real-time asset tracking and theft protection. Active RFID systems use battery-powered tags and rely on Bluetooth beacons to transmit and read data in real time. These tags are more expensive than their passive counterparts but have a longer range.
WiFi
WiFi monitoring solutions use local wireless networks and radio waves to transmit data from WiFi tags and track their status in real time. Since the network infrastructure is standardized, these systems are inexpensive and easy to install, but they are less secure and fail without WiFi coverage.
GPS
GPS asset tracking systems use receivers that automatically collect asset data transmitted by satellites. Satellites determine the specifics of these systems: they are well suited for outdoor tracking (latitude and longitude) in open areas and less effective in areas with many tall buildings, wooded, or enclosed areas. Since this technology, among other things, provides accurate location data, it is widely used for tracking vehicles and/or valuable objects stored outdoors in remote areas. GPS technology is also used as an element of telematics devices to transmit vehicle data such as mileage, speed, fuel consumption, etc.