Asset tracking is described as the practice of understanding and keeping track of a company’s physical assets, according to an extensive report from Juniper Research.
Juniper Research explained in its latest report that asset-tracking software offers an improved way of gathering, effectively analyzing, and applying equipment information in order to enhance “efficiency” as well as overall productivity.
Juniper Research further noted that it can also reliably track how the assets are being used and actually stored, the condition of their environment, as well as their performance.
At the same time, the research report pointed out that asset tracking helps to prevent theft, a problem which is said to be “prevalent across all freight methods.”
The team at Juniper Research also mentioned in their research report that asset-tracking technologies allow managers to “detect whether an asset has been tampered with, and can pinpoint a parcel to a specific location if it is stolen or goes missing.”
As explained in the update from Juniper Research, assets can “range from large pieces of machinery to small items of medical equipment.”
The report from Juniper Research added that they all need to be stored in optimum conditions, whether “that’s in large containers or at a particular temperature, so they can be delivered in the best possible condition, without being lost, broken or stolen, thus minimising profit loss.”
Asset and cargo theft are very common across “all freight-transportation methods.”
There are often considerable costs involved, “as the shipping company pays insurance fees and deals with any issues which customers may bring up.”
Asset-tracking devices also send regular location updates, and the “sensors on board the device can detect tampering or any changes in the cargo’s condition.”
Juniper Research recommends vendors focus on “asset-tracking software to offer logistics managers a better way to gather, analyse, and apply equipment information to enhance efficiency and productivity.”
Although they sound similar, asset tracking and inventory tracking “are very different.”
The former involves monitoring the value of the “items a business owns, including crucial details on each item, such as its location, ownership, and maintenance schedule.”
In contrast, inventory tracking is about keeping “accurate records of items held in stock for sale to customers.”
Each category has its own benefits and challenges “when it comes to their
management.”
Hardware vendors play a key role in asset tracking, the report from Juniper Research noted while adding that without the production of RFID tags, radios, sensors, and GPS (Global Positioning System) devices, asset tracking software would be “rendered useless.”
Even though there are different tags, the process of “tracking assets with an RFID tag has four simple stages.”
Firstly, data is stored on a tag which is “attached to an asset; an antenna then identifies the signal of a nearby passive or active tag. Following these steps, a reader connects to the antenna and receives the data stored on a tag. This then transmits the data to a database.”
Thanks to technological advances, particularly in the IoT industry, asset tracking is becoming “easier, less expensive, and more robust.”
Companies can now track assets and their vital data to “enhance workflows in their facilities with increased connectivity.”
While numerous types of technology are used in the asset tracking process, several have undergone significant developments in recent years.
The number of physical tracked assets globally will “surpass 42 billion in 2029, increasing 208% from 13 billion in 2024.”
The report added that emerging regulations surrounding sustainability practices will drive businesses to “use asset tracking to measure carbon emissions, not just location and status, significantly increasing the required reporting functionality.”
According to the Juniper Research update, sustainability has “become a core focus in asset tracking, with environmental concerns igniting efforts from asset-tracking vendors and businesses tracking assets to develop solutions catering to the environmentally conscious.”
Although sustainability efforts are “evident from the fewer manufacturing materials required for tags, vendors must also invest in software which explicitly measures the environmental impact of transporting assets.”
RFID affordability is another significant “contributor to the number of assets being tracked.”
RFID inlays have reduced the materials “needed to produce tags, lowering costs and removing the financial barrier for many businesses.”
The report added that more organizations are now “using asset tracking for assets of varying sizes and values.”
The report further noted that asset tracking protecting more assets, and it is effectively “reducing loss and damage-related costs, but businesses can also monitor the carbon footprint of assets more affordably.”
RFID vendors should advertise this capability to “bolster asset tracking’s value
proposition, especially given that this is often an overlooked benefit.”
