Market Watch reported that the asset tracking market is set to grow at a Compound Annual Growth Rate (CAGR) of 13.5% by 2027. As the use of asset tracking systems increases, there have been trends emerging on what works best for asset tracking within companies. Let’s take a look at three trends in 2021 for the asset tracking industry.
Increased Visibility in Supply Chains
Companies want to know where their equipment and products are at every stage in the supply chain. From the beginning of assembly to the final destination, they want to have consistent visibility. Revenue leakage can result from a lack of visibility.
Through asset tracking and monitoring, companies can visualize where their valuable assets are every step of the way throughout the supply chain. Items can’t get lost when there’s an asset tracking tag on them that can determine location. With more supply chain visibility, companies have better control over their inventory and products. Asset tracking goes beyond just knowing the location of assets.
Track Beyond Location
Asset condition monitoring is critical to some companies, especially in the healthcare industry. However, any company that needs to ensure their assets maintain a specific condition needs an asset tracking system that monitors the asset condition. Typical conditions that can be monitored include temperature, pressure, and shock, among others.
Through cloud computing for asset monitoring, you can visualize in real time upcoming maintenance before it’s needed. This is a huge advantage because you won’t be surprised when maintenance is needed, and you can be better prepared. Knowing asset condition ensures your company proactively maintains critical business equipment before problems arise, putting you at not only a competitive advantage but a cost and compliance advantage.
Deloitte describes cloud computing as “the adoption of a modernized delivery model, providing applications and services over the internet as opposed to on premise.” Cloud computing improves workflows by sending notification alerts before a piece of equipment needs to be fixed or updated. Along with providing alerts regarding temperature change and other asset conditions, cloud technology enables companies to take preventative measures to save money.
Cloud computing helps with the maintenance needs for asset tracking. Not only can it send alerts when there’s upcoming maintenance, but it can also better predict maintenance tasks and asset condition through the use of Artificial Intelligence and Machine Learning.
Link Labs Can Be that Solution!
As a leading innovator for IoT asset tracking and monitoring solutions, Link Labs has created its AirFinder solution to help companies with their asset management needs. We’ve been keeping up with the trends to provide the most cost-friendly asset tracking solution for our users for indoor and outdoor tracking. For a deeper look at asset tracking trends in 2021, download the eBook.