Asset tracking solutions provide value to many industries. However, many untapped industries still need help. One of the most unreached industries is the utility industry. Utility companies have use cases requiring real-time materials visibility, yet most utility companies are unaware of the value asset tracking can provide.
One of the pain points that every utility company faces is lost inventory. The root cause comes from a lack of communication. If an employee moves or misplaces something without communicating it to all stakeholders, it results in lost time and money. Greater visibility throughout the supply chain reduces the loss of valuable assets. An RTLS tracking system can provide complete visibility in real-time.
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How Link Labs Helps Utility Companies
Utility companies provide energy to communities through streams of electricity and gas. Link Labs has been able to help one company by preventing product loss in the gas sector - resulting in reduced monetary loss as well.
Inventory Tracking
The first way that Link Labs is able to help is by tracking rotary gas meters in their warehouses. Meters move from one side of the warehouse to another, and it is difficult for management to keep track of how many meters are in each facility. Sometimes these meters leave the warehouse and sit in trucks for several days.
Each time a meter goes missing, it needs replacement. This issue might seem unimportant, but it has cost hundreds of thousands of dollars. Although a process update could solve this issue, utility companies have calculated that training employees to follow more steps would be more expensive than investing in an asset tracking solution.
Loss Prevention
Providing gas to customers on a daily basis is expensive; that’s why customers have to pay for the gas they use. But if a gas company doesn’t know gas is being used, they can’t bill their customers. Lost gas is costly for utility companies so how can it be avoided? By using a real-time, full visibility, IoT solution. An IoT solution, like our AirFinder, bridges the communication gap a lot of utility companies have. Lack of communication is what causes companies to deal with lost gas. If it’s not communicated when and where a meter was delivered to, managers don’t know who to bill and how much to bill them. If an asset tag is on each meter, managers can find out where a meter went and know how much to charge.
How Can Asset Tracking Help Your Company?
It is difficult to keep track of all your inventory, especially when it leaves the facilities without your knowledge. Investing in a system like AirFinder can help you monitor the location of your valuable assets and save you money. For more information, book a demo with us!
