What is Asset Tracking?
Crebhan Hughes
5 min read
Asset tracking is the methodical process of using various technologies to monitor the location, usage, and state of physical assets. It lowers operating costs, boosts efficiencies, and optimises resources by enabling companies to keep visibility and control. Assets, including goods and products, machinery, maintenance tools, and equipment, are frequently tracked across multiple industries.
To gather and send information about these assets, modern asset tracking integrates a number of technologies. RFID (Radio Frequency Identification) is commonly adopted for use cases where there is a high volume of mobile assets, such as in a warehouse. RFID operates by employing radio waves to offer real-time information. The Global Positioning System, or GPS, is another popular technology that provides accurate tracking of mobile devices and automobiles in an external environment. However, GPS technology presents challenges when it comes to tracking mobile assets indoors. A widely available and reasonably priced methodology is the use of IIoT (Industrial Internet of Things) networks. Used for the tracking of assets within a manufacturing or industrial environment, IIoT solutions such as Wirepas (a mesh network that is both self-building and self-healing) prove to be scalable and reliable. Another method of asset tracking is the utilisation of a building's Wi-Fi network, specifically triangulating the network's access points. Although this solution requires the installation of less hardware, it can present challenges when it comes to accuracy and setup.
All of these solutions work in unison with asset tracking software to provide one location for managing, analysing, and making better decisions when it comes to your assets.
The type & number of assets, industry-specific requirements, and facility limitations all play a role in selecting the best tracking technique. For instance, an old brownfield manufacturing facility may find an IoT solution more appropriate for tracking assets across the whole facility, while RFID is more appropriate for monitoring the movements of a high volume of inventory within its warehouse. A new greenfield manufacturing site may choose to adopt a Wi-Fi-based solution that is designed for asset tracking from day 1, or a logistics company may prioritise GPS for fleet management.
Tracking assets ensures better resource visibility and control, reducing risks like loss, extended audits, or asset underutilisation. Untracked assets can lead to costly operational disruptions, with global estimates pointing to billions of dollars in annual losses across industries due to misplaced or poorly managed resources.
Additionally, asset tracking plays a crucial role in minimising production downtime and preventing equipment failure. Maintenance and production schedules can be proactively managed using these systems, allowing businesses to detect and address issues before they escalate or identify unutilised assets that can be used to produce additional products. For example, a regulated manufacturing plant can avoid audit delays, or worse, production recalls, by knowing the exact location of a calibration standard when it is needed during audits. Additionally, EHS teams may want to track the location of assets such as lifting straps or ladders to help with expediting regulatory checks and improve task execution times.
Moreover, asset tracking aids compliance with industry-specific regulations. Businesses in healthcare, manufacturing, and logistics often need detailed records of asset usage and maintenance.
Asset tracking offers tangible benefits across industries. It helps:
Despite its extensive advantages, implementing asset tracking can be difficult if an inappropriate technology choice is selected. Integrating various tracking technologies into existing technology stacks and processes can be a daunting task, all the while ensuring accuracy, costs, and scalability are at the forefront. Balancing the costs of advanced systems with budget constraints is another common concern. It is this very obstacle that results in POCs (proof of concepts) being a common approach before a wider scale adoption. Such an approach involves trialling an asset tracking technology within a smaller portion of your facility while tracking a small subset of assets. By taking this approach, it allows you to understand the constraints, benefits, and future tasks involved in a successful site-wide rollout.
Asset tracking technologies have evolved to include:
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To implement a successful tracking system, facilities should start by understanding their facilities constraints, the assets they wish to track, and the accuracy required.
1. Is my facility an old brownfield facility or a newer greenfield site?
2. Am I looking to track hundreds, thousands, or tens of thousands of assets?
3. Am I looking to track assets within clean rooms or Atex areas?
4. Is the system I am adopting capable of being used for other workflows within my site, such as production & maintenance planning, task execution, or isolation planning?
Asset Tracking Best Practices for Pharma & Medical Device Facilities
With the average pharma or medical device facility being one that is already built, therefore a brownfield site, looking to track assets within the range of 500-1,500, requiring asset tracking within clean rooms, and requiring a system that can be used across other asset location and visualisation workflows, IoT technologies such as Wirepas, made accessible through asset mapping and visualisation solutions such as PlantQuest, are desirable.
Asset Tracking Best Practices for Warehouses/Logistics
When it comes to the tracking of assets across the supply chain, technologies such as RFID and GPS are common. With asset quantities often being in the tens of thousands, RFID offers a scalable, cost-effective method. With warehouses often being large open spaces, such technology can deliver a high degree of accuracy. When it comes to the tracking of assets between warehouses or the fleets transporting such assets, GPS is a common choice due to its very nature of using global satellites.
Leading asset tracking software solutions provide features like cloud storage, mobile access, and analytics. Solutions like AssetPanda, Link Labs, or Inpixion cater to various industries, focusing on broad solutions rather than a niche sector. Or PlantQuest, which caters specifically to pharmaceutical, biopharma, and medical device manufacturing with an industry-tailored product that is scalable across numerous other asset-focused workflows, unlike many other vendors.
Emerging technologies are set to transform asset tracking further. Technology such as artificial intelligence (AI) enables predictive tracking, while blockchain ensures secure and tamper-proof records. These innovations promise increased efficiency and reliability for businesses.
Asset tracking is an essential tool for facilities looking to optimise operations, increase capacity, prevent losses, and meet compliance standards. By adopting advanced tracking technologies and best practices, companies can enhance efficiency and gain a competitive edge.
PlantQuest is an asset mapping and facility visualisation platform that supports the tracking of mobile assets throughout mission-critical facilities. Tailored for asset management, EHS, and production teams, it is technology agnostic, supporting technologies such as Wirepas IoT, WiFi, RFID, and GPS. The product enables users to receive real-time, accurate locations of mobile assets such as production equipment, calibration standards, and facility assets. By offering features like seamless asset location, historical movement tracking, asset heat mapping, and customisable alerts, PlantQuest helps teams improve efficiency, reduce asset downtime, and increase production output.
Trusted and adopted by Tier 1 pharmaceutical and medical device facilities on both sides of the Atlantic, facilities have been able to experience operational efficiencies worth over €1 million in their first year of adoption!! Read one of our case studies here.
