What is Asset Tracking?

When building a business, you might find yourself overwhelmed by the sheer volume of “stuff” you need to keep track of. You might have generators, card readers, and delivery vehicles all operating at job sites around town, while power tools, photocopiers, and company computers shift locations around the office. Knowing where all these physical assets reside requires a practical system called asset tracking. With the help of asset tracking, companies can make data-driven decisions about their operations and optimize their supply chain to improve efficiency, productivity, and customer satisfaction. 

What is Asset Tracking?

Asset tracking refers to monitoring the usage, movement, and locations of physical assets. Businesses commonly use GPS (Global Positioning System), RFID (Radio-Frequency Identification), or other technologies to facilitate real-time information for their asset tracking systems. Asset tracking is crucial for industries such as logistics, manufacturing, healthcare, and retail as it allows companies to streamline their operations, reduce costs, minimize the risk of theft or loss, and ensure that goods are delivered to the right place at the right time. But virtually any industry from accounting to zoology can employ an asset management system to boost operational visibility, inform decision-making, and provide better service to customers.

What are the Benefits of Asset Tracking?

Asset tracking is a single system providing real-time information on the location and status of assets, resulting in a multitude of benefits like increased visibility, a decrease in costs, and better customer experiences. Here’s how:

Saved Costs

Asset tracking can help businesses save money by reducing the number of misplaced or damaged assets that might cost them. Consider a construction company with a fleet of vehicles and heavy equipment. If the company does not have a system in place to track the location and usage of these assets, it may be difficult to know when maintenance is needed or if an asset is missing. This can result in costly downtime, repairs, or replacement costs.

Safety and Security

Asset tracking helps prevent theft and loss, reducing replacements and further lowering costs. For example, grocery stores can install RFID trackers onto their grocery carts that provide alerts to security staff when a cart is moved outside of its designated area or is not used as expected.

Enhanced Efficiency

Without real-time tracking, companies might struggle to determine the location of their assets, leading to slower delivery times, inefficient routing, and decreased transparency for workers and customers. An asset tracking system uses real-time insights to optimize delivery routes, reduce fuel costs, and quickly locate missing or mislaid assets, resulting in increased efficiency.

Operational Visibility

Asset tracking enhances operational visibility with clear, constant communications. Real-time updates between assets helps businesses identify areas for improvement, leading to better operational decision-making. For example, tracking a delivery fleet in real time can help business decide which vehicles should respond to which requests for optimal efficiency,

Customer Experience

Asset tracking improves customer experience by providing live information on their order location and status. This data can be shared with customers, allowing them to accurately track their deliveries and set their expectations accordingly. Plus, asset tracking contributes to improved production and shipping processes, and therefore faster and more reliable deliveries. This experience creates happier customers.

Are There Different Types of Asset Tracking?

Yes, there are different types of asset tracking. Some of the common types include:

GPS Asset Tracking: This type of asset tracking uses GPS technology to track the location of assets in real-time.

RFID Asset Tracking: This type of asset tracking uses radio-frequency identification technology to track assets, allowing for automated identification and tracking.

Barcode Asset Tracking: This type of asset tracking uses barcodes to track assets, which can be scanned to gather information about the asset.

Mobile Asset Tracking: This type of asset tracking uses mobile devices, such as smartphones or tablets, to track assets and gather information about their location and usage.

IoT Asset Tracking: This type of asset tracking uses Internet of Things (IoT) technology to track assets, gathering information about their location and usage, and allowing for remote monitoring and control.

How Does Asset Tracking Work?

Asset tracking typically works by using a combination of GPS, cellular, and/or satellite technology to monitor and collect data on the location and movement of assets. This data is then transmitted to a central database or platform where it can be analyzed and used to track the assets in real-time. The specific method of tracking assets may vary depending on the type of assets being tracked, their location, and the environment in which they are being used.

GPS tracking is commonly used for vehicles and other assets that are moving over long distances, while RFID (Radio-Frequency Identification) tracking is used for assets that are stationary or moving within a defined area. Some asset tracking solutions may also incorporate additional sensors, such as temperature or pressure sensors, to provide additional data on the status and condition of the assets.

How Can I Build an Asset Tracking Solution?

Mapbox offers a highly-scalable and real-time asset tracking solution–allowing businesses of all sizes to implement and benefit from the increased efficiency and improved visibility it provides. It also includes customizable routing capabilities that allow businesses to plan the most efficient routes for their assets and optimize their supply chain. 

To build your own asset tracking solution, start by creating a Mapbox account and selecting the tools and services that best suit your needs. This may include the Mapbox Navigation SDK, which provides real-time updates on the location of assets, and Mapbox GL JS, which provides a map visualization library for building custom maps.

Next, you will need to integrate the Mapbox APIs into your asset tracking system, which may involve working with a developer to write code that pulls location data from your assets and visualizes it on a map using Mapbox GL JS. You may also need to configure your system to update the location data in real-time, and to store historical location data for reporting and analysis purposes.

Once your system is integrated with Mapbox, you can start using it to track the location of your assets in real time, and visualize that data on a map. You can also use Mapbox to create custom reports and visualizations that help you understand the movement and utilization of your assets and to make informed decisions about your operations.

With Mapbox, you can build a flexible asset tracking solution that provides real-time visibility and helps you optimize for the bottom line.

For a more in-depth tutorial, check out our how-to guide here.