Regardless of size, every business owns and operates assets that are vital to operations. The ability to know the where and when of your assets answers a few questions; are they being utilized, have they been misplaced, stolen, or moved after hours or other times when they shouldn’t be? Knowing these answers is crucial because it can mean the difference between a positive balance sheet and a negative one.
Most of us are familiar with one or more forms of tracking technology. GPS tracks your progress on a map while providing navigation, RFID trips the alarm when a product leaves the store before purchase, and barcode systems allow UPS, FedEx, and Amazon to send daily updates every time a package reaches a new destination. For enterprise, asset tracking is an important business tool for managing inventory as it is being stored and transported between locations.
Wireless Asset Management
The development of the internet of things is providing new and exciting methods for tracking physical goods. Surprisingly, many businesses still use manual techniques to manage and locate assets. This process results in out-of-date and incorrect information that slows productivity. But now, workflows that previously relied on a pen, paper, and tedious labor are no longer necessary because assets can keep track of themselves and report their location as often as required.
Supply chains are an essential part of economic infrastructure. And to help bring these systems into the future, GeoTraq has created a new penny-sized, asset tracking technology that can deploy location-based services (LBS) to set and receive scheduled reporting updates from any object. In addition to mitigating theft and lost shipments, the GeoTraq Tracker-Module can be programed to report on a schedule which can be useful for a wide array of simple use cases.
Due to the affordability and accessibility of GeoTraq’s asset tracking technology, even SMEs can keep customer service features on par with global competition. While some tracking solutions will require a device enclosure, others will not. Because GeoTraq Tracker-Modules are ultra-small, they can be retrofit into existing products or packaging, without the costs associated with altering original form factor.
To conserve battery power, the Tracker-Module only transmits small payloads of data. This decrease in power use increases the amount of time tracking devices can stay in circulation. GeoTraq modules use power saving mode and discontinuous reception (eDRX) to remain asleep 99% of the time. This feature has the potential to extend battery life up to 10+ years. The ability to extend the life cycle of field assets for years at a time reduces expenses for labor and components from device batteries that need to be constantly charged or replaced.
GeoTraq modules send data over low power wide area (LPWA) IoT networks in licensed spectrum using Mobile IoT connectivity. Several mobile networks operators (MNOs) such as Verizon, AT&T, and T-Mobile have upgraded their 4G networks to accommodate Mobile IoT networks designed to connect low power, low data IoT devices. Since MNOs only operate in licensed spectrum, Mobile IoT connectivity is managed by operators who already have a history of providing reliable coverage, technical support, and business service to millions of internet-based smart devices.
Markets fluctuate, seasons change, and disruptions happen. The sooner an enterprise begins to monitor and collect data about their assets, the fewer surprises they will have at the end of the year when it’s time for annual reviews and audits. By implementing a simple IoT solution, SMEs can increase asset visibility, reduce replacement costs, and increase asset productivity.
GeoTraq Mobile IoT solutions deliver value upfront and long term by providing the right data at the right time. If you are interested in an IoT solution for an asset management solution, reach out to us here.