Simplifying Asset Management with Geolocation

The Internet of Things (IoT) presents an abundance of opportunities across markets from factories, retail, and worksites to offices and homes. In fact, McKinsey’s Global Institute predicts IoT will have an economic impact between $4 and $11 trillion by 2025. One area gaining momentum is asset tracking, as businesses invest in smart technologies to better monitor goods and increase productivity and profitability. More devices are expected to connect to the internet as organizations continue to shift toward a more IoT-focused business strategy, and those devices will require some form of localization capability either at the point of install or through an asset’s lifecycle. Asset management solutions through geolocation will play a critical role in connecting these devices and providing precise location management.
Existing asset management and tracking solutions that use components such as GPS or Wi-Fi are complex in design and high in cost. The high power consumption of GPS devices also forces customers to frequently replace batteries and manage upkeep, which is a costly and time-consuming operation and in many cases is nearly impossible due to assets existing in hard-to-reach areas. Working through a manual registration process for GPS sensors also opens the door to human error where logs and trackers need to be manually updated.
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