Learn the value of asset monitoring and how it can boost business efficiency.
For businesses of any size, having visibility of company assets, no matter their whereabouts, can lead to greater customer satisfaction and an improvement in product security and quality. Recent developments in asset monitoring technology have allowed businesses to increase visibility of key equipment, goods and shipments. This can mean tracking assets in transit, improving security or better understanding the utilization of expensive equipment. And the definition of as asset is broad: It can mean supplies, inventory, key machines or equipment, shipments to customers or facilities—from vaccines that need to be keep ice-cold to heavy machinery that needs to active when on a site.
While 85% of medium and large Canadian organizations have already adopted asset monitoring solutions, the expansion of the asset tracking industry has made it accessible to a broader audience, including smaller businesses. For these smaller companies, the idea of asset monitoring may seem intimidating, as it is commonly viewed as technology that’s only beneficial—and accessible to—large enterprises. In reality, this scalable technology is an invaluable management system that elevates the efficiencies of any business, big or small, that deals with physical inventory, machinery, tools or product shipped from warehouse to customer.
By tracking goods and equipment in real time businesses can minimize the risk of lost or stolen assets and maximize efficiency.
Keep visibility in transit.
No matter where your assets go, visibility across multiple transportation systems can mitigate loss and theft, improve estimated arrival times and advise of delays or potential damage to sensitive cargo. Legacy systems such as spot checks or GPS are no longer able to keep up with fast-evolving security risks, asset monitoring eliminates the need for those traditional forms of tracking.
For example, businesses using IoT for asset tracking can set up pre-defined routes for assets or create “geofenced” zones that sound real-time alerts for any unauthorized deviation. This added visibility can also identify multiple choke points along a typical transit journey—either for a real-time route change to avoid an unanticipated delay, or to suggest modifications to make current routes more efficient. This can improve everything from customer service to supply management.
Intelligent asset condition monitoring.
With the expansion into asset tracking technology, vehicles carrying expensive and critical assets can be fit with sensors to provide visibility on tampering, alerts for unauthorized break-ins on trailers, and insight into where cargo is most likely to receive significant damage in transit. Such technology helps to ensure the integrity of assets, reduce the delivery damaged goods to customers and mitigate unnecessary financial loss.
Monitoring your business assets goes beyond setting routes and geofenced zones, it also includes the dwell time of assets at various locations, ensuring they are not idle and are reaching maximum efficiency across all work sites. On the flip side, over-utilized equipment can often lead to mechanical failure due to excessive wear and tear, which can have severe financial and safety implications. By tracking an asset’s utilization, your business can save by cutting down on overuse of equipment and ensure it lasts for a longer amount of time.
Staying on top of your goods and assets
The increased visibility from IoT asset tracking is a must-have for businesses looking to stay informed and keep pace with an evolving marketplace. Click here to find out more about asset management solutions with Rogers, or contact your local Rogers representative.
 IoT in Canada, 2021 Survey, forthcoming, Canada