According to the Business Insider, Cisco one of the largest logistics provider in the world, has estimated that their Revenue On Investment has increased to $1.9 trillion dollars with assets management . Thanks to the constantly evolving IoT technologies with asset tracking solutions. With attached sensors and tracking tags, now retrieving real-time data is a cake walk.
As with many automotive industry, importing auto parts from various regions is inevitable. In these scenarios, real-time data tracking provides the exact transit location, current temperature, gives a heads-up for any hazard condition in the roadways and so on.
Why the automobile industry needs asset management?
“Increase your Uptime with real-time asset visibility”
While asset management immensely benefit from startup to large scale enterprises, a reliable customized tracking system is essential for building a robust organizational model. Whether you need to monitor human assets, moving asset or non-moving assets, traditional assessment systems had one grey area. That is they concentrate only on the standalone function.
Hence, IoT based asset tracking system was introduced which uses a single “integrated strategic system” where it interconnects the stakeholders, various assets, processes successfully. It gives various perks in implementing assets management in automobile industries like,
How IoT can help in Solving the Current Challenges faced by Automobile industry
In case of any unforeseen events, or emergency situations, usually the customer is left clueless of his vehicle delivery date. This is a major loophole where the dealers are left with no choice than giving them a tentative delivery dates than the confirmed ones.
It will not only leave the customer in perplexed situation but also reduce the brand’s trust if not delivered as proposed. However, there are certain salient factors that stress on the fact of why we need to choose asset tracking solutions in the first place.
However, choosing the appropriate IoT asset tracking system is essential for delivering a customized solution according to your business needs. Effective asset tracking system provides transparency in every step where it provides a real-time product updates. Right from the manufacturing unit until it reaches the customer.
Let us briefly look into some of the use cases of asset tracking systems in the Automobile industry.
This wireless communication system with the help of electromagnetic and electrostatic fields automatically tracks the tags attached to the assets.
(ii) Inventory Optimization & Great Turnaround Time
Each warehouse is divided into multiple grids , where each grid
has a dedicated RFID antennas & IoT gateway. Each grid has an effective server communication which provides insights about the asset vicinity. Truck movement around the warehouse is also monitored.
(iii) Line Automation & Error-free SKU Handling
With the help of advanced Deep Learning techniques, the object classification and characterization can be leveraged to give a 360 degree view for each and every product. Also, with predictive analytics, the manufacturers now can rectify the problem and take corrective actions accordingly. IoT based asset tracking streamlines the SKU handling with no human errors.
(iv) Fleet Tracking & Management
Now fleet owners or the fleet managers can get every detail of their asset behaviour anywhere, anytime. Based on the real time data, the drivers now can take informed decisions of which route to take according to the weather conditions or avoid any unusual traffic jam well in advance.
Asset Tracking Ways
Asset tracking IoT solutions provide greater resilience & increase the productivity in a significant way. Wide-area RFID can move the products freely in the open space where Mojix systems has introduced to scan up to 600 feet in the asset tracking floor space.
As mentioned earlier, one of the prominent ways for tracking assets is Radio Frequency Identification Technology – popularly known as RFID tags. These tags can be attached to any asset and increases the equipment and tool utilization to a great level. RFID asset management solutions has several compelling factors which undoubtedly give your automobile industry a competitive edge.
1. Source Tagging
Get a highly integrated supply chain. Each asset is attached with RFID tag for easy shipment tracking. Cross check the data with ERP systems for a streamlined supply chain solution.
Reduce the human error with wide-area RFID solutions that clearly tracks the misplaced item in real-time
3. Dock – Door Discrimination – The Next Gen RFID
Software like Mojix STAR system & STARflex improves the operational efficiency of the dock-door RFID readers.
WIP with wide-area RFID ensures right product is at the right time with zero defect. They provide an instant business radar platform giving key metrics & transparent production process.
5. Content Verification
High profile vehicles like armored or military vehicle, special ambulance can be tagged successfully through asset tracking sensors. These tags verifies if the right parts are added as per the defined protocol.
6. Active Performance with Passive Economics
Real-time locking sensor has various business use cases with passive RFID technology.
Implementing IoT based asset management solutions provides lots of positive factors like real time alerts, intelligent automated workflow, predictive maintenance, decrease downtime, cross-domain analytics and real-time visibility. Smart asset software manages the entire asset life cycle in an effortless way. Thus, these asset management systems always gives the owners the complete ownership of their products /assets and helps to keep them on the same page.