With the IoT market expected to exceed about $1.5 trillion by 2025, Internet of Things has become an essential addition for businesses and society alike. IoT trends and sensors have become a buzzword, ringing bells everywhere around the world. IoT devices are being seen everywhere you turn around – offices, homes, commercial spaces and in traffic systems. IoT has the potential to truly revolutionize industries as a whole – more so in asset tracking. IoT in asset tracking has been a boon to many industries in the recent times!

IoT is seen and felt everywhere – if you feel you haven’t used IoT, see if you can relate to any of these! Do you wear a fitness watch that monitors your heart rate? Do you use Google Maps to reach your destination? Do you use your smartphone to control your home equipment? If yes, then you have been using IoT devices and sensors every day of your life! That is how inbuilt IoT has become into our lives.

IoT works through sensors, to detect data, collect it and send it to a central cloud storage, where it is stored for further analysis for insights and decision making. IoT is all about automation and is the need of the hour for all of us, more so for businesses to track and monitor assets – where the risk of inventory loss, theft and mismanagement is high.

So how does IoT help track assets? IoT aids in asset tracking with three main elements:

• A tracking device (Typically a sensor or IoT device like smart locks, CCTV systems, Automatic lighting solutions and so on)
• A software algorithm (To collect data and store it in a central storage)
• A connectivity method (Bluetooth, Wi-Fi, and so on)

The data collected by the devices implemented into the system is then transferred to a central storage using any of the connectivity systems and analysed for meaningful insights.

Where can the above be used effectively for asset tracking? That is the best part, IoT can be used across industries, and not just limited to one!

• IoT in Healthcare – Hospital equipment is considered an emergency and needs to be tracked at all times to avoid delays. BP monitors, X-ray machines, wheelchairs and other equipment are fitted with RFID tags, which are monitored using a mobile phone, using which they can be tracked as and when necessary, thereby saving time and energy.

• IoT in F&B Industry – IoT temperature and humidity tracking sensors are fitted into the food trucks and warehouse to track perishable foods. The devices also collect and keep track of the expiry date, inventory and spoiled goods to minimize wastage and maximize efficiency.

• IoT in Fire Safety – Smoke detectors is one major IoT equipment, using which alerts are triggered on your smartphone, email or SMS. This help is quick reaction time, thereby saving lives & property.

With IoT utilization, there are advantages we can only start to comprehend. Reduced supply chain disruption, reduced thefts, increased productivity are just a few benefits. IoT is evolving all the time, and with the right software implementation can do wonders to your business!