8 Technological Trends in Equipment Tracking 

Read on to learn how these trends can transform your equipment management process!

21:24 06 September 2024

Do you ever wonder how big companies keep track of all their machinery? From forklifts to laptops, managing equipment is a big challenge for many businesses, especially startups. Luckily, emerging technologies in equipment management have made it possible even for small businesses to track their assets.

In this article, you'll explore the latest trends that are changing the way businesses monitor their assets. Read on to learn how these trends can transform your equipment management process!

1. RFID Technology

Radio Frequency Identification (RFID) is one of the most widely used technologies in equipment tracking. It works by attaching small RFID tags to your assets, which you can then scan using a reader. These tags send data to the reader, which records the location and condition of the equipment in real-time.

RFID is beneficial for equipment tracking, especially for large numbers of items, like medical devices in a hospital or tools at a construction site. Unlike barcodes, RFID tags don't require a direct line of sight to scan, allowing for quicker and more efficient tracking.

This technology also helps reduce the time spent on equipment inventory and minimizes the risk of losing or misplacing equipment. With RFID, you can manage your assets more efficiently and avoid unnecessary losses.

2. GPS Tracking

For mobile assets like trucks, heavy machinery, or delivery vehicles, a Global Positioning System (GPS) is essential. It uses satellite signals to provide real-time data on the location of your equipment, allowing you to monitor its movements from anywhere.

Despite the availability of a wide range of technologies for equipment tracking, GPS is a game-changer for industries such as logistics and construction. This is because assets are constantly on the move.

It ensures that your personnel use equipment efficiently, prevents unauthorized equipment usage, and improves fleet management. In addition, GPS tracking can help you plan routes better, reduce fuel consumption, and enhance overall productivity

3. Cloud-Based Asset Management Systems

Cloud technology has changed equipment tracking by making it easier to store, access, and manage data. Cloud-based asset management systems allow businesses to centralize their tracking efforts and provide real-time updates on location, status, and equipment usage.

One key benefit of cloud-based systems is accessibility. Since the data is stored in the cloud, you can access it from any device with an internet connection, whether you're in the office or out in the field.

Cloud systems also provide enhanced security. Your data is stored on remote servers, with backup solutions already in place, ensuring your information is safe and always available.

4. The Internet of Things Integration

The Internet of Things (IoT) is transforming the way businesses track equipment by connecting physical assets to the Internet. IoT-enabled tracking devices can communicate with each other, providing real-time data about the location, usage, and condition of equipment.

For example, you can use IoT sensors on machines to track their performance and spot maintenance needs before something breaks down. This helps prevent downtime and makes your equipment last longer.

Another benefit of IoT is remote monitoring. Even when you're not working on-site, you can still manage your assets from wherever you are, giving you better control and visibility.

5. Bluetooth Low Energy Beacons

Bluetooth Low Energy (BLE) beacons are becoming more popular for tracking indoor assets. While GPS works great outside, it can struggle indoors due to signal issues. BLE beacons are explicitly designed for short-range indoor tracking.

These beacons send out low-energy signals that nearby devices, like smartphones or tablets, can detect. By placing BLE beacons around a facility, you can track equipment movement in real time. This technology is primarily helpful in warehouses, hospitals, or factories where equipment needs to be located quickly. 

6. Blockchain Technology

Businesses are now using blockchain, the technology used in cryptocurrencies like Bitcoin, in equipment tracking. This is because it creates a secure, decentralized ledger that records every transaction or movement of your equipment. This ensures that the tamper-proof is fully transparent.

If you have assets across multiple locations or work with third-party vendors, blockchain can be beneficial. It allows you to monitor equipment movements in real time, ensuring everything is accounted for.

In industries like construction, blockchain can track the movement of heavy machinery between sites. This helps improve accountability and reduces the risk of fraud.

7. Augmented Reality

Augmented Reality (AR) is becoming a valuable tool for equipment tracking and management. It works by overlaying digital information onto the physical world through a smartphone or AR glasses.

In equipment tracking, AR can help technicians find equipment and see real-time details about its condition or maintenance needs. For instance, a warehouse worker using AR glasses can quickly locate a specific piece of equipment and check its inventory status without needing to use a computer.

AR technology speeds up and makes equipment management more efficient. It reduces the time spent searching for assets and improves overall operations.

8. Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and machine learning are taking asset tracking to the next level by offering advanced data analysis. AI can process information from different tracking tools, such as RFID, GPS, or IoT sensors. It helps identify patterns, improve asset use, and predict future equipment needs.

Machine learning can also predict when equipment might break down. This allows businesses to schedule maintenance before problems happen, reducing downtime and saving money.

AI-powered preventive maintenance systems provide valuable insights into using equipment more efficiently. For decision-makers, this is an effective way to streamline operations and boost productivity.

Conclusion

The future of equipment tracking is bright, with emerging technologies offering innovative solutions for businesses of all sizes. Whether you're managing a small business or a large enterprise, adopting the above technologies can help streamline your operations and ensure that your equipment is always in the right place at the right time. It's a smart move that can give you a huge advantage in a competitive market.