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 benefits 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 assets, 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,

• Cost-Effective Solution
• Streamlined Systems
• Improved Operational efficiencies and business operations
• Better safety measures
• Faster Response time with quick supply restocking

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 tentative delivery dates than the confirmed ones.

It will not only leave the customer in a perplexing situation but also reduce the brand’s trust if not delivered as proposed. However, there are certain salient factors that stress 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. An effective asset tracking system provides transparency in every step where it provides a real-time product update. 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.

(i) RFID

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 antenna & IoT gateway. Each grid has an effective server communication that provides insights about the asset vicinity. The 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

Using an effective fleet management solution, 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 make informed decisions on which route to take according to the weather conditions or avoid any unusual traffic jams well in advance.

What are the ways IoT Asset Tracking Solution helps?

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 increase the equipment and tool utilization to a great level. RFID asset management solutions have several compelling factors that undoubtedly give your automobile industry a competitive edge.

1. Source Tagging

Get a highly integrated supply chain. Each asset is attached to an RFID tag for easy shipment tracking. Cross-check the data with ERP systems for a streamlined supply chain solution.

2. Staging

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 the Mojix STAR system & STARflex improves the operational efficiency of the dock-door RFID readers.

4. Work-in-Process(WIP)

WIP with wide-area RFID ensures the 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 vehicles, special ambulance can be tagged successfully through asset tracking sensors. These tags verify if the right parts are added as per the defined protocol.

6. Active Performance with Passive Economics

A real-time locking sensor has various business use cases with passive RFID technology.

The Multiple Use Cases for IoT-enabled Asset Management

Balancing the devices and improving productivity have been the major comfort for most enterprise and mid-level companies are experiencing with IoT implementation. On top of amplifying the productivity, predictiveness analysis, tracking of assets, reporting & analysis, data insights and much more are in the list that transforms the overall asset management process with IoT-enabled business operations.

1) Automatic Location Tracker

Accessing GPS trackers is made possible by IoT-enabled sensors & devices. Asset tracking, automatic location tracker and geo-fencing solutions are achieved with IoT.

2) Usage Hours

Tracking of usage hours like acceleration sensors is achieved effectively with IoT. Real-time notifications of the destination reached asset experience better process management with IoT in asset management.

3) Warehouse Inventory

Monitoring of warehouse inventories through Bluetooth Low Energy (BLE) Beacons transmitting information on Smartphone or electronic devices can be accomplished.

4) Material Flows

Smart tracking of assets by using Radio-frequency identification (RFI) tags can be effectively achieved. This increase to streamline the operation of storing, receiving and transmitting of assets.

How CONTUS’ IoT solution helped to manage the Assets in the Automobile Industry?

CONTUS provides an Enterprise-grade asset management system to monitor vehicle fleet performance and business-critical assets with Real-Time tracking.

CONTUS’ IoT development service uses high-end technology stacks like JSON for web series, Google Maps to monitor the assets through real-time dashboard feeds.

It provides Geo-fencing based notification alerts & save driver’s preferred locations like fuel stations, service centers and provide on the go access for drivers to trips and load offers. As a result, it helped to increase the speed of the delivery and improved the driving standard.

Conclusion

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 give the owners the complete ownership of their products /assets and help to keep them on the same page.