Advanced technologies and best practices are essentials found in any successful security professional’s toolkit. However, there’s a third element that many fail to recognize: Internet of Things (IoT) asset tracking.
And, unlike technologies and best practices, this last component requires attention long after implementation. Asset tracking initiatives are a delicate enterprise balancing act that juggle transparency and cost.
IoT Asset Tracking at a Glance
The basic tools of IoT asset tracking – GPS, RFID, etc. – have been a staple in several industries for years already, but that doesn’t mean they’re easy to deploy. Despite falling prices and increasingly efficient innovations, the computing power and connectivity these solutions need often fails to be met consistently from one region or location to the next.
Additionally, the sheer scale many organizations require comes with a staggeringly high price tag. While individual devices may only cost a dollar or two, nobody buys them individually – they need tens or hundreds of thousands at a time to ensure security standards are being satisfied.
Fortunately, help is on the way in the form of IoT. Combined with 5G, real-time asset tracking data will be more available than ever. And IoT-enabled devices will be capable of delivering the geospatial information modern asset security professionals demand.
Until now, the bulk of major fixes and vulnerability patches these experts performed used manual processes and resources. Now, everything is different. IoT enables a far greater degree of accuracy and visibility, and 5G promises to make these methodologies more cost-efficient, usable, and scalable than ever.
Risk vs. Value: Is IoT Worth It?
At its core, the decision to leverage IoT for this task comes down to one question: are your assets worth what it costs to track them in real-time? In the context of global data privacy enforcement like the General Data Protection Regulation (GDPR), the answer for most is becoming a resounding ‘yes.’
Even if the products you produce aren’t initially worth the ROI involved, losing personally identifiable information of any kind simply poses tremendous business risk – and the penalties for exposure will only continue to grow more severe with each passing day.
That’s why the IoT asset tracking device market is predicted to triple by 2022. If you’re still not entirely sure about this trend, here are three major benefits this methodology can help you take advantage of:
#1. Longer Device Life
IoT is already creating predictive maintenance capabilities for industrial organizations, but the benefits this technology deliver extend to the asset tracking arena, too. Using real-time performance data and trends, IoT-driven asset management can help you determine if and when mechanisms are likely to fail – making it possible to fix or repair tracking devices before they fail halfway through their journey.
Beyond the risks an in-the-field failure poses, predictive maintenance capabilities also help you save money and avoid efficiency losses. Finding out there’s a problem as early as possible eliminates the severe repair/replacement costs a problem left unchecked can create, and issues can be addressed without affecting the overall supply chain.
#2. Reduced Labor
Asset tracking involves lots of manual processes throughout the course of order inspection, fulfillment, and inspection. With sensors and advanced technologies, however, many of these tasks can be automated to refocus your teams on more strategic initiatives that fulfill business growth needs.
Moreover, automated asset tracking managed through IoT makes these processes less likely to contain the errors and inefficiencies human labor creates in these scenarios.
#3. Optimized Costs
While every organization wants to eliminate financial waste and unnecessary spend, it’s easier said than done if you don’t know where it’s coming from in the first place. And, while asset tracking costs may make sense one year, there’s no guarantee repairs and expenses will match that budget the next.
The increased data feedback IoT-fueled solutions provide help you understand the root cause of each dollar spent, making it possible to prevent cost increases going forward. That way, you’re better positioned to divert resources to the assets and activities that drive bottom-line results.
Want to learn more about IoT’s technologies, trends, key components, and how they all help you create a more effective asset tracking strategy? Enroll in AOTMP® University’s IoT Overview Course today!