No matter what industry you’re in, your high value assets are a critically important investment for your business. However, if you don’t have an efficient, streamlined process that tracks their location, status and usage, you won’t have an accurate understanding of the actual worth or the ROI they represent.
What is Asset Tracking?
Asset tracking monitors the physical assets owned and operated by your organization. This gives you insight into important data like:
- Asset location
- Usage history
- Date of purchase
- Maintenance history
While antiquated processes include using pencil and paper or a spreadsheet to track equipment, modern technology allows you to monitor your assets with barcode scanning, RFID, and GPS. Unfortunately, these solutions don’t give you the full-scale tracking you need for your high value assets.
- Barcodes only update asset data when actively scanned. That means the information is outdated the moment the scan is complete.
- RFID has a relatively short range which means your asset has to be within close proximity of a scanner in order for the signal to be detected. Also, any object (person, equipment, wall) that stands in between the tag and scanner can possibly block the signal.
- GPS only works outdoors using satellites to track location. The moment your asset goes indoors or underground, the signal is lost.
To perform high value asset tracking effectively, you need a solution that provides a reliable signal that works accurately in any indoor environment.
The Advantages of Ultra-Wideband Technology
Ultra-wideband (UWB) technology has become more popular in the past few years due to its precision and signal strength. UWB transmits a signal across a wide bandwidth, resulting in higher signal energy and less interference.
The signal, combined with different types of mounted nodes throughout your facility, allows you to use triangulation to pinpoint asset location with greater accuracy and in a shorter amount of time.
By leveraging the speed and precision of UWB, you can not only identify assets and their fixed location, but you can accurately track them in motion. This gives you unprecedented real-time location tracking in complex environments so you can see where they are, and more importantly, where they’re going.
You can also use UWB to manage your assets, keeping tabs on your inventory counts so you always maintain a minimum count on the assets you need most.
How UWB Can Be Used in Different Industries
Some industries with more common assets are better served utilizing less expensive tracking technology like barcodes and RFID. However, if you rely on high value assets to operate your business, you need a more reliable and accurate solution.
While UWB tags are more expensive than RFID tags, a UWB network has a low infrastructure cost. It’s also easier and quicker to deploy than other asset tracking solutions which means it’s a perfect choice for the following industries:
- Commercial mining is an expensive operation to maintain. Between drill equipment, drilling rigs, bulldozers and dump trucks, your assets make up a significant portion of your expenses, especially when the cost of a single drill bit can exceed $100K.
- Aerospace absolutely depends on precision in every aspect of operation. From instruments and tools to high value works-in-progress, misplacing or losing an asset at the wrong time can have dire consequences for all involved.
- Healthcare requires lots of different equipment to ensure the health and safety of patients and medical personnel. Ensuring critical equipment is in inventory and easily located could mean the difference between life and death.
- Warehouses are often packed from floor to ceiling with inventory and considering the average warehouse is more than 50,000 square feet, that’s a lot of items. While more common inventory can be tracked with basic RFID tags, high value assets like forklifts and pallets packed with expensive electronics or commercial equipment should be tracked more closely to ensure they remain on site until it’s time for delivery.
A Modern Solution for Your Most Important Assets
Redpoint Positioning offers patented solutions that leverage UWB technology that keeps you connected with your high value assets.
Plus, with our real-time location tracking system, you can track the most important assets you have – your employees. Utilizing our tag products, you can monitor your teams and help them maintain social distancing in even the most confined spaces.
Solve your most difficult asset tracking challenges with one of our powerful solutions:
- Proximity Warning System
- Connected Proximity Warning System
- Real-Time Location System
Redpoint Positioning helps you stay connected so you have better visibility over your high value assets. For more information on how our solutions and technology can help you with your high value asset tracking, contact us today.