The Ultimate Guide to Asset Tracking : Supercharge Operational Efficiency with Advanced Asset Tracking Technologies

In the first blog of this series, we covered the most commonly used asset tracking technologies. In this blog, we’ll explore several other asset tracking technologies which can help streamline asset tracking, enhance customer experience and maximize the value of your mission-critical assets.

List of Advanced Asset Tracking Technologies 

NFC

NFC technology is quite similar to RFID. The key difference between NFC and RFID is that you can scan NFC tags with mobile devices. This is an excellent advantage, since RFID readers are quite expensive and your staff members are probably comfortable using smartphones already.

Like QR codes, NFC tags are used to uniquely identify assets upon scanning. However, one pitfall is that the scanning range of this technology is quite low and extends only up to a few inches. 

BLE Beacons

BLE Beacon is a simple yet effective IoT technology that is on the rise. A beacon is a small wireless device that periodically broadcasts a signal into its surroundings. Other devices can capture the signals and grasp their distance from the beacon.

Beacons utilize Bluetooth low-energy (BLE) technology which needs only a fraction of the energy required by traditional Bluetooth. The use of BLE enables beacons to run for years with very small batteries. 

Beacons don’t burn a hole in your pocket. In addition, beacons don’t require expensive RFID readers: you can simply use your smartphone or any other Bluetooth-enabled device as a reader. 

Advantages of Bluetooth asset tracking:

• High accuracy – Bluetooth accuracy depends on the number of beacons used. By deploying a large number, you can reach a high level of precision (around 1 to 2 meters)
• Low power consumption – As mentioned earlier, BLE technology is very energy-efficient and BLE beacons run for years with very small batteries
• Easy to manage – BLE readers are generally less expensive than readers for other technologies. As most smartphones are equipped with Bluetooth, your equipment requirements will be minimal

                 Case study: Product traceability App

WiFi

WiFi indoor positioning systems also offer a cost-effective option for keeping track of assets in real-time, which are located in large areas that are fairly obstruction-free.  

WiFi technology harnesses a local wireless network and employs radio waves to broadcast lots of information at high transfer speeds, with a read range of approximately 30 feet.  

WiFi tags are more expensive than RFID as well as larger and far more power-hungry with shorter lifespans, costing you a fortune. It is clearly not advisable to use them for tracking lower value or less critical assets.   

Advantage of WiFi

WiFi systems are fairly cheap to install with only minimal additional hardware, since the network infrastructure is both universal and standardized.  

Disadvantage of WiFi

The pitfall is that WiFi is not secure enough. In addition, does not work in locations where there is no WiFi coverage.

                 Case study: Asset Management for Construction

Ultra-wideband (UWB)

UWB is a relatively new asset tracking technology, that generally outperforms other location tracking technologies. It offers better accuracy, scalability, and security. 

Owing to its superior technical competence, numerous automotive manufacturers are now utilizing UWB for secure/ keyless entry, Samsung and Apple have implemented UWB into newer lines of smartphones, and WISER uses UWB as a key element in its locator solution.

UWB is a technique that involves transmitting data over a large section of the radio spectrum. It works by emitting short pulses with a small power output across a significant bandwidth. 

UWB is ideal for locating tracking in heavy industries and environments where wireless technologies often fail to operate reliably. It’s also ideal for high-value assets or situations where inaccuracy poses considerable risks, such as safety, security, and healthcare applications.

UWB’s ability to penetrate obstacles endows it with installation flexibility, including operability without a line of sight between devices. This feature is absolutely vital if you wish to track assets in crowded environments such as hospitals.

UWB is also particularly well-suited to operate around metal and other reflective surfaces since its unique radio signature is a natural deterrent to multipath propagation. Security is another powerful advantage of UWB, since UWB transmissions are traditionally hard to intercept or compromise.

Infrastructural issues still plague the UWB landscape. UWB often needs new, unique hardware across a given tracking area, rendering it difficult to achieve wide interoperability.

In addition, the need for precise time-syncing between devices can complicate the installation process, resulting in increased costs. It is not uncommon for UWB solutions to require exact laser measurements between stationary devices, which is both time-consuming and expensive. 

Advantages

• Data transmission through walls and obstacles
• Real-time updates
• Non-interference with other RF signals and devices
• Unique radio signatures and improved ability to avoid multipath propagation
• High accuracy

Disadvantages

• Low scope for wide interoperability
• Need for precise time-syncing between devices
• Lack of market recognition
• High power requirements

In a nutshell

By now, you have a basic idea of several asset tracking technologies which have been deployed in the market. Practically, every company deals with physical assets that need to be tracked. 

Several companies continue to rely on paperwork and Excel spreadsheets to keep track of their assets. However, IoT asset tracking is a more optimized and dynamic way to manage your assets.

If you wish to harness the best possible asset management infrastructure for your business, talk to us! With over 16 years of experience in developing custom asset management solutions, Hakuna Matata’s experts can help you streamline asset tracking and keep perfect track of your assets.