Innovative Utilization of Several Asset Tracking Techniques

Various asset tracking techniques are being used for tracking the asset's location. It is also referred to as asset management. The main objective of asset tracking is to prevent asset theft and loss, gain valuable business information and maximize operational efficiency.

However, for Asset tracking, there are several techniques available such as QR Code, RFID (Radio-frequency identification), NFC (Near-field communication), BLE (Bluetooth low energy) and GPS (global positioning system).

Nowadays the government, as well as private organizations, are using such technology in innovative ways.

In this blog, we shall explore real scenarios that are using asset tracking techniques innovatively.

5 Real Scenarios That Are Using Asset Tracking Techniques:

Also Read: Which Asset Tracking Technique is Useful for Your Business?

1. RFID Technology

As informed by the website Economic Times, RFID tags would be utilized in Railways under which 3 lakh fifty thousand coaches are proposed to be tracked by next year. As of now, there are twenty-two thousand wagons and twelve hundred coaches equipped with radio frequency identification.

This technology would greatly help railways track each of its coaches and wagons and deploy in a timely manner, wherever necessary.

Not just wagon numbers, the RFID tag will also provide all relevant information, including its past history. This will effectively reduce network congestion, avoid connectivity issues and ensure better utilization of assets.

In effect, RFID is the utilization of radio waves to read and capture data stored on a tag attached to an asset, equipment, device or any object.

An RFID tag is readable from a range of several feet and does not need to be scanned in a straight line of sight in order to be tracked. More and more organizations are using this technology for asset tracking.

Also Read: 7 Major Sectors Using RFID Technology for Asset Management

2. QR Code Technology

QR Code is one of the older technologies used for marketing and implementing measures such as asset tracking.

Netflix knew it and that explains why they took over 200 local cafes to promote the revival of Gilmore Girls. They got a major branding boost from Snapchat. This event took place in 2016.

The marketing strategy unexpectedly drew thousands of individuals. Snapcodes, SnapChat's adaptation of a QR code, were imprinted on a huge number of cups. These were subsequently circulated to various locations.

QR code is an advanced version of  Barcode. It's a 2-dimensional code in machine-readable form.

Initially, QR code technology was manufactured to track cars but these days they are used everywhere. As the name suggests, a QR code responds quickly and provides much more data at a reasonable price. That is why it has been successful across industries.

From small stalls to mega marts and malls, this technology is used for asset tracking. A QR code can store 200 times more characters than a regular Barcode. They are easy to use and quite user-friendly.

Also Read: 10 Genius and Creative Implementation of QR Codes

3. NFC Technology

NFL (National Football League) is one of the most popular sport games in the United States of America. During their games at popular stadia, there are long queues to buy food and drinks. The whole transactional process can be time-consuming due to the use of cash money and entries that need to be keyed in.

For these types of situations, NFC used the best possible solution. In 2016, Visa partnered with the NFL using NFC technology at all their payment terminals. They had over 700 points of sale terminals which were enabled with NFC.

This technology empowers the cardholder to purchase food, drinks or any merchandise. Customers just need to tap on their smartphone to complete transactions.

This was a big win-win for NFL management as well as all their patrons. It saved a lot of time and eliminated long queues. Consequently, the management benefited by increased sales volumes at the stadium.

After this experience, several other sports management in other countries also implemented NFC technology to reap the benefits.

NFC stands for Near-Field Communication. NFC is wireless technology. It establishes a wireless connection between two devices, using electromagnetic fields. NFC is a derivative of RFID technology and is intended to provide more secure transmission between devices within a reduced transmission range i.e. 4 cm.

Also Read: How is Asset Tracking Using NFC Different from Other Technologies?

4. BLE Technology

When you combine technologies, the outcome can often be outstanding. Marketers used this technology to enhance their customer reach for better customer engagement and conversion.

According to the website consultancy, Apple partnered with Major League Baseball (MLB) in the US to make baseball games a completely interactive experience for fans. MLB wanted to target their fans inside the stadium and decided to use iBeacons (a type of BLE) technology as GPS was not yet able to target precise indoor locations.

The aim is to create micro-locations both inside and outside the stadium where fans can get different experiences, depending on which stadium they are in. It also aimed to help MLB's coaching staff use data analytics to optimize athletic performance.

BLE stands for Bluetooth Low Energy. It started in 2011. BLE exchanges small data at regular intervals of time. With the help of BLE, beacons, tags, receivers, or mobile devices, the user can track and monitor assets outdoor as well as indoor.

While being less expensive than RFID. BLE preserves energy and it can run for a longer period of time.

Also Read: How Bluetooth Technology (BLE Beacon) Helps in Asset Tracking?

5. GPS Technology

GPS is commonly used for asset tracking or providing real-time location of vehicles. However, over the past few years, GPS is being utilized in the gaming industry too. The biggest example of GPS gaming was POKEMON GO, one of the most popular and downloaded games in history.

However, there were unintended and serious consequences too. The technology used satellite positioning through GPS. The game is a type of pervasive pleasure in which the play evolves and progresses via a player's location.

GPS has been mostly used in vehicles. However, a new trend is that organizations are using it to keep track of their employees. With the help of GPS tracking, you can also track all your assets.

GPS tracking assists you in monitoring the exact location. GPS innovation was first utilized by the US military during the 1960s and eventually, the technology ventured into regular citizen use. Today, GPS receivers are incorporated in business merchandise, e.g. vehicles, cell phones, watches, etc.

Also Read: Barcode vs QR Code vs RFID vs NFC vs BLE vs GPS: Which One Is Better?

Conclusion

Every business leader agrees that innovation is crucial. It can give an extra edge to the business and the organization. All these technologies are innovative, efficient and productive. That explains why these asset tracking technologies have been brought into operation by big brands for their business growth.

They have been successful in asset tracking or fulfilling several other objectives. Therefore, it is important to first understand a company's requirements correctly so as to make a decision on which technology best fits its business.