In today’s fast-paced business landscape, optimizing productivity, compliance, and safety has become essential for companies to stay ahead of the competition. One technology that has been gaining popularity in recent years for achieving these goals is indoor tracking.
According to a report by MarketsandMarkets, the indoor location market is expected to grow from $6.1 billion in 2020 to $17.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period.
In this article, we will explore how indoor asset tracking can improve productivity, compliance, and safety in various industries and applications, and how businesses can leverage this technology to achieve their goals.
Productivity
Productivity is a major concern in any business, but is especially pertinent in large-scale, fast-moving sectors. Staying afloat means staying competitive at all times – anything less, and you’ll surely be left behind.
Indoor tracking can be an excellent tool for streamlining company operations, improving productivity and sustaining business growth. Here are just a few of the ways it can make a difference:
Asset Finding
Having an indoor tracking system in place allows you to instantly locate any tagged asset or item within your premises. This can save precious time, as well as reduce anxiety and stress.
Asset Utilization
Indoor tracking can help you maximize the use of assets, both human and material. It allows you to monitor employee performance in real-time, pinpointing areas of wastage and inefficiency.
Process Optimization
When a company implements an indoor tracking system, it obtains valuable insights into how processes are functioning within the organization. This allows for swift course correction, enabling the company to fine-tune its processes and optimize performance.
Analytics
Indoor tracking solutions generate data that can be used to evaluate the performance of teams, employees and processes. This information is invaluable in helping businesses make data-driven decisions, as well as devise long-term strategies for improvement.
Compliance
Most, if not all, companies want to follow the law. Rules and regulations exist to keep people and property safe, and breaking them can come with damaging consequences. But despite best efforts, it’s not always easy to ensure that an entire logistics operation is staying compliant at all times. Here are some ways that indoor tracking technology an help:
Condition-Based Monitoring
Condition-based monitoring is a form of predictive maintenance intended to continuously monitor the condition of assets for potential problems. It enables companies to detect issues before they become serious and costly, as well as fulfill their responsibilities of providing a safe working environment for staff.
Regulatory Compliance
Regulatory standards are constantly changing, and staying up to date can be a challenge. With an indoor tracking system in place, companies can make sure that all of their operations are compliant with the latest regulations.
Process Traceability
Having access to detailed records of all processes, transactions and activities can help a company meet the most stringent compliance requirements. Indoor tracking systems can provide this information in an organized and efficient manner, helping companies stay prepared for any potential audit.
Real-Time Alerts
Any time a process deviates from its intended settings, an indoor tracking system can send out alerts to the relevant personnel. This allows problems to be addressed instantly and compliance maintained at all times.
Safety
Safety is paramount in any company, and it’s the responsibility of employers to ensure that their staff remain out of harm’s way at all times. Indoor tracking systems come into play here yet again, offering organizations a number of advanced features and resources designed to bolster operational integrity.
Security
Deploying an asset management system means installing a litany of different cameras, sensors and beacons throughout a premises. While the main benefit of this is increased operational efficiency, it also serves as an important security measure. Any suspicious activity can be quickly identified and appropriate actions taken.
Access Control
Access control is a core component of security. Indoor tracking systems allow businesses to track exactly who has access to which areas, providing greater oversight and control over their premises. This is extremely important for organizations that operate large facilities or sites with a limited physical security presence.
Space Optimization
By monitoring how space is being utilized, companies can ensure that their staff and premises are organized in the most efficient way possible. This can also be accomplished remotely, allowing managers to spot any potential safety hazards and address them immediately.
Wearable Technology
Wearable technology is becoming increasingly popular in the workplace, with a range of devices offering real-time tracking and communication capabilities. By equipping workers with smart watches or other devices, companies can ensure that their staff are always connected and able to share their location in case of an emergency.
Best-In-Class Solution Framework
Indoor tracking technology has the potential to reshape the logistics industry as we know it. But its benefits aren’t guaranteed. Effectively reaping the value from the opportunities it offers requires thoughtfully designing and deploying the right indoor tracking solution.
If we consider the framework of an industry-leading suite of products that meets the day-to-day needs of complex organizations, we might list the following advantages:
Real-Time, Accurate Positioning
The right solution should offer uninterrupted accuracy and precision, with location data updated in real-time. This allows companies to keep track of their assets without having to rely on manual input.
Highly-Scalable and Maintenance-Free
The benefits of advanced asset tracking technology shouldn’t have to come at the expense of scalability or convenience. An indoor tracking solution should scale with organizations of any size, without the need for complicated installation, maintenance or technical management.
Seamless Outdoor-Indoor Transition
For an indoor tracking system to be most beneficial, it’s important to offer a seamless transition between indoor and outdoor positioning. This feature makes them ideal for organizations that deal with both environments on a daily basis.
Easy Integration with Existing Telematics Platforms
No one wants complicated (and expensive) installation every time there’s an upgrade or a new product to integrate. Indoor tracking solutions should be designed to integrate effortlessly with existing telematics platforms, so you can benefit from all the features of advanced tracking without having to invest in a completely new solution.
Fastest Time to Market
The benefit to the end user of an indoor asset tracking solution being first to market is that they will have access to cutting-edge technology that can help them to optimize their business operations and improve efficiency. For example, reducing the amount of time and resources spent searching for lost or misplaced assets, which can ultimately lead to cost savings and increased productivity.
In addition, an indoor asset tracking solution can help businesses to identify bottlenecks and inefficiencies in their operations, allowing them to make data-driven decisions that can improve processes and workflows. By being the first to adopt this technology, end users can gain a competitive advantage over their competitors who have not yet implemented such a solution, enabling them to stay ahead in an increasingly competitive business landscape.
Minimal Infrastructure Requirements
We understand that not every company or facility has the infrastructure to support a complex indoor tracking system. That’s why our solutions are designed with minimal hardware requirements – implement them quickly and cost-effectively in no time.
Conclusion
Indoor asset tracking has become an essential technology for businesses looking to improve compliance, safety, and productivity in their operations.
By implementing an indoor asset tracking solution, businesses can ensure that their assets are being used in compliance with regulatory requirements and safety standards.
In addition, the ability to track assets in real-time can help businesses to prevent safety incidents and mitigate risks. Furthermore, indoor asset tracking can improve productivity by streamlining operations, reducing downtime, and optimizing workflows.
By leveraging the power of indoor asset tracking, businesses can gain a competitive advantage and position themselves for success in the long term.
With the rapidly growing demand for this technology, now is the time for businesses to consider implementing an indoor asset tracking solution to drive compliance, safety, and productivity in their operations. Reach out to one of our consultants today to see which indoor GPS tracking solution will work for you.