Asset Management with Indoor Location Tracking Technology

Asset Management in the Digital Transformation Era

Digital transformation is now a critical challenge across industries, prompting changes in corporate asset management practices. Previously, managing asset inventories manually and conducting regular checks were common, but today, quicker and more accurate management is essential for a company’s competitive edge. For larger enterprises, the systematization and efficiency of asset management directly improve productivity. Thus, implementing an automated asset management system using advanced technology has become a vital task.

As the variety and complexity of a company’s assets increase, and as operational sites expand, the workload for individual managers dramatically rises. Checking the details of numerous assets daily requires significant manpower and time, placing a considerable burden on company operations. Automating the tracking of asset information in real-time is fundamental to enhancing both operational and asset management efficiency.

Key Role of Location Information in Asset Management Efficiency

Key assets such as expensive equipment, logistics tools, and manufacturing robots must be maintained in optimal condition at the right locations to enhance operational efficiency. However, achieving ideal asset management is challenging in real-world settings due to various factors. Issues such as changes in equipment status from multiple workers using the same equipment, equipment relocations due to emergencies on production lines, and replacements for maintenance can lead to information gaps and frequent discrepancies between system records and actual field data.

Bridging the gap between real conditions and system data is crucial for effective asset management, making ‘location information’ a key component. The ability to quickly determine the current location of an asset is critical for timely action. By developing an asset management system that leverages location information, businesses can achieve more precise and efficient asset operations.

However, as previously discussed in [previous article], acquiring location information in indoor settings is challenging, which complicates the automation and optimization of asset management, leading to substantial losses. Therefore, implementing Indoor Location Tracking Technology is vital for enhancing asset management efficiency. Given that many of a company’s assets are located indoors, the need for high-precision Indoor Location Tracking Technology to effectively execute location-based asset management becomes increasingly clear.

Enhancing Asset Management Efficiency with Indoor Location Tracking Technology

Benefits of Asset Management Using Indoor Location Tracking Technology

• Cost and Time Savings

  • Quickly locating necessary assets prevents delays in work.

  • Reduces the waste of manpower and time for asset distribution and movement.

  • Avoids unnecessary expenditures such as repurchasing lost assets.
    
    

• Efficient Asset Utilization

  • Understanding the usage patterns and location history of each asset optimizes its utilization.

  • Low-usage assets can be shared or reallocated to improve operational efficiency.

  • Based on asset movement data, optimal placement and inventory management can be conducted.
    
    

• Security and Safety Management

  • Immediate detection of unauthorized movements or theft of important assets is possible.

  • Real-time location tracking allows for swift responses to emergencies.

  • Monitoring of assets in restricted areas is feasible.
    
    

• Maintenance Optimization

  • Immediate identification of asset locations in the event of a failure enables quick responses.

  • Assets requiring regular inspections can be easily located.

  • Preventative maintenance is feasible through the location-based usage history of assets.
    
    

• Support for Strategic Decision-Making

  • Data-driven decisions regarding asset placement and operation are achievable.

  • Precise assessment of asset demand by department and location is possible.

  • Assists in planning future asset purchases and deployment.

    
    

Key Applications and Effects of Implementation

• Material and Tool Management in Manufacturing

  • Problem: In large factories, delays in production processes frequently occur because workers cannot locate the necessary equipment or materials.

  • Utilization: Location trackers are attached to various equipment and raw materials, establishing a management system based on indoor location data.

  • Effect: Workers can immediately find equipment when needed, boosting productivity, reducing purchases of redundant equipment, and decreasing maintenance costs.
    
    

• Management of Medical Equipment in Hospitals

  • Problem: In large hospitals, mobile medical devices such as wheelchairs, portable X-ray machines, and infusion pumps often get lost or are excessively used in certain areas.

  • Utilization: Indoor positioning technology is applied to track each device’s location in real-time and analyze usage frequency data for appropriate allocation to necessary areas.

  • Effect: This reduces the time medical staff spend searching for equipment and prevents unnecessary equipment purchases, saving millions of won annually.
    
    

• Inventory and Equipment Management in Logistics Warehouses

  • Problem: The inability to track the real-time location of forklifts and logistics equipment in large logistics centers leads to inefficient operations.

  • Utilization: Indoor Location Tracking Technology is used to optimize the movement paths of logistics equipment and pallets.

  • Effect: Optimizing the routes of forklifts and workers improves logistics processing speed by over 20%, reducing fuel and labor costs.
    
    

• Facility and Maintenance Equipment Management in Large Buildings

  • Problem: Maintenance teams in buildings struggle to locate necessary equipment like vacuum cleaners and moving carts, causing work delays.

  • Utilization: Location trackers are attached to maintenance equipment, enabling real-time location tracking and system setup.

  • Effect: This approach shortens the time needed to search for equipment, speeds up maintenance tasks, and reduces operational costs.
    
    

Enhancing Operational Efficiency in Businesses Through Location-Based Asset Management

Adopting Indoor Location Tracking Technology for asset management has become essential, not merely optional. This is particularly evident as the shift toward smart factories, smart hospitals, and smart logistics centers accelerates, emphasizing its growing importance. Location-based asset management extends beyond mere asset tracking; it improves overall business operations through more accurate maintenance scheduling, optimized workflow paths, and optimal resource allocation, all facilitated by data utilization.

Due to these advantages, many companies are integrating Indoor Location Tracking Technology to establish more systematic and efficient asset management strategies. The application of this technology is expected to expand across various industries, and its incorporation into asset management systems will provide companies with an opportunity to advance significantly in their digital transformation.