Building Factories of the Future: Asset Management with RTLS
Guest blog from MHI Member Company Litum
New asset management solutions that use Real-Time Location Systems (RTLS) are changing the way modern factories work. With precise tracking capabilities, these solutions eliminate the need for manual labor and physical inspections, ultimately reducing costs. Not only do RTLS-based systems provide real-time insights into factory operations, but they also aid in preventing theft within facilities.
If you’re a business looking for an easy and affordable way to manage your assets in real-time, you might want to check out RTLS-based systems. Let’s take a closer look at how they work and why they’re important for the future of factories.
The current state of asset management and its limitations
Asset management is a critical aspect of any modern business, but it can be a challenge to keep track of all your assets in a cost-effective manner. Traditional asset-tracking systems have limited capabilities in tracking assets in real-time, leading to manual tracking and errors that can cause delays in business processes. Moreover, traditional systems can be costly and inefficient, leaving businesses with little control over their assets and inventory levels.
Another issue with traditional asset tracking is its lack of accuracy and scalability. As businesses grow and add more assets, managing them accurately with traditional methods becomes increasingly difficult, leading to errors that could have been avoided with a more sophisticated system.
Automated asset management solutions, such as RFID tags and Bluetooth beacons, offer real-time asset tracking that eliminates the need for manual labor. With the right system, location data and historical location data can be easily accessed, making it easier to prevent theft and generate reports based on complex data for better decision-making.
However, existing automated solutions that rely on outdated technologies have some potential drawbacks that must be considered. For instance, the cost of investment in software, hardware, and personnel training for advanced asset-tracking solutions can be substantial. Poorly designed systems can also lead to inaccurate data and inefficient processes that hinder operations instead of improving them.
How RTLS can be used to overcome the limitations of existing systems
The use of RTLS technology has the potential to transform conventional methods of asset management by simplifying the process of locating assets, which is crucial for reducing unnecessary expenses. Traditional systems usually depend on manual input of data, resulting in complicated and time-consuming procedures. However, RTLS technology automates this procedure and provides current information on asset locations with minimal effort. By incorporating RTLS, enterprises can effectively monitor their assets and avoid the need for laborious manual tasks, such as recording each asset’s location as it travels.
RTLS for real-time asset location
When it comes to managing assets, an RTLS system is a great option that offers a host of benefits. These include more accurate tracking of assets, improved visibility into asset movements, faster response times for finding lost items, and cost savings by eliminating manual processes such as searching through storage facilities. Additionally, RTLS systems can provide valuable insights into business operations, such as identifying frequently used shipping routes and areas that may not have been previously known.
The future of RTLS-based asset management
Asset management through RTLS technology is becoming increasingly popular among businesses for efficient tracking and management of their assets. With the use of radio frequency, businesses can keep a real-time track of their assets’ location, movement, and status.
This innovative method of asset management has the potential to transform the way businesses operate and provide an unparalleled level of asset control. Although the demand for RTLS solutions declined during the pandemic, it is now increasing in various industries, including manufacturing, healthcare, and military. Furthermore, the market growth is being fueled by the affordable and gradually decreasing cost of end-to-end RTLS solutions.
The manufacturing industry is presently facing various short-term issues such as supply chain difficulties, staff shortages, increased consumer demand for specialized products, and environmental problems that restrict manufacturing processes. Addressing these challenges is currently the main focus, and the solution is to utilize smart technology and data to meet production requirements while also being adaptable to emerging demands and unexpected constraints.
The key is to make use of the large amount of quality data available and transform it into practical and actionable outcomes on the factory floor. To put it briefly, the growing array of smart connected devices and creative uses of RTLS solutions will drive the demand for real-time asset tracking and location tracking systems in the near future.
Transforming factories with Litum’s RTLS-based asset management solution
Using a real-time location system to track assets is one of the most effective methods of asset management. And Litum makes navigating this technology a breeze. You can increase productivity, ensure workplace & workforce safety, locate equipment, and manage site operations efficiently with Litum’s Indoor Tracking Services.
Our asset tracking services allow you to manage assets from afar by minimizing equipment retrieval time, and reducing misplaced and lost items while ensuring cost savings through accurate asset location data.
With Litum, you can keep tabs on your most vital equipment with pinpoint precision. Our UWB RTLS asset trackers install directly onto the object and communicate in real-time with our custom mesh network installed throughout any facility to give an accurate picture of where each piece is at all times – no more lost or misplaced items!
Leverage cutting-edge algorithms to convert location signals into data and then report it quickly and easily through our cloud-powered software. There isn’t a better time to get started using an RTLS-based Asset Management System than now.