IoT Asset Tracking: a Smart Solution for Your Business

What is IoT asset tracking?

IoT asset tracking is a technology that allows companies to monitor their assets, such as hardware, consumer products, or even vehicles. Thanks to these systems, businesses can track the location of their assets and gather other real-time data, like temperature and detailed movement history.

Developing an app for IoT asset tracking involves linking it to smart devices and making these connections as strong as possible to get the most accurate location data. It’s also important to choose the networks your app will use to track assets, whether GPS, Bluetooth, or cellular.

How is IoT asset tracking useful?

An IoT asset-tracking system can be helpful to companies in several areas, from general convenience to data security. Here are the most important benefits to keep in mind if you’re planning to develop your own asset-tracking software.

Real-time monitoring

For most companies working with supply chains, accurate location monitoring is very important, especially when dealing with high-value assets. An IoT asset-tracking system lets you see detailed location information in real time, from delivery routes with multiple destinations to warehouse supply levels. You can even view statistics for each IoT device.

🌟Our experience   When we were building the IoT asset-tracking system for a stun gun manufacturer, we had to put all of our development knowledge to the test. Our client wanted to create an advanced solution that tracks every gun’s discharge while also providing a detailed graph of usage patterns and energy consumption. To make sure every feature works properly, we even had to manually solder the stun gun’s physical chip to connect it to a laptop. Our hands-on approach worked — we managed to develop a sleek and functional app for our client. Aside from developing the app, which was the most challenging part, we also designed its UI/UX. Our priority was making every element perfectly readable and stylish at the same time.

Reduced risk of equipment theft

IoT asset tracking offers another key advantage — it lowers the risk of theft. Thanks to real-time location systems built into these apps, you always know where your assets are and where they will arrive. For example, if anything happens to the goods you’re transporting along a delivery route, the IoT asset management software will issue an alert, allowing you to deal with the problem.

Cheaper device maintenance

IoT devices constantly collect data on energy consumption, usage patterns, and the general state of equipment. This lets developers plan maintenance schedules in advance, which helps prevent malfunctions and avoid costly repairs. All in all, IoT asset tracking can give you actionable insights into the state of your equipment, allowing you to make your business more cost-effective as a result.

🌟Our experience   IoT apps can be hard to develop since they rely on smart devices. On one of our projects, we were tasked with making a mobile IoT solution for power bank stations. Users could find a station in the app, take the power bank for a set period of time, and pay instantly upon returning it. During development, the hardest part was connecting the charging stations to the mobile app, but we figured it out with the help of the Chinese manufacturer. In the end, we created not one but three separate apps for this project: the main app, another for advertising, and a separate app for charging station maintenance. The charging stations were so complex that we had to develop a separate app for repair technicians. That was done to help the client reduce maintenance costs in the long run.

Simplified supply chain management

IoT asset-tracking software has become essential for overseeing logistics operations. These solutions can provide a bird’s-eye view of an entire supply chain, which helps with scheduling deliveries and keeping track of their movement.

Types of IoT asset tracking

Now that we’re familiar with the main advantages of IoT asset-tracking solutions, let’s review the various technologies they rely on to understand what makes them work.

GPS tracking

Commonly used in international logistics and transportation, GPS is still the world’s most reliable location-tracking technology. It relies on a satellite connection to provide consistent coverage across the entire planet.

IoT tracking solutions use GPS to provide asset location data for large moving objects, such as delivery trucks or cargo airplanes. However, GPS has some downsides — it tends to consume a lot of energy and doesn’t offer the most accurate location tracking.

RFID tracking

Another effective method of tracking assets involves using RFID tags. RFID (Radio Frequency Identification) technology relies on radio signals to locate physical objects. It’s commonly used in retail and internet marketplaces. For example, clothes on store shelves often have RFID tags attached to them, which the cashier removes upon purchase.

Contrary to GPS asset tracking, RFID works best at short range, as it relies on scanners for reading the tags and transmitting location information. That’s why it’s perfect for protecting retail and ecommerce stores from theft, but not well-suited for tracking long-distance deliveries.

Barcode and QR code tracking

Think RFID tags, but even simpler. This technology relies on barcode tags, which are assigned to each product and manually scanned by cashiers, warehouse staff, or regular users. Out of all IoT asset tracking technologies, this is the cheapest one to implement. But it’s not as flexible as others since it requires manual scanning and doesn’t offer real-time tracking.

Still, certain problems call for simple solutions. It’s not always a good idea to spend a lot of money on high-tech IoT tracking devices, especially when an app has yet to be developed.

🌟Our experience   Once, we were tasked with designing and developing an IoT app for smart vending machines. It worked like this: the user scans a QR code on a smart fridge, picks the items, collects them, and closes the fridge door. Then, the app automatically processes a payment for the products collected. For this user flow, QR codes were the simplest yet the most elegant solution. They helped us build a link between the IoT devices and the app, while also making the user experience convenient. In addition to QR codes, we also implemented RFID technology in the app. Every product inside a smart fridge has an RFID tag attached to it, which helps prevent theft.

Cellular tracking

Cellular connectivity is often used for IoT tracking too. It’s a highly versatile approach: mobile networks allow you to locate objects in real time over long distances, not unlike GPS. In some ways, cellular is even more reliable than GPS since it remains stable in places where the satellite signal can get weaker.

As effective as mobile internet is for IoT asset tracking, it can be expensive. That’s why we recommend performing a careful budget assessment and reviewing other tracking options before choosing cellular.

Industries that use IoT asset tracking

IoT asset tracking can be useful to companies in almost any niche. Here are the industries that benefit the most from asset management tools.

Logistics

Asset location is essential if you’re transporting valuable goods. Logistics businesses rely on asset management solutions for high-precision tracking, which allows them to control every step of the delivery process. This is possible thanks to technologies like GPS monitoring, which provide real-time location information.

Fintech

When it comes to finance, asset monitoring is also crucial. Think about banks that transport cash from ATMs daily. To make sure it’s not tampered with, it needs to be equipped with a tracking device. Banks can also monitor the delivery process using IoT asset tracking to ensure vehicles don’t stray from their assigned route.

Construction

IoT asset management solutions can be very useful at construction sites, where many precautions need to be taken. Using IoT asset tracking, companies can reduce the chance of human error by monitoring hazardous machinery and building materials. Small tools at construction sites can also be tracked with RFID tags to prevent them from being misplaced.

Healthcare

In healthcare, an asset-tracking system can be helpful in several ways. For example, hospitals can monitor medical equipment to ensure the safety of patients and prevent theft. Healthcare professionals can also use IoT asset tracking to set the right temperature and humidity conditions for storing sensitive medicine.

Best practices for creating an IoT asset-tracking app

Let’s say you already have an idea for an IoT asset-tracking app. Here are some best practices to help you create a successful product in the asset management niche.

Create a clean and informative user interface

Like any app, IoT asset-tracking products greatly benefit from having an intuitive UI. Smart devices can transmit a lot of different data, and it’s important to visualize it in a convenient way. For example, create informative dashboards and graphs to illustrate power consumption. Also, use color contrasts strategically to highlight the most important elements of the UI.

🌟Our experience   Once, we were tasked with creating an IoT app with interactive maps for physical conferences. Eventgoers could walk up to a desktop monitor and find the right booth within a couple of seconds. To meet strict project requirements and ensure that everything loads quickly, we implemented features for efficient map rendering and included smart search filters to simplify in-app navigation. The app needed to run on low-spec devices with only 4GB of RAM. Optimizing the app for them took a lot of work, but we managed to impress our client with the results.

Focus on native device features

IoT asset-tracking apps rely on smart hardware to collect real-time data through wireless communication. To make your product as useful as possible, prioritize native features like GPS, RFID, or Bluetooth. Take time to polish them — ensure they provide a smooth user experience without hurting app performance.

Perform thorough network testing

A stable network connection is crucial when it comes to IoT asset tracking. It allows you to obtain accurate data in real time — a core feature of most asset management apps. To ensure your app interacts properly with connected devices, run several rounds of network tests to find bugs and troubleshoot latency issues. Test your IoT asset-tracking product in different conditions, such as bad weather, high signal interference, and so on.

Key challenges in IoT asset tracking

IoT asset tracking has a lot of advantages, from increased security to reduced financial risks. Still, it’s important to be aware of the key challenges in this niche. Here are some of the most common ones.

High device maintenance costs

Developing an IoT asset-tracking system often comes with high maintenance costs. That’s because you don’t only need to maintain the app itself but also the IoT devices it’s connected to. To reduce costs, teams should familiarize themselves with the smart hardware they’re developing since it will help with preventative maintenance.

Software compatibility

In IoT app development, smart hardware isn’t the only key element to consider — the software layer is just as important. Ensuring your product works across all platforms is crucial to its success. Each version of your IoT asset tracking system should interact properly not only with smart gadgets but also with operating systems and third-party services.

🌟Our experience   Developing an IoT asset-tracking system for mobile platforms can present some unique challenges. A client asked us to create a UI/UX design for EvTrip — an IoT app for mobile that helps users find the nearest charging stations for their electric cars. We completed the project and moved on to other things. Then, a year later, the same client came back and asked us to create a mobile app based on the visual design we made earlier. At this point, they already had an unfinished web app built by other devs. To save time, we transformed it into a mobile app! It works like a standard mobile platform with push notifications, but there’s a built-in web browser that takes care of most backend operations. We also performed a business analysis, during which we looked at similar tracking solutions. And as a result, suggested useful features to add to the client’s app.

Integration with third-party systems

Apps in the IoT asset tracking niche usually need to communicate with various external services to receive and transmit data. The more integrations you include in your asset-tracking system, the more impact this can have on performance. That’s why it’s important to spend a lot of time testing and optimizing to polish your app before launch.

What’s next for IoT asset tracking?

The Internet of Things is one of the fastest-growing industries: by 2024, the global revenue for this sector has reached $390 billion. Here’s how IoT asset location tech is likely to change in the future.

Improved location tracking accuracy

There’s a high chance that GPS won’t stay the leading location monitoring tech for long. Ultra-wideband, or UWB, is another radio-based technology that offers even more precise location-tracking data. It became popular at the end of the last decade and is already being used in industries like air transportation and logistics. As more IoT asset-tracking solutions implement UWB, the accuracy of location monitoring will almost certainly improve.

Faster network speeds

Today, the 5G network infrastructure already covers almost all of Europe and North America, and it’s still expanding. As the 5G coverage continues to reach more countries across the world, global internet quality will improve, and connections between IoT devices will become more stable. And since network speeds will get faster, IoT asset location monitoring will also become more reliable in the future.

Increased support for edge computing

Edge computing is an advanced IoT technology that allows smart devices to process large amounts of data by themselves without transmitting it to an external server. Without having to send data somewhere else for processing, IoT devices complete tasks faster, which helps streamline asset management and tracking. Edge computing is becoming increasingly widespread, and soon most smart gadgets will support it.

More detailed device analytics

Thanks to new tech such as machine learning, smart devices can collect more analytical data that can be used to plan equipment repairs or address usability issues. This will allow developers to manage risks and refine the IoT hardware, which will ultimately improve the quality of asset-tracking solutions.

Wrapping up

Creating IoT asset tracking apps can be very rewarding. The development process is often complicated, but, in the end, you’ll be able to offer a valuable product to other successful businesses, improving revenue and customer trust.

At Purrweb, we’ve been creating IoT solutions for over a decade, implementing features like real-time asset tracking and multi-layered data encryption. If you’d like to tell us about your project, fill in the form below, and we’ll respond within 24 hours.