By Juliet Umeh
How to keep track of assets has always been a challenge for the asset management industry. This is because knowing where things are at any given time can be critical to transforming business operations. You can reduce risk, save money, improve efficiency, and generate new service revenue.
For example, containers continue to disappear around the world and it typically takes months to find them where they are found.
However, tech experts are of the view that a combination of mobile computing, analytics and cloud services, all powered by the Internet of Things, IoT, is changing the way asset delivery and management companies conduct their business. operations.
Interestingly, experts say that asset tracking is one of the fastest growing industrial IoT markets today.
It is estimated to be worth $ 3.93 billion by 2023.
Additionally, courier company DHL and tech giant Cisco estimated in 2015 that IoT technologies, such as asset tracking solutions, could have an impact of more than $ 1.9 trillion on the supply chain industry. and logistics.
According to his estimate, there will be 267 billion IoT asset tracking devices deployed in the global industry by 2027.
All of this was revealed at the Disrupting Asset Tracking webinar hosted by Technology Company, IoT Africa Networks Ltd together with Connected Finland, recently.
The event was to shed light on the challenges facing the asset management industry.
IoT Africa Networks Ltd CEO Lare Ayoola said the difference between lost and found items can be as low as 12 bytes, with the deployment of IoT-based solutions.
He said: “IoT Africa Networks Ltd in partnership with Sigfox enables the entire asset tracking network to be observed, be it industrial, commercial, enterprise or residential, in a convenient and economical way.
“You may not be able to depend on electricity in Nigeria, but you can trust Sigfox. This is because Sigfox devices can be powered without electricity. Battery life can last more than four years on a single charge, ”Ayoola said.
He noted that IoT in supply chain management can transform inventory, logistics, manufacturing, distribution, construction, insurance, security companies, and more.
Additionally, Connected Finland founder Tom Lindblad said that the IoT network, provided by Sigfox and IoT Africa, allows them to track things they could never have done before. He said IoT connectivity is tracking assets throughout the supply chain and receiving alerts on anomalies such as unauthorized trailer detachments, virtual fencing and herd management, intercontinental maritime cargo tracking, stolen vehicle recovery, chain monitoring. supply logistics, track industrial assets, enable real-time tracking of consumer luggage around the world.
Lindblad said: “The IoT Africa Networks, Sigfox, Tranter IT and Connected Finland partnerships are strategic and critical for development in Nigeria. The main thrust of IoT in Nigeria is for businesses and cities to connect everything and stay in control of their assets and business operations. “