Welcome the next generation of asset tracking: AI plus IoT
Asset tracking lets you know the location of physical assets 24/7. It also allows you to better report on and manage your assets. When you combine asset tracking with the power of artificial intelligence (AI), assets can be deployed more efficiently within your business, allowing you to improve productivity significantly and boost your bottom line.
Asset tracking lets you capture and record detailed information about any assets in real-time, such as industrial equipment, vehicles, and even human resources. This information can help ensure your assets are safe and secure and provide valuable insights on how to improve business processes and systems.
A system that tracks assets lets you and your staff record when and where equipment is used and its location. This can be invaluable when trying to locate equipment, for example, tools and equipment used across a number of construction sites. It is also useful for keeping track when assets need servicing, which can improve budgeting and planning, as well as ensuring you’re meeting your compliance requirements.
Here at Forum Group, we’ve developed ‘Forum Connect’ – a suite of Internet of Things (IoT) solutions designed to help you unlock value within your assets through increased connectivity and visibility. We leverage the sophisticated power of IoT-connected devices and custom software to improve business performance.
Forum Connect provides tracking for every type of asset, including vehicles, non-powered assets, industrial assets, smart sensors, vehicles, and people. This is then combined with our custom software and AI tools to facilitate real-time decision making. For example, it’s so much easier to track where your assets have been and monitor onboard diagnostic data, movement patterns, performance and operator behaviour.
How is AI involved in asset tracking?
While asset tracking has been a game-changer for companies with valuable – and particularly, mobile – assets, the introduction of AI has added another level of sophistication. With AI applied to asset management, you can learn more about your asset utilisation by recording patterns and also automate tasks.
The smarts that AI brings can take this even further by being able to recognise and interpret the context and intent of each asset accurately too. This provides much greater insights and the opportunity to implement more advanced automation.
Forum Connect uses AI to assess data being captured from assets in real-time, and surface actionable insights and predict threats before they occur. This combination of asset tracking and AI can enable the following:
- Cost optimisation. By dynamically shifting workloads to the lowest-cost resources within your company – including equipment, human and financial resources – you can reduce costs.
- Resource optimisation. Active capacity management and automated diagnosis and repair of assets increase asset availability.
- Risk mitigation. Real-time redundancy planning using analysis and simulation techniques can reduce risks.
- Reduced costs. Dynamic sourcing and cost arbitrage across service providers can lower operating costs.
- Enhanced driver safety. Monitor and reduce dangerous driving behaviour and notice the signs of fatigue and distraction before a disaster.
These examples are just the start. Each improvement in asset tracking technology and AI capability will bring a new set of advantages to benefit your company.
The artificial intelligence of things (AIoT)
The combination of asset tracking and AI technologies is called the ‘artificial intelligence of things’ or ‘AIoT’. It products analytics and insights that can be used to optimise systems and generate higher performance. This, in turn, creates fresh data sets that the system can learn from and produce even greater improvements.
AIoT will enable the development of new products and services, which will help generate higher productivity and create new business opportunities for companies that embrace these technologies.
As AIoT becomes more prevalent, we expect to see the emergence of smarter homes, smart cities, smart industry, and the growth of wearable technology. Here are a few examples of how AIoT could be used:
Drone traffic monitoring
Drones can monitor traffic in a specific area and then use the data gathered to inform motorists, so they can avoid certain places, or take alternative routes. This helps reduce costs and boost productivity by spending less time in traffic.
Temperature control in office buildings
Temperatures can be monitored and controlled automatically, which can help reduce electricity bills and lead to a more comfortable workplace, which helps increase productivity.
AIoT makes fleet management much more straightforward and boosts productivity by, for example, automating maintenance, so there is less downtime.
This technology will make it possible for near real-time delivery of items at a fraction of current costs. In the future, it’s feasible we may see a fleet of delivery robots or drones working 24/7.
Want to improve your business processes with asset tracking?
Asset tracking technology can help your company better manage, track and report on valuable assets within your business. When you combine asset tracking with emerging artificial intelligence (AI) technologies to create AIoT, you can unlock even greater potential to boost your productivity and bottom line.
Whether you’re looking to improve the utilisation rate of your assets, reduce the administration workload required to locate them, or comply with regulations, Forum Group can help.
Find more about Forum Connect and get in touch with the Forum team by filling the form below.
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