For manufacturers, the largest share of costs tends to be constituted by operational and capital expenditures. Anyone who has any experience in manufacturing knows that both the equipment required to manufacture and the cost of running it can drive up your expenses.
In order for manufacturers to minimize their costs and optimize their processes, they need to pay special attention to both asset management and their utilization by calculating the return on investment (ROI). However, doing this is easier than done, mostly because many manufacturers don’t have access to a digital, centralized platform to monitor and track proper asset utilization.
Enter: real-time asset tracking software. The market for real-time location systems is growing as more and more manufacturers invest in them, so they are provided with an overview of their operations. By 2024, the market worth is set to reach US $40 billion (AUD $62.05 billion.
Top Benefits of Real-Time Asset Tracking Software in the Manufacturing Sector
Asset tracking is the process of tracking a physical asset (usually an item valuable to the company, such as a piece of equipment or an employee) in a manufacturing facility to track and monitor their exact location and utilization.
Determine Asset Utilization in Processes
Real-time asset tracking software helps you track both moving and stationary assets operating across your facility. Having access to this information helps you define asset ROI. Knowing location data that shows utilization patterns will allow you to be better equipped to answer the following questions:
· When is the asset in use, and when is it not?
· How long and how frequently is the asset utilized?
· How long is it active during a shift or a working day?
· Are there unnecessary or unauthorized breaks when an asset is being utilized?
Efficient Asset Audit
Attaching location tags to your assets will help you identify misplaced, lost, or poorly performing (as well as best-performing) assets. However, it will also allow you to manage your assets better during routine audits.
You will be able to read the location tags wherever a data hub is presented in your manufacturing facility. You’ll receive continuous location status, and you’ll be able to detect whether an asset has left the monitored area or the facility.
Reduce Labour Costs
Real-time asset tracking software will help you track employee productivity. Here’s how:
· Analyse employee movement during shifts, entries in specific facility areas, and time spent in assigned areas.
· Using employee location data to assign new and urgent tasks to them quickly.
· Providing drivers with portable location tags to track the movement and utilization of moving equipment.
In order to protect your organization’s network security and the proper functioning of all software, it’s crucial that you invest in continuous asset monitoring services.
As one of Australia’s leading cybersecurity services providers, we provide our clients with continuous monitoring services for round-the-clock protection and security. In addition to that, our vast array of services include penetration testing, advanced web security testing, and mobile app security testing to help companies eliminate vulnerabilities that open them up to cyber threats.
Get in touch with us for more information on our services.