In today's fast-paced supply chains, maximising the availability of returnable assets and RTI’s (Returnable Transport Items) such as roll cages, totes and pallets has never been more critical to operational performance and efficiency. Returnable asset tracking systems offer a robust solution to enhance visibility, control, and resource optimisation. Understanding how asset tracking can alleviate growing challenges for enhanced visibility and control is crucial for supply chain managers and directors grappling with cost pressures and demanding service levels.
What is Asset Tracking?
Asset tracking involves monitoring physical assets' location, status, and utilisation, typically through technologies like RFID, IoT and machine vision. Tracking doesn’t just prevent loss; it enables businesses to optimise their operations, reduce costs, and improve their overall supply chain management, leading to increased efficiency and customer satisfaction.
What are the advantages?
- Cost Savings: Efficient tracking minimises losses and theft, reducing the need for frequent replacements and procurement costs. It also helps in avoiding unnecessary purchases due to misplaced assets.
- Enhanced Operational Efficiency: Real-time tracking enables better planning and utilisation of assets, reducing idle time and optimising their usage. It streamlines processes like loading, unloading, and distribution.
- Improved Asset Utilisation: Tracking allows for a better understanding of asset usage patterns, enabling businesses to redistribute assets where needed, preventing overstocking or shortages.
- Accurate Inventory Management: Real-time tracking provides accurate inventory counts, reducing errors in stock levels and ensuring timely restocking.
- Supply Chain Optimisation: Tracking enhances visibility across the supply chain, facilitating smoother logistics operations, minimising delays, and improving overall supply chain performance.
- Customer Satisfaction: Enhanced tracking ensures timely and accurate deliveries, positively impacting customer satisfaction and retention.
- Data-Driven Decision Making: Access to detailed tracking data helps analyse trends, identify inefficiencies, and make informed decisions to optimise processes.
- Compliance and Traceability: For industries with regulatory requirements, tracking facilitates compliance and traceability by providing detailed records of asset movements and handling.
Tracking doesn’t just prevent loss; it enables businesses to optimise their operations, reduce costs, and improve their overall supply chain management, leading to increased efficiency and customer satisfaction.
Choosing the Right Asset Tracking System
When selecting an asset-tracking solution, it's crucial to consider your specific industry needs and the types of assets you're managing. Whether it's fleet asset tracking for logistics, construction equipment, healthcare devices, or IT equipment, the right system can provide tailored benefits, enhancing security and ROI. Look for a provider who can seamlessly integrate with your existing systems and can offer a wide scope of data capture technologies such as RFID, Machine Vision, IoT or Barcode technology.
Implementation and ROI
Implementing an asset tracking system requires careful planning, but the return on investment is clear. Reduced losses, improved efficiency, and better decision-making capabilities all contribute to a strong financial case for asset tracking.
An essential business benefit lies in also capturing the identity of goods during transportation which are associated to the returnable assets, thereby establishing a robust foundation for product traceability. This capability not only enhances operational efficiency but also facilitates quality control, regulatory compliance, and recall management throughout the supply chain.