| Written by Mark Buzinkay
What role does asset tracking play within asset management?
Asset management and asset tracking are closely interconnected, forming complementary aspects of an organization's overall strategy to optimize resource utilization. Asset management refers to the systematic process of maintaining, deploying, and retiring physical or intangible assets to maximize their value and ensure alignment with organizational goals. It is strategic in nature, focusing on long-term planning, risk management, compliance, and achieving operational efficiency.
Asset tracking, on the other hand, is a tactical component that provides real-time visibility into the location, status, and usage of assets. It involves technologies like RFID, GPS, or RTLS to monitor and record asset movements, helping organizations reduce loss, improve operational efficiency, and enhance accountability.
The relationship lies in their shared goal: maximizing the value and utility of assets. Asset tracking feeds essential data into the asset management system, enabling informed decisions based on accurate, real-time information. For example, tracking ensures that critical equipment is readily available, reducing downtime, while management strategies ensure its optimal deployment and maintenance. Together, they enable organizations to achieve higher levels of efficiency, cost control, and operational transparency, forming a cohesive framework for resource optimization.
Which international standards exist for Asset Management and Asset Tracking?
ISO (International Organization for Standardization) has developed comprehensive standards to guide organizations in effective asset management and the implementation of Real-Time Locating Systems (RTLS). Below is an overview of these standards, along with references for further reading.
Asset Management Standards: ISO 55000 Series
The ISO 55000 series provides a structured framework for asset management, applicable to all types of assets and organizations. The series includes:
- ISO 55000:2014 – Asset Management – Overview, Principles, and Terminology: This standard offers a foundational understanding of asset management, outlining key principles and terminology. It serves as an introduction to the concepts and benefits of effective asset management. (1)
- ISO 55001:2014 – Asset Management – Management Systems – Requirements: This standard specifies the requirements for establishing, implementing, maintaining, and improving an asset management system. It provides a clear structure for organizations to manage their assets systematically and sustainably. (2)
- ISO 55002:2018 – Asset Management – Management Systems – Guidelines for the Application of ISO 55001: This standard offers guidance on applying ISO 55001, detailing how to establish, implement, maintain, and improve an asset management system. It includes expanded guidance for each clause of ISO 55001 and clarifies the contribution of each requirement to the fundamentals of asset management: value, alignment, leadership, and assurance. (3)
These standards align with other ISO management standards, facilitating better integration and coordinated monitoring.
Real-Time Locating Systems (RTLS) Standards: ISO/IEC 24730 Series
The ISO/IEC 24730 series defines standards for RTLS, focusing on the air interface protocols and application programming interfaces (APIs) to ensure compatibility and interoperability among products. Key parts of this series include:
- ISO/IEC 24730-1:2014 – Information Technology – Real-Time Locating Systems (RTLS) – Part 1: Application Programming Interface (API): This standard enables software applications to utilize an RTLS infrastructure to locate assets with RTLS transmitters attached. It defines a boundary across which application software collects information from RTLS tag signals received by the infrastructure.
- ISO/IEC 24730-61:2013 – Information Technology – Real-Time Locating Systems (RTLS) – Part 61: Low Rate Pulse Repetition Frequency Ultra Wide Band (UWB) Air Interface: This part defines the physical layer (PHY) and tag management layer (TML) of a UWB air interface protocol that supports one-directional simplex communication between readers and tags in an RTLS. It is optimized for low-data-rate wireless connectivity with devices requiring minimal battery consumption. (4)
- ISO/IEC 24730-62:2013 – Information Technology – Real-Time Locating Systems (RTLS) – Part 62: High Rate Pulse Repetition Frequency Ultra Wide Band (UWB) Air Interface: This standard defines the air interface for RTLS using a UWB signaling mechanism based on IEEE 802.15.4a UWB. It employs high-rate pulse repetition frequencies and a combination of modulation schemes to achieve high performance with a fully coherent receiver. (5)
These standards are crucial for developing RTLS solutions that are interoperable and effective across various applications, including asset tracking and management. Now, let's talk about the challenges of asset tracking.
Challenges of Asset Tracking Indoors
Indoor asset tracking presents unique challenges, primarily due to the complexities of enclosed environments. Factors like interference, signal attenuation, and reflections create significant obstacles for traditional tracking technologies. Understanding and addressing these challenges is critical for ensuring the effectiveness of real-time locating systems (RTLS) in industrial, healthcare, and warehouse settings.
Key Challenge: Interference
Interference is a leading issue in indoor asset tracking. Materials like metal, concrete, and dense structures significantly disrupt radio frequency (RF) signals. Metals, in particular, cause reflection, refraction, or absorption of signals, reducing accuracy. For example, in warehouses with metal shelving or manufacturing facilities with heavy machinery, traditional RFID or Bluetooth-based systems may struggle to provide reliable data. Signal noise from other wireless devices and electromagnetic interference further compound the problem, leading to inconsistent tracking results.
Innovative Solution: CHIRP Technology and Asset Agent
Addressing the limitations of conventional systems, Identec Solutions' Asset Agent leverages CHIRP (Compressed High-Intensity Radiated Pulse) technology for precise and robust RTLS performance. CHIRP-based systems operate on a wide spectrum of frequencies, minimizing susceptibility to interference. Unlike standard RF-based systems, CHIRP pulses are highly resilient, even in metal-rich environments, ensuring reliable signal transmission and detection.
Asset Agent has demonstrated excellent results in tracking assets within industrial environments laden with metal machinery, containers, and racks. The system excels in scenarios where traditional solutions fail due to signal degradation. By combining advanced algorithms with CHIRP technology, Asset Agent delivers real-time visibility and accuracy, enabling businesses to optimize asset utilization and reduce downtime.
Where do you use RTLS for Asset Tracking?
RTLS (Real-Time Locating Systems) is a versatile technology used across numerous industries to enhance operations, improve safety, and optimize resource management. In the healthcare sector, for instance, hospitals rely on RTLS to track the location of critical medical devices like infusion pumps or defibrillators, which significantly reduces search times during emergencies. Patient monitoring is another common use, with RTLS-enabled wristbands providing real-time updates on patient movement, enabling quicker response to falls or medical alerts, and overall improving the quality of care.
In manufacturing, RTLS is integral to streamlining production processes. Automotive plants, for example, use RTLS to monitor the location of tools, robots, and parts, ensuring everything is in place for seamless assembly. This reduces bottlenecks, increases efficiency, and minimizes downtime. Similarly, in warehousing and logistics, RTLS helps optimize inventory management by tracking pallets, forklifts, and shipments in real time, improving accuracy in order fulfilment and reducing operational delays.
Industries like mining and oil & gas use RTLS to enhance worker safety and equipment tracking. For example, mining operations deploy RTLS to monitor workers' locations, ensuring they stay clear of hazardous areas, while tracking heavy machinery for maintenance and efficient use. In retail, RTLS aids in inventory tracking and analyzing customer behaviour, which helps optimize store layouts and increase sales.
Sports and entertainment venues also benefit from RTLS, using it to monitor player movements for performance analytics or to manage crowd flow and staff locations in large arenas. Even in agriculture, RTLS proves valuable, as dairy farms utilize it to monitor livestock health and optimize milking schedules.
FAQ
What role does asset tracking play in asset management?
Asset tracking is a critical tactical component within the broader strategy of asset management. While asset management focuses on the long-term planning, deployment, and retirement of assets to maximize value, asset tracking provides real-time data on asset location, usage, and status. By employing technologies such as RFID, GPS, or RTLS, asset tracking reduces loss, enhances operational efficiency, and improves accountability. Together, asset tracking feeds valuable real-time insights into the asset management system, enabling informed decisions and streamlined operations.
What are the key challenges of indoor asset tracking?
Indoor asset tracking faces significant challenges due to interference from materials like metal, concrete, and dense structures, which disrupt radio frequency (RF) signals. Signal reflections, refractions, or absorption in metal-rich environments can reduce accuracy, making it difficult for traditional systems to perform reliably. Additionally, electromagnetic noise from other devices adds to the difficulty. Solutions like Identec Solutions' Asset Agent, using CHIRP technology, address these challenges by providing resilient signal transmission in complex, metal-laden environments, ensuring accuracy and robust performance.
In which industries are RTLS used for asset tracking?
RTLS is widely used across industries such as healthcare, manufacturing, warehousing, mining, and retail. For example, in healthcare, it tracks medical equipment and patient movement, while in manufacturing, it ensures seamless production by locating tools and materials. Warehousing uses RTLS for inventory management, and mining enhances worker safety and equipment monitoring. Retail applications include inventory tracking and customer behavior analysis, demonstrating RTLS's adaptability and value in various environments.
Takeaway
Effective asset tracking is a vital component of asset management, offering real-time visibility into asset location and usage to maximize operational efficiency and reduce downtime. Standards such as ISO 55000 and ISO/IEC 24730 provide robust frameworks for managing and implementing RTLS solutions. Indoor asset tracking poses unique challenges, particularly interference in metal-rich environments, but advanced technologies like CHIRP overcome these barriers. RTLS is revolutionizing industries such as healthcare, manufacturing, and logistics by optimizing resource utilization and enhancing safety. With its innovative CHIRP technology, Solutions like Identec Solutions' Asset Agent set a benchmark for reliable performance in demanding environments.
Delve deeper into one of our core topics: Real Time Location Systems
Glossary
An Application Programming Interface (API) is a set of rules and protocols that allow different software applications to communicate and interact. It defines how requests and responses should be formatted, enabling developers to access functionalities or data from another system without knowing its internal workings. APIs simplify integration, enhance interoperability, and accelerate development by providing predefined methods for interaction. (6)
Sources:
(1) https://www.iso.org/standard/55088.html
(2) https://www.iso.org/standard/55089.html
(3) https://www.theauditoronline.com/iso-55000-series-standards-in-asset-management-explained
(4) https://www.oit.va.gov/Services/TRM/StandardPage.aspx
(5) https://www.iso.org/standard/59801.html
(6) Brenda Jin, Saurabh Sahni, and Amir Shevat (2018): Designing Web APIs. O'Reilly Media.
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