December 20, 2023

The Need for Asset Tracking in Supply Chain Management

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The demand for asset tracking solutions in supply chain management is rapidly increasing due to the extreme importance of supply chain transparency and enhanced track & trace opportunities. The New York Times has conducted a study revealing a tremendous number of packages that don’t reach their final destination in the United States.

13% of U.S. citizens didn’t receive their parcels within the period from May 2021 to April 2022, which equals over 42 million packages nationally. Severe damage to the packaging, shipment misplacement, breakage, and theft have become commonplace, and therefore this problem requires a robust, innovative solution. Let’s investigate how intelligent asset-tracking software can help advance the entire supply chain management.

Why is asset tracking essential for supply chains & logistics?

Global digitalization and tech advancement have entirely changed the way buyers behave, generating a dramatic increase in online sales. Therefore, supply chains became subject to complete transformation, making online purchases with pickup in stores, direct delivery from the manufacturer, curbside pickup, and delivery via smart lockers a usual thing for consumers.

Furthermore, the adjustment of supply chains also caused their flexibility allowing companies to meet consumers’ demands. For example, thanks to the development of advanced cold chain solutions, products that spoil quickly and goods with short shelf life can now be rapidly delivered to the customer.

Such progress makes a proper asset tracking system necessary to help eliminate product theft or misplacement issues and define possible supply chain gaps. Fortunately, smart asset tracking with GPS and the Internet of Things provides various compelling opportunities to resolve the abovementioned problems. How mCommerce works in the USA? Read on our blog.

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How can IT asset management software refine data insights?

According to the Logistics Performance Index, an interactive benchmarking tool designed by the World Bank, the principle of track and trace is an essential logistics capability that affects the trade performance of every country.

The increased interest in track and trace means that asset management tracking software backed by the latest AI technologies and blockchain allows gathering, investigating, and monitoring multiple asset characteristics. Therefore, a full-featured asset-tracking app or any other IT asset-tracking software can serve real-time data and help make more informed decisions related to a specific supply chain.

What are the advantages of using an asset-tracking system?

The correct and wise employment of GPS systems, software, or asset-tracking apps can bring numerous benefits to the whole ecosystem of supply chain management. The thing is that well-thought-out asset management significantly helps enhance inventory management and deal with product theft, damage, misplacement, etc. Consequently, different companies can achieve distinct advantages in each particular case.

One of the fundamental asset tracking advantages is budget savings that help prevent losses. For instance, a famous company producing soft drinks decided to utilize asset management software with intelligent tracking to resolve the issue of disappearing pretty expensive vending machines. In this case, a thorough asset tracking GPS has provided access to the machines’ relocation route, which helped achieve enhanced traceability, save over €1 million yearly and prevent thefts.

Another benefit of smart asset tracking is full compliance with set deadlines. For example, construction companies can monitor the materials from the manufacturing facility to the building site. Timely delivery of construction supplies is crucial as even minor deadline discrepancies can negatively affect the budget, company revenue, and relations with contractors and customers. Therefore, opting for full-fledged asset tracking solutions is necessary to avoid material storage and logistics troubles and have successful supply chain performance.

Learn more about air cargo digitalization in times of COVID-19.

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Also, professional asset management software helps boost efficiency and significantly reduce costs through enhanced data collection from various devices, detailed reporting, real-time data insights, and thorough workflow over the private network.

What are the main elements of an asset-tracking system?

Each asset tracking system consists of four primary components necessary for its utter performance. These are tracker, platform, ERP, and connectivity. Here the tracker means the sensor attached to the specific asset making it accessible for tracking and control. The platform represents a functional management center that allows taking control over the devices. Meanwhile, the ERP implies integrating the asset tracking solution with your in-house software for resource planning or inventory management. The last component is connectivity (LoRaWAN & LPWAN). It stands for solid and efficient monitoring of your assets.

When it comes to robust asset tracking solutions, it is imperative to make sure the devices used are ready to go through the essentials of worldwide shipping. They should resist temperature extremes, vibration, and mechanical damage. Furthermore, a reliable asset tracking system should provide a smooth and steadfast performance around the globe to avoid extra costs for connectivity.

Empower your supply chain with top asset-tracking software

Asset management software aims to help protect the entire cycle of the supply chain. Severe weather conditions, climate changes, strained relations in the trade industry, political changes, and other factors can interfere with the supply chain’s normal performance.

By opting for innovative asset tracking software, you can ensure fast delivery of goods to consumers without breaking the determined time frames. Moreover, innovative solutions for asset management tracking boast high-end sensors that allow you to thoroughly monitor shipments via land, sea, and air routes, enhancing the supply chains with complete transparency. Additionally, the enrichment of asset-tracking apps with blockchain comes as a progressive change that can help guarantee product sustainability. It also allows consumers to stay confident in product provenance.

Also, read about AI in Logistics and Supply Chain.

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Coreteka TMS: A comprehensive tool to track your assets

CoreTeka TMS allows all parties to be in the freight delivery process. The application unites customers, carriers, and recipients and provides them with all the required information concerning their deliveries.

With Coreteka TMS, you can comprehensively control the entire delivery process, including selecting the most appropriate carrier, automatically creating transportation documents, and minimizing the risk of untimely shipments. Furthermore, this solution provides traditional features such as route optimization, real-time tracking, paperwork minimization, and more.

What sets Coreteka’s TMS apart from the other prominent products is its custom-made nature, meaning that it is designed to address particular needs. A tailored TMS can consider specific requirements, which is often the case in the logistics industry. Ready-made solutions, however, boast only the preset functionality. For some projects, this functionality will definitely be enough. However, if you need a more tailored approach, such as integrating a specific module into your system, it may be too expensive and laborious with an out-of-the-box platform. Therefore, the system’s flexibility and customization opportunities matter.

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FAQ on asset tracking software

🔴 What does asset tracking software do?

Asset tracking software manages the movement, location, and condition of vehicles. These solutions optimize supply chain efficiency by providing real-time visibility into the entire product journey. This includes tracking shipments, managing inventory, scheduling maintenance, and preventing losses. 

⚫ What is the best way to track assets?

To track assets efficiently, you can employ a combination of technologies like RFID, GPS, and barcodes integrated into the best asset-tracking management software. This is an optimal way to obtain relevant information about products’ location, movement, and condition. These technologies empower logistics companies to expedite operations, elevate accuracy, and improve overall supply chain management.

🔴 What software is used for asset management?

There are multiple software solutions available to logistics companies. Popular specialized asset management software types include SAP EWM (Extended Warehouse Management), Oracle SCM Cloud, or IBM Maximo. These platforms offer comprehensive features for tracking, administering, and optimizing assets within the supply chain. Custom software, such as Coreteka TMS, allows for exceptional flexibility to address a wider range of supply chain needs. 

Conclusion

An appropriate asset tracking system is necessary today to eliminate the existing supply chain weaknesses. Advanced asset tracking management backed with GPS, AI, and the Internet of Things successfully covers the newly emerging logistics needs and prevents issues of failed deliveries.

Asset management tracking software empowered by breakthrough technologies enables businesses to collect, explore, and monitor numerous asset parameters. Therefore, it can deliver vital real-time data for precious insights and educated decisions.

If applied correctly, asset tracking software is beneficial in terms of cost savings, adherence to delivery deadlines, and protection of the entire supply chain cycle.

Coreteka has extensive tech knowledge and deep domain expertise in the logistics sector. Our competent asset-tracking solutions have already helped numerous clients improve their supply chain processes. Coreteka’s TMS is just one piece of evidence proving that we can tailor game-changing solutions, propelling businesses forward.

If you consider developing custom solutions to improve your logistics operations, you’re at the right place. Request a consultation from our tech and business experts.