Manage your movable assets — don’t just track them
In my previous article, I wrote about why we at Evertracker no longer believe in track and trace. Using devices to simply track goods, assets or shipments will generally increase costs and will also add unnecessary processes to your operations. Furthermore, tracking hundreds or thousands of movable objects just creates data trash.
We believe that it makes no sense to just track and monitor hundreds or thousands of moving objects. We believe that these objects need to be able to speak for themselves, because if they are capable of direct communication they can manage processes and in return bring real value to our clients’ operations.
Evertracker has therefore started to build a smart Internet of Things platform and Artificial Intelligence that gathers gapless data, understands logistics and learns processes along the value chain.
To provide deeper reasoning on why we believe in using new technologies, especially IoT and AI, I will go into more detail on our Asset Management solution.
Working in partnership with a number of corporations, we are working on an asset management platform that not only provides localisation data but especially aims to automate processes for our clients. This enables our clients to understand their processes better and access more detailed information than by simply viewing the location of their assets. We are working on a solution that will automate processes and add value to their operations.
Our clients can equip their assets with our positioning sensors, which constantly send data via the GSM network. This enables movable assets to send their status independently from gates or scans and communicate their location. Our IoT platform manages the devices smartly and gathers relevant positioning data. We make sure that the data is received when it is needed. This leads to gapless information and almost full transparency.
Furthermore, our Artificial Intelligence constantly analyses and processes the incoming data, which enables us to make real-time calculations. It also enables us to work with our users to build features so we can provide answers and not just data.
6 main reasons to focus on facilitating data, not just on building Big Data
We believe that the combination of our IoT platform and Artificial Intelligence helps our clients to rethink their processes. In our effort to provide answers we are building technology that understands processes and automates them along the value chain. We do not believe in track and trace solutions and are focussing heavily on facilitating the incoming data.
To increase the added value of your operations, we recommend that you consider new ways of using existing solutions to optimise your processes.
We have therefore identified six reasons for you to start using Big Data, enhance it with real-time information and use smart technology that helps you to automate your processes.
1. Understand your operations
Equipping your assets with sensors that send constant information seems like an expensive investment at first. And we fully agree, if you use them for track and trace. After all, who is going to manage all of those movable objects? However, if you rethink the potential of using these sensors, you will come to understand the value they bring. You will be able to fully understand your operations. Which area of your business has the highest or lowest usage rates when it comes to your assets? When are your peak times and low-demand times? Which department uses the assets in the most optimal way? It will allow you to understand how to dig deeper into the analysis so you can understand your processes and how to improve your operations.
Our clients have a very good understanding of their processes but they quickly realise that the reality is always slightly different to what they thought. They will now be able to fully understand their operations instead of simply believing that they do.
2. Increase the turnover time
Liquid goods are considered as cheap assets. This means that they are necessary for operations but not valuable enough to take close care of as it is cheaper to buy new ones than track them. At first you might think that the added value would not be great enough to make it worth equipping these assets with relatively expensive devices. Think again. Moving assets only create value when they are used and moving. They are crucial for smooth operations. If they are moving very slowly or randomly, or if they are stockpiled in one of your facilities or at your client’s or partner’s facilities, they are not earning any money. In addition, you need to increase the number of assets and staff in order to reach the same level of efficiency as you would if you had all of your assets available. Increasing the turnover time of your assets automatically leads to better and cheaper operation.
3. Decrease costs
This brings us to our next finding. Again, at first glance you would think that attaching sensors to your assets would create additional costs but we say think again. If you can get the full value out of your assets and your assets can manage themselves along your value chain, you directly and indirectly reduce costs. Directly, because it enables you to decrease the level of constant rebuying due to lost or unused assets. Indirectly, and this is by far more cost-relevant, because when you increase the turnover time and optimise the usage of your assets, you can decrease operating costs, such as added labour costs during peak seasons, by automating processes or eliminating slower workflows.
4. Automate processes
Using the incoming data along with information from our clients, our Artificial Intelligence learns about daily operations. The constant information received by the sensors can help to automate processes, such as pickups or asset allocation, as well as check-ins or check-outs. If you and your divisions have full control over your assets, and the assets can understand and communicate their status, you won’t just know the assets’ status but you can use this information and embed it deep into your existing IT infrastructure. This will allow you to optimise maintenance or invoicing when it comes to lending them out.
5. Create new revenue streams
And we want you to rethink again. Equipping assets with smart sensors and enabling them to communicate with smart technology allows you to create new revenue streams. Most of our clients have more assets than they need, either because they simply have too many or because they are mainly used in peak seasons. The rest of the year they remain unused and therefore do not create any value. This is not only true when used for internal operations but also when used for working with clients and partners.
With a smart solution you can either allocate the internal costs for these assets very precisely or, even better, lend these assets to your partners, clients or third party users.
By doing so, you will create additional value — but only if you use a smart software technology solution that handles this process for you. You can get even more value out of your assets.
6. Proper allocation
Finally, we have identified a very common phenomenon, one that needs no rethinking. As assets are usually very important for your operations, managers like to stockpile them to ensure constant access, especially during peak seasons. As you cannot fully control how the assets are allocated and you have to trust the information provided by each department, the rule of “first come, first served” can hit your value chain. Some of your divisions will have more assets than others, which leads to a crucial imbalance in your operations. Using a smart technology solution allows you to allocate your assets properly across all facilities, tailored precisely to each of their needs.
Conclusion
At Evertracker, we believe that assets should be able to communicate for themselves at all times. We also believe that smart technology should be able to understand your processes and automate them along the value chain. If you are able to manage your assets smartly, you can increase their usage, decrease costs and create new revenue streams.
This is why we are building and constantly enhancing our Internet of Things platform and Artificial Intelligence.
We aim to rethink logistics and operations and we ask you to do the same. Take the risk and invest in new technologies that help you to understand your processes better and gain full control over them. This will bring you added value and stable growth.
Don’t put your trust in old technologies. Don’t put your trust in common track and trace solutions. They just produce more data but will not give you the answers you need. Trusting in an Artificial Intelligence and IoT platform, such as the one provided by Evertracker, will quickly give you an insight into your current operations and increase the value of your operations.
Rethink your processes, make a head-start on digitisation and believe that good is always better than perfect.
Want to learn more about Evertracker’s technology, reach out: info@evertracker.com.
