What is IoT?
“The Internet of Things is actually a pretty simple concept. It means taking all the physical places and things in the world and connecting them to the internet”
Leverage, IoT 101. An introduction to the Internet of Things, 2018
In the simplest of terms, the goal of IoT (Internet of Things) is to connect everyday objects to the Internet. The Internet is a great resource to store and transmit information, and by embracing IoT, the potential for automation and digitalization is nearly endless.
When everyday objects are equipped with the ability to send and receive information online, they become much more than blind, deaf boxes. Not only objects, but also processes and whole environments can be part of an integrated flux of information.
As we have adjusted to the evolution from the first portable phones, which were only able to perform one or two main functions, to today’s smartphones, imagine what the world will look like when we are able to experience the same transformation for other everyday objects and processes.
What are the benefits of IoT?
Data collection is not where the potential of IoT stops. The second part of the equation is the ability for objects and processes using IoT to act based on the information received. This can be applied both to consumer and industry solutions, and the growth is expected to reach outstanding levels in the upcoming years.
ISH’s report, “IoT trend watch 2018”, describes a world with >31 billion connected IoT devices in 2018 and they forecast significant growth in the future, with 75.4 billion devices in 2025.
What does this mean in practice? As IoT becomes more and more the norm, we are growing comfortable with the idea of smart homes, smart cars, integrated environments that can receive information in real-time, learn from it, and act based on that information to eliminate frustration and save us time, energy, and money.
When we scale up this approach, the benefits become even more obvious.
On a larger scale, businesses that implement IoT can unlock these benefits:
- Asset Tracking. The ability to know where each item is at any moment of time
- Real-time Inventory Management. The ability to control the asset flow in real-time and use real-time information for strategic purposes (for example, moving fast-selling stock to new locations)
- Risk prevention/Data privacy. IoT can help ensure better risk management and data security
- A transparent supply chain is the best way to achieve true sustainability. IoT can help optimize operations by ensuring accurate tracing and efficient use of resources and minimizing waste
The benefits of IoT for asset management
Nowadays, many companies have adopted automated asset management, and don’t rely anymore on physical counting in the form of Excel spreadsheets. However, IoT can bring asset management one step further, by making systems smart in addition to being automated. What if you could not only receive information, but the system could self-correct and even act predictively?
For example, what if you not only knew the exact location and state of each one of your assets but could also optimize safety checks, maintenance and repair operations, and preventive routine checkups?
How much could you save if inventory management and asset tracking were no longer a manual, time-consuming operation?
Even if you are still debating whether or not digitalization is the right step for your business, you can acknowledge the potential benefits of an inventory that assesses and self-corrects. IoT-powered asset management empowers businesses to optimize their resources, reduce risks, and leverage real-time information for increased efficiency and a more effective sales cycle.
To summarize, these are the main benefits of IoT for asset management:
- Increased operational efficiency
- Increased productivity
- More efficient use of resources
- Better control over the sales lifecycle
- More efficient safety and compliance checks
- Automation of maintenance and repair operations
- Easy identification of growth opportunities
- A responsive smart ecosystem
It is not surprising that the companies who would benefit the most from adopting IoT operate in sectors that are traditionally asset-intensive. For Logistics, Retail, Manufacturing, Equipment Rental, the benefits of real-time visibility and asset tracking are self-explanatory, as inventory inefficiency can be extremely costly.
The solution
In fact, a 2019 Forrester Consulting Survey focusing on companies that have already embraced digitalization, found that “92% of enterprises show high interest in a platform to unify data collected by and used across intelligent technologies and “business processes”(1)
This is what Nordic ID Radea does. Radea stands for Real-Time Data on Enterprise Assets and is a cloud software platform that can unlock the potential of IoT for asset management. If you are working with any moving assets, Radea can deliver real-time inventory and asset tracking information. To introduce you to the benefits of Radea, we collected some frequently asked questions for your information.
What does Radea do?
Radea pulls information about your assets thanks to RAIN RFID, cloud, and Industrial IoT technologies, and automates inventory management. It can be integrated into existing systems and will manage your assets through the whole lifecycle, providing you with business intelligence that can help you optimize your sales cycle, cut costs, and reach your business goals.
What are the main benefits of Radea?
Radea can help you easily digitalize your inventory and make information accessible and actionable for more efficient decision-making. It is a cloud solution, so you can access it anywhere anytime and it can help you achieve 100% inventory accuracy. Eliminate out of stock and overstock and learn in real-time where are your assets at any given time, what is selling and what isn’t, how fast is your sales cycle, when some of your items require maintenance, and much more. Leverage the benefits of a digital inventory powered by IoT technology for real-time information and increased inventory efficiency.
How can Radea support my business?
First of all, Radea can replace manual, time-consuming inventory management. This means reducing human error, improving safety, and achieving inventory efficiency. No costly discoveries at the end of the year that you are missing a large part of your inventory and don’t know where it is. You can also free your staff’s time by eliminating menial, repetitive tasks and allowing them to focus on your customers instead.
Secondly, with Radea you can unlock new business opportunities and detailed analytics. If you have a complete overview of your inventory, you can change your sales strategy much faster to accommodate consumers’ patterns. You can move fast-selling items to the right location, discover much faster what is selling and what isn’t, only keep in stock what you need, and always give the consumers what they need at the right moment.
Finally, Radea is flexible, easy to scale, and can be easily adapted to different business needs. Ever found a solution that seems good but cannot be adjusted to your specific needs? Radea can be customized to only include what you need and respond to your specific business’ circumstances.
Why should I use Radea?
The need for digitalization and automation is only going to become more pressing. Real-time inventory management can help you implement a sustainable and transparent supply chain, reduce waste, and increase your profits in a constantly changing retail and industrial environment.
If you want to sell more and better, you need better information, and Radea can provide exactly what you need, in an easy, user-friendly way.
Contact us to learn more or download our Radea white paper.
Want a short summary of the main benefits of IoT for asset management? Download our infographic.
Sources
(1) A Forrester Consulting Thought Leadership Paper Commissioned By SAP, January 2019. Leaders Place Innovation At The Heart Of Digital Transformation.