Are Wi-Fi Asset Tracking Tags the Best Choice for 2024?

It’s a given that physical assets are crucial for any business, but what’s not a given for many business owners or managers is how to keep track of those assets – until now.

Having an asset management system that details what you have – where it is and whether it needs maintenance or replacing – can help you remain at the cutting edge of your industry. Asset tracking technologies are the backbone of asset and process management. Let’s not forget, too, that assets also include staff members.

More businesses are utilizing technology to keep track of their assets. In fact, Globe Newswire reported that the IoT-based asset tracking and monitoring market is projected to grow from $3.9 billion in 2022 to $6.6 billion by 2027, and it is expected to grow at a CAGR of 11.3% from 2022 to 2027.

Globe Newswire reported that the IoT-based asset tracking and monitoring market is projected to grow from $3.9 billion in 2022 to $6.6 billion by 2027, and it is expected to grow at a CAGR of 11.3% from 2022 to 2027.

With these figures in mind, it’s crucial businesses choose the best provider for their asset tracking and location-based technology needs. 

WiFi-Based Asset Tracking

One solution for asset tracking is Wi-Fi-based asset tracking systems. These systems use existing Wi-Fi networks to track the location of enabled devices. Although accuracy is lower than other methods (typically within 15 metres) and tags are power-hungry, using existing Wi-Fi networks can make deployment inexpensive and less obtrusive. 

Are WiFi asset tracking tags the optimal solution? In short, not necessarily. While Wi-Fi can serve as a viable option for asset tracking in certain scenarios, it may not emerge as the superior choice based on specific requirements.

Have a look at the following reasons WiFi asset tracking tags might not be your best solution for asset tracking needs:

Limited range. Wi-Fi signals have limited range, typically covering a few hundred feet indoors. This can be a limitation if asset tracking requires coverage across larger areas or outdoor spaces. Additional Wi-Fi access points may be needed to ensure sufficient coverage, leading to increased infrastructure costs.

Power drain. Wi-Fi tags require continuous Wi-Fi connectivity, which can consume more power compared to other low-power tracking technologies. This can result in shorter battery life for Wi-Fi tags, requiring more frequent battery recharging or replacement.

Dependence on infrastructure. Wi-Fi asset tracking relies on Wi-Fi access points deployed throughout the tracking area. The infrastructure needs to be in place, with adequate access point density and coverage, which can be challenging to set up or to expand in some environments.

Signal interference. Wi-Fi signals can be affected by interference from other Wi-Fi devices, electronic devices, or physical obstructions within the environment, such as walls or furniture which can degrade the accuracy and reliability of Wi-Fi-based asset tracking systems.

Localization accuracy. Wi-Fi-based localization techniques can provide reasonably accurate position estimates, but they may not offer the same level of accuracy as some other technologies. Factors like multipath effects, signal fluctuations, or the density of access points can introduce variations in localization accuracy.

Cost considerations. Deploying and maintaining a Wi-Fi infrastructure for asset tracking can involve significant costs, including installing and maintaining access points, network infrastructure and associated software systems. The total cost of ownership should be evaluated against specific needs and benefits of the tracking application.

There’s a Better Way

In light of these considerations, there’s an alternative technology that presents superior performance, power efficiency, range and cost-effectiveness. Mapsted’s asset tracking system stands out as a premier solution for several reasons.

Mapsted tags distinctly outperform other contenders in the asset tracking arena. Our system encompasses a range of exceptional features designed to elevate asset tracking to its highest potential. These tags come with a long-lasting, rechargeable battery. Our tags offer the longest replacement cycle, with a battery change required only once every five years and making the change is a no-brainer. 

Other technologies can be prone to tampering, but Mapsted tags have advanced tamper-proof capabilities. Whenever a tag is detached from any asset either physical or human, an automatic notification is immediately sent to the asset management software. If a tag is removed from the skin or forcibly taken off, reminders are automatically sent to the monitoring team. Any tampering attempts will be promptly detected and addressed.

Mapsted tags weigh about 100 grams each making them ideal for pairing them with smaller assets without affecting accuracy. Our tags provide exceptional tracking precision while easily fitting into an existing asset management process.

Mapsted Has the Ultimate Asset Tracking Solution

Mapsted tags offer a modern, reliable and efficient solution outshining all other asset tagging choices, including Wi-Fi.

• Real-Time Asset Tracking. Our tags provide live updates directly to your monitoring software, providing you with real-time visibility of your assets. Mapsted tags ensure accurate and timely reporting of assets’ status, giving you peace of mind and confidence in asset management.
• No Lost or Misplaced Assets. Mapsted tags ensure your assets are always accounted for. Customized floor maps maximize asset visibility allowing you to easily track and locate every asset. The power of IoT even lets you automate the monitoring process, eliminating the need for human intervention. As well, detailed reports provide a complete asset history in an easy-to-follow timeline.
• Invaluable Location Data. Mapsted tags’ location data unlocks a multitude of possibilities, granting you full control over every asset. This includes the capability to remotely program their functions, empowering you to make strategic decisions at any time and from any location.

The Verdict

Location-based solutions are key to staying one step ahead of the competition in today’s technological realm. Constant asset visibility boosts efficiency, enhances safety and future proofs your business when you embrace the ingenious innovation of Mapsted tags and our complete location-based system. With its advanced, patented technology, Mapsted is a force to be reckoned within the location-based market. Whether it’s indoor navigation, targeted marketing or location-powered analytics, Mapsted is at the forefront of accelerating innovation across various sectors, including museums, stadiums, universities, hospitals, airports, train stations, resorts, retail and more. With Mapsted solutions, you can unlock the true potential of location-based technology and accomplish more in your business.

If you found this blog helpful, we have more reading for you. Check out our blog, IoT Asset Tracking Benefits for Hospitals, giving you further insight on asset tracking.  We also have a video you may find interesting on Mapsted’s location technology solutions.

Reach out to us today to find out how we can help you not only to keep track of your assets, but to optimize your operations, outshine your competition and increase your bottom line!