Table of Contents
How Asset Tracking Delivers ROI
Reduction in Asset Loss and Theft
Losing assets isn’t just about replacing them; it’s about the ripple effect on operations and budgets. With RTLS, businesses report a 30%-50% reduction in asset loss or theft. By pinpointing asset locations in real time, companies can ensure accountability and prevent misplaced or stolen items. For example, a hospital that typically loses $1 million worth of equipment annually can save $300,000 to $500,000 by implementing RTLS.
Improved Asset Utilization
Underutilized assets are a hidden cost for many organizations. RTLS can increase asset utilization rates by 10%-20%. This means fewer unnecessary purchases and better allocation of existing resources. For a manufacturing company with $5 million worth of tools, a 15% improvement in utilization translates to $750,000 in cost savings.
Time Savings
One of the most immediate benefits of RTLS is the reduction in time spent searching for assets. Studies show that RTLS can reduce search times by up to 90%. Imagine an organization with 100 employees spending two hours each week locating tools. At an average wage of $25/hour, saving 90% of that time equates to $225,000 annually.
Reduced Operational Downtime
Missing or misplaced assets can halt operations, costing businesses hundreds of thousands in lost productivity. RTLS minimizes these disruptions, potentially saving $500,000 to $1 million annually in high-stakes industries like manufacturing and logistics.
Streamlined Maintenance
With RTLS, businesses can track maintenance schedules and ensure timely servicing of critical assets, reducing repair costs by 15%-20%. A fleet of machinery with a $2 million annual maintenance budget could see savings of $300,000 to $400,000 by preventing breakdowns.
Regulatory Compliance and Risk Mitigation
In industries like healthcare and aviation, compliance is non-negotiable. RTLS helps maintain accurate records of asset usage and locations, reducing the risk of non-compliance fines, which can range from $50,000 to $500,000 per incident.
Intangible Benefits
While the financial gains are clear, the intangible benefits of asset tracking are equally significant:
- Enhanced Employee Productivity: Less time searching for assets means more time focused on core tasks.
- Improved Decision-Making: Data from RTLS provides actionable insights to optimize asset deployment and workflows.
- Better Customer Experience: Faster response times and reduced downtime translate to improved service delivery.
Why Litum Asset Tracking Stands Out
When it comes to maximizing the ROI of asset tracking, Litum’s Asset Tracking solution is designed to deliver unmatched precision and reliability. Combining UWB (Ultra-Wideband) and BLE (Bluetooth Low Energy) technologies, Litum’s hybrid system offers:
- Real-Time Visibility: Instant tracking of assets across large or complex facilities.
- Actionable Alerts: Proactive notifications for misplaced or underutilized assets.
- Customizable Dashboards: Insights tailored to your operational needs.
Unlock the ROI of Your Assets Today
Don’t let asset mismanagement drain your resources. With Litum Asset Tracking, you can unlock the full potential of your assets, reduce costs, and drive operational excellence. The ROI of asset tracking is evident in its ability to optimize resource utilization and improve bottom-line results. Contact us to learn how we can help your organization achieve measurable success.
