Track & Trace of Assets
Overview
Track and trace systems provide real-time or periodic updates for the current and historical locations of Containers, vehicles, or other property. Solutions can apply reckoning and reporting of the position of vehicles and Containers that store the tracked property of concern. For example, if it is known the one thousand objects are stored in a Container, it is more cost effective to track the Container than each individual object. However, high value individual objects can also be monitored directly. Wireless tags can be attached to objects with fixed reference points receiving wireless signals from tags to determine their location, as when a pallet is loaded onto a truck. Alternatively, GPS or another technology can track the object using satellite or cellular networks. Examples of real-time locating systems include Tracking products through an assembly line, locating pallets of merchandise in a warehouse, and tracking Containers as they move across warehouses. The physical layer is usually some form of Radio Frequency communication, but some systems use optical or acoustic technology.
Applicable Industries
- Automotive
- Construction & Buildings
Applicable Functions
- Discrete Manufacturing
- Maintenance
Market Size
The track and trace solutions market is projected to reach USD 3.93 billion by 2023 from USD 1.65 billion in 2018, at a CAGR of 18.9%.
Source: Markets & Markets
Case Studies.
Case Study
Automated Slab Tracking at ThyssenKrupp
Steel slabs usually weigh between 20 to 40 tons each. After production, the surface is scaly and rusty. Outdoor storage and sea shipment expose the slabs to rough conditions. Loading ocean vessels is time consuming and total cost can easily exceed a few hundred thousand USD.RFID technology offers many benefits. RFID transponders are small, store the identity of the labelled product and enable readingout this data via antennas from a distance of several metres. However, there are special requirements for the use of RFID in thesteel sector. Firstly, the radio waves of the RFID readers are reflected by metal which creates major problems for reading out.And secondly, they must be attached securely as the heavy slabs weigh tons and can rub against each other during the transporton ships and trains, causing the labels to become detached or to be destroyed.
Case Study
Expertech - Capital Tool Inventory
Costly tools used to splice fiber optic cables are an important part of Expertech’s operational and capitalized expenses, but the company did not have an automated system in place to track their tools and optimize their usage. The existing data in its tracking system was inaccurate and required manual updating, making it essential for the company to implement an efficient process to track and follow up on its capital tool inventory.