" Latest trends in asset management in the year 2024 include use of asset tagging and tracking technologies like RFID, IoT and data-driven decision making for an enhanced asset management and productivity therewith."
With 2024 well underway, asset managers must keep ahead of the curve and comprehend the newest industry trends. In today's digital age, technology is evolving at an incredible rate, and the internet has enabled everyone to stay connected. It opens up new potential for asset management but has also presented new obstacles. To maintain compliance and make educated decisions based on correct data, it is critical to keep up with the latest data capture technologies and asset management trends. In terms of technology and businesses coming together, we are witnessing increasingly high use of AIDC and IoT technologies and sensors for an efficient form of data collection and ensuring efficient asset utilization, asset life cycle management, and timely asset retirement.
Firms are now focusing on artificial intelligence and various machine learning technologies to not just process the increasingly high amount of data being collected, which wasn’t possible before, but also use these technologies to map the asset utilization and to cut the cost involved with keeping non-performing assets in the business. Let’s explore asset management in 2024 and the evolving trends that will steer the next decade, transforming supply chains, asset tracking and management as inventory visibility and order fulfillment.
What is Asset Management?
Asset management is the management of an asset's complete life cycle, from purchase to disposal. Proper asset management may improve asset performance, extend asset life, and increase ROI, which is crucial for complex assets like heavy equipment, vehicles, and machinery that have extensive life cycles. Asset management aims to extend asset life, improve performance, and increase efficiency, among other things. Physical asset management is critical for asset owners, managers, and manufacturers looking to streamline servicing processes and preserve their assets.
What are the latest Asset Management Trends?
The following trends are reshaping the way asset managers get the best out of an asset while also using data-driven insights for unlocking visibility into their operations:
Trend 1: Utilizing Modern Asset-Tracking Technologies
As firms grow, it's crucial to use modern technology like IoT (Internet of Things), ), BLE (Bluetooth Low Energy) beacons, RFID smart tags,, QR Codes, etc. to collect accurate, meaningful data. Data is what is driving the modern AI-ML driven business world and these technologies are just the start to serve as the foundation for informed decision-making in today's business world. For example, with IoT sensors, firms can monitor the status and location of assets in real time, optimizing inventory management, reducing loss or theft, and improving operational efficiency. BLE beacons provide precise location tracking indoors, allowing businesses to track assets within facilities, warehouses, or retail environments with ease. Together, these technologies create a comprehensive asset-tracking ecosystem that empowers firms to extract valuable insights from their data, optimize resource allocation, and drive continuous improvement across their operations.
Trend 2: Smart Labels & Tags in Asset Management
Smart Tags and labels can play an important role in asset management. They deliver real-time information and asset location at all times. Smart RFID labels can be attached to assets, and each asset is assigned a unique identification number with the help of an asset management software.
When this tag is scanned, all of its associated information is automatically shown. The RFID tag offers accurate information. Apart from RFID are numerous asset-tracking technologies available, such as IoT sensors, beacons, QR Codes, etc. Several of these are discussed below.
1. IoT Technology and Sensors
The Internet of Things has emerged as a popular trend in asset management. It can be utilized with sensors and cloud platforms to provide vital data.
IoT is effective and widely used across industries. It is critical for improving an organization's bottom line and efficiency.
2. BLE Beacons
Bluetooth Low Energy can be used for both inside and outdoor tracking. BLE is mostly utilized for organizational premises in industries such as aviation, oil and gas, and construction.
For example, in aviation, BLE beacons installed in airport terminals and aircraft hangars enable precise asset tracking, baggage management, and passenger navigation, optimizing airport operations and improving passenger experience.
3. GPS Tracking Technology
For outdoor asset tracking, the global positioning system is widely used. Mostly GPS is used by the manufacturing industry and construction industry as their assets including vehicles are moved from one location to another.
In the manufacturing industry, GPS tracking is used to monitor the location and status of vehicles transporting raw materials, components, and finished products between production facilities, warehouses, and distribution centers.
5. NFC Technology
Near-field communication works like RFID technology as it also has a reader and electronic tags, but it works faster. It is used in inventory management and asset management.
NFC is popular because lots of smartphones come with this technology and contactless payment can be made easily and quickly. Most importantly, it can scan multiple tags in a single shot.
Trend 3: Data Analytics-driven Asset Management
Data analytics is one of the most important key factors for asset management as it is helpful in analyzing asset performance that helps the organization in making informed decisions. It can provide crucial information that helps organizations in setting future goals and creating baselines so that the performance of an asset can be calculated.
One of the most significant technological trends in asset management is the increasing use of artificial intelligence (AI) and machine learning (ML) algorithms. AI and ML algorithms can analyze vast amounts of data and generate valuable insights, making them invaluable tools for asset managers. Data analytics techniques allow them to harness this wealth of data to gain deeper insights into market trends, investor behavior, and asset performance.
Moreover, advanced data analytics platforms enable asset managers to perform robust risk assessments, portfolio optimization, and predictive modeling. It also helps in personalizing the investment strategies and client services. Just by analyzing client preferences, risk tolerances, and financial goals, asset managers can tailor investment recommendations and communication strategies to meet individual client needs.
Trend 4: Cloud Technology Transforming Asset Management
One of the most important technologies and newest trend for asset management is cloud technology. Cloud-based asset management software enables organizations to access from anywhere across the world. You can make changes in the day-to-day operations and the maintenance and repair work as well. You can create a work order, on a priority basis or as per the requirement, so that productivity can be maximized.
Other than that, you can get customized reports as per your needs within just a few clicks. You can check the real-time location of all assets on your smartphone as well.
Trend 5: Trend 3: Investing in Data Security
Many firms and organizations are taking steps to protect their data and information, making data security one of the most important asset management trends in 2024. Technologies like BLE, NFC, and RFID use additional protocols to protect both client and service provider data for the betterment of business. Take BLE for example, it has a 128-bit AES encryption protocol to encrypt the data. On the other hand, NFC has Transport Layer Security (TLS) and Safe Sockets Layer (SSL), which are two safe protocols that can be used to send data between NFC-enabled devices. Thus, using these technology for asset management in 2024 not only elevates your security outlook but also protects your from unwarranted risks and offers your clients enhanced customer satisfaction.
Trends 6: Impact of Regulatory Changes on Asset Management
In 2024, organizations are adopting circular economy principles to extend the lifespan of assets, minimize waste, and maximize resource efficiency with data protection regulations such as GDPR (General Data Protection Regulation) or CCPA (California Consumer Privacy Act). While RFID-based asset management solutions are efficient in streamlining asset management through operations like inventory management, they also generate insights for risk management and better decision-making and many firms are increasingly using RFID and IoT for the same.
In conclusion, asset managers need to stay abreast of the latest trends in the industry to remain competitive and deliver value to their clients. The key trends shaping asset management in 2024 include the increasing use of technology-driven solutions, the embracing of artificial intelligence (AI) and machine learning (ML), cloud, The Internet of things, etc.
Frequently Asked Questions on Asset Management in 2024
Q1) What are the latest trends in asset management for 2024?
In 2024, asset management is witnessing several trends, including increased adoption of AI and machine learning for predictive maintenance, the rise of sustainable investing, and ESG (Environmental, Social, and Governance) criteria integration for real-time asset monitoring and optimization.
Q2) What are some emerging technologies expected to impact asset management in the coming years?
Emerging technologies such as the Internet of Things (IoT), edge computing, and augmented reality (AR) are expected to have a significant impact on asset management in the coming years.
Q3) How are regulatory changes influencing asset management trends in 2024?
Asset management practices in 2024, with increasing scrutiny on risk management, compliance, and reporting requirements. Asset managers are adapting to regulatory reforms by enhancing transparency and implementing robust risk management frameworks.