The number of connected things in use worldwide is increasing at a fast pace and according to Gartner will reach 20.4 billion by 2020. While the Internet of Things (IoT) has been around for quite some time (almost two decades), the rise of IoT actually began in 2014. The rapid growth of IoT in recent years has led to the advent of new industries and applications as well as massive volumes of human-generated and machine-generated data. IoT and data along with new technologies have also allowed for new ways of optimizing and managing workflows for nearly every industry.
Companies in healthcare, manufacturing, and many other industries are using connected devices, multiple sources of data, and new technologies to implement more efficient and effective asset tracking and management capabilities. A recent MarketsandMarkets report forecasts that the asset management system market will reach 25.55 billion USD by 2022. The report also says that “Asset management systems enable an organization to track and monitor its physical and human assets, along with their associated performance, thus resulting in the efficient utilization of its assets.” These key factors are driving the growth of the asset management system market.
Partnership with Litum IoT
In August 2017, iVEDiX announced a partnership with Litum IoT, a location-based RTLS industrial solutions provider. The Litum Iot partnership has allowed iVEDiX to expand the IoT capabilities of its Digital Platform, with asset tracking and management capabilities in particular. The iVEDiX platform is currently serving companies across a wide range of industries including healthcare, manufacturing, oil and gas, and government. Thanks to the partnership with Litum IoT, iVEDiX has expanded its Digital Platform to include a full suite of sub-meter accurate RTLS applications. These applications help companies across industries to optimize operational safety and efficiency.
iVEDiX RTLS Solutions
iVEDiX RTLS solutions can be seamlessly integrated with multiple data infrastructures. Once integrated, the application provides sophisticated interface options and rich visualizations including interactive maps. Litum IoT technology has been fully integrated with the iVEDiX platform expanding features and capabilities to include (but not limited to) location-based decision support, passive and active RTLS/RFID tag integration, real-time sensor integration, alert and alarm management, and predictive workflow curation.
iVEDiX RTLS solutions are hardware agnostic so they can be connected to data systems using iVEDiX RTLS hardware or hardware provided by other RTLS technology vendors. Using iVEDiX, customers can consolidate multiple data systems and manage multiple facilities with a single software platform. These capabilities help companies reduce operational costs through improved workflow efficiency, asset utilization monitoring, better data management, and creating safer work environments.
Transforming Data into Action
iVEDiX transforms data into action by making it possible for organizations to access multiple data sources from a single intuitive interface and interactive visualizations driven by cognitive analytics. iVEDiX connects IoT devices and data with cognitive analytics which detects actionable patterns in data providing valuable operational insights in real time.
For example, a manufacturing facility could use iVEDiX to measure the effectiveness of enacted safety objectives. Facility management could start tracking workers movements in real time. If an employee is using a machine they are not trained for, iVEDiX could send an alert to management so they could tell the employee to stop using the machine. During a catastrophic event, management could locate where workers are in the facility and make sure they all safely exit the building. This same principle could be applied to companies across many industries including healthcare, oil and gas, and retail.