A new monitoring system from ATEK Companies, which measures and transmits data about factors such as fuel-tank levels and farm field moisture, is helping companies avoid costly maintenance.
The new "AssetScan," which ranges in price from $500 to $2,500 depending on the level of customization, comes with hardware, software and data analytic services for manufacturers wanting to instantly track and connect their data to the cloud or the Internet of Things.
The new product — which took about nine months, 12 engineers and $1 million to create — is the latest brainchild of the Eden Prairie-based firm that created the remote fuel-tank reading system "TankScan" five years ago.
With numerous alterations and software enhancements, the new AssetScan does more than read fuel tank levels, said Sherri McDaniel, president of ATEK's Access Technologies division.
"It's very new and very flexible," McDaniel said. "We are excited to build on our many years of remote asset management experience and apply it to new markets."
AssetScan is expected to generate tens of millions of dollars by applying the technology to new applications in agriculture, manufacturing, food/beverage and energy sectors. Officials say the device should double the company's Access Technologies division in five years and beef up ATEK's total sales, which are about $55 million a year.
McDaniel acknowledged that behemoths such as Honeywell, Foxboro, Emerson and Ecolab aggressively compete in the remote monitoring space. But she's not worried, because others tend to make complex monitoring systems for larger factories and complicated manufacturing processes.
ATEK is different because it caters more to farmers, "oil jobbers," auto repair shops and other simpler or smaller businesses that need to make sure fuel and equipment-lubrication tanks, especially those in remote areas, never run dry. As a result, AssetScan isn't expected to be a direct competitor to the larger players, McDaniel said.