Proven Ways to Improve Your Bottom Line With GPS Asset Tracking

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If your business has a lot of capital tied up in large equipment, you probably realize how important it is to protect that investment. GPS asset tracking software is an excellent way of doing so, but it offers many benefits you may not realize. Here are six ways you can boost your bottom line with GPS asset trackers. 

Improve Yard Management

One important use for GPS asset trackers is to improve yard management. If you have a large yard with a variety of equipment types and assets constantly coming and going, there are a lot of moving parts to track. And the problem only gets more complex when your fleet has multiple yards spread out across town. 

As you must know, the administrative costs associated with keeping track of all of these assets and managing your yard can be considerable. Any program that can streamline some of this work will free up time and manpower for other tasks. Fortunately, asset tracking with GPS can do just that. 

Using our asset tracking software, your fleet can easily create reports related to your assets. These include inventory and placement, but also billing and insurance documentation, and maintenance and usage reports. All of these automated reports free up administrative time, allowing your workers to focus on higher-value projects and building your business.

Optimize Dispatch 

Knowing where assets are when they’re not in use is one thing. Knowing exactly where they are on the road and the best way to get them to their destination is another. Fortunately, a GPS asset tracking software system that integrates with your fleet management software can overcome your asset dispatch problems.

Better, more responsive dispatch means a more efficient operation overall. It means being able to do more work in a given day with your current staff levels, and being able to handle customer queries quickly, keeping your clients satisfied. 

With our system, you’ll be able to send alerts to clients letting them know exactly when their delivery left your yard, and including an accurate ETA that takes real road conditions into consideration. If a client calls in asking where their delivery is, you’ll be able to pinpoint its location and answer their questions without first having to get in touch with the driver delivering the asset. And when sudden problems like accidents and other road hazards crop up, your drivers can be diverted around them efficiently, meaning they won’t get caught up in the resulting traffic.

Cut Back on Unauthorized Use

An employee “borrows” a backhoe for a personal project. A few employees have a side business going, using your valuable equipment without your permission or knowledge. Someone in the neighborhood is familiar enough with your business to know you have the equipment they need just sitting around in your yard, so they help themselves. Do these sound like nightmare scenarios? They may be more common than you think.

For many fleets, unauthorized use of vehicles and equipment is a major problem. It can cause unexpected wear and tear, lead to liability problems, and even result in theft if the user is afraid of getting caught returning the asset. It’s no wonder that so many fleet companies are looking for ways to cut back on the unauthorized use of large equipment.

Fortunately, GPS asset tracking software with geofencing capabilities makes this easy. It works like this:

  1. You draw a digital line around your yard, project site, or any other geographic location. 
  2. Any time a tracked asset goes in or out of the location you’ve specified, you’ll be alerted. 

This means whenever an asset isn’t where it’s supposed to be, you’ll know it. And you’ll be able to take corrective action quickly before too much damage is done.

Recover Stolen Assets

Of course, even worse than unauthorized use, theft of large assets can cause a huge hit on your bottom line. Many manufacturers don’t assign unique keys to each piece of equipment, so savvy thieves can gain easy access. These items are also easy for thieves to sell, with resell yards and auction companies making the process simple and nearly anonymous. And since large equipment is typically not registered like cars and trucks are, it can be hard to prove ownership, even if you know who took it and where they are. 

Just as geofencing can let you know when an employee borrows an asset, it can also tell you when thieves decide to drive away with your equipment. You’ll have a quick heads up when the crime occurs, and you’ll also know where to send the police to recover your property before thieves have a chance to offload it.

Save on Insurance Premiums

Of course, all of these benefits that cut back on loss and liability are good for your insurance company too. Your insurance premiums are typically based on complex algorithms used to calculate the risks and liabilities of your fleet. When you can prove that your risks and liabilities have gone down, often your insurance premiums will follow. Insurers may also offer discounts to fleets that employ technology to protect their assets. 

Maximize Revenue

Imagine being able to quickly determine which of your assets are being used to their full potential and which are sitting around gathering dust most of the time. Imagine more accurate and transparent billing with precise reports detailing asset deployment to client sites. These are just a few of the ways that GPS asset tracking software can help you maximize the revenue related to your large assets.

To learn about all the ways we can help your fleet, contact Azuga for a GPS asset tracking demo today. Or, for more information, check out our downloadable guide, “6 Proven Ways to Improve Your Bottom Line with GPS Asset Tracking.”