For businesses with large investments in equipment and other assets that are deployed in the field, using GPS asset tracking improves the efficiency of service and recovery operations, enables more accurate record keeping for yard management, billing and insurance, and is a powerful tool for loss prevention. By using a solution that allows for the tracking and management of both vehicles and assets, managers of fleet and service operations have a powerful set of tools and data to improve efficiency, increase productivity and maximize revenue. Here are 6 proven ways that equipment and mobile asset tracking can save costs and improve a business’ bottom line.
Adding asset tracking to your fleet telematics solution is like having 20/20 vision. Bing able to visualize and manage all of those assets along with all of the trucks and service vehicles needed for delivery, service and recovery is a major improvement and adds an important layer of reporting and control to fleet
and field operations.
One major portable restroom operator estimated their costs of a mistake in the recovery of one of their units at $150 per incident. With a combined view of the fleet along with all deployed units, they are avoiding substantial costs for rework.
Equipment and mobile assets are frequently deployed in areas that are confusing or change over short periods of time, like construction sites or entertainment venues. Equipment trailers, frac tanks, excavators or porta-potties change locations, so servicing these assets and recovering them can be difficult, sometimes requiring multiple trips if they can’t be located. With a combined view of vehicles and assets, dispatchers are able to guide workers to pinpoint locations, helping them complete their work on the first attempt.
Using GPS tracking on trucks and assets helps you track the movement and location of equipment and trailers, making it easier to identify specific loads or pieces for queueing. Geofence alerts give advance notice on arrival of loads or equipment for advance organization of unloading or service teams.
According to the National Insurance Crime Bureau, stolen construction equipment tops more than $1 billion, with less than 20% of stolen equipment recovered. Asset tracking supervisors real-time alerts notifying them if equipment is being moved outside a pre-defined zone, or at unexpected times. The tracking hardware can be set to change form 1 ping per day to 1 ping per hour, so asset recovery work can begin immediately and law enforcement can locate the equipment. Furthermore, insurance companies frequently take the use of theft reduction methods like asset tracking into account in determining premiums and possible discounts.
Just as alerts and reports aid in locating stolen equipment and assets, they can also help detect and prevent unauthorized use for side jobs, which accelerates depreciation and increases maintenance costs.
One of the top benefits of using an asset tracking solution is getting more accurate billing for the deployment and use of assets at customer sites. The activity reports provide dates, times and GPS data detailing when and where assets are used. This data brings transparency to billing, and is much easier than paper logs and sheets.
The administration associated with managing mobile assets, whether trailers, containers, tanks, construction equipment, ag implements or otherwise, adds to a company’s administrative burden and overhead.
Asset tracking lets you easily report on data and reports that simplify everything from yard checks to inventory to billing and insurance documentation.
This lets you free up administrative labor from low value tasks and redeploy them to perform higher value functions in the business.
Fleet data management is an integral part of a fleet manager's job. Learn how to harness data towards your fleet's productivity.