What Are Asset Tracking Benefits and How Does It Work?

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Asset monitoring is the process of being aware of every physical asset you own and keeping track of it. Asset monitoring for your physical assets is essential when you're beginning a business so you can keep track of what you have and manage it. How do you make sure these assets are constantly in their proper locations while also protecting them?

GPS asset tracking could be the answer for you! The information you need regarding asset tracking and how to utilize this technology to enhance fleet operations is provided below.

What Is Asset Tracking?

Asset management, often known as asset tracking, is the process of keeping track of an asset's location in the field by equipping it with a GPS tracking device.

To determine the GPS device's present location, the tracking device connects with numerous orbiting satellites, calculating the time between communications with each satellite. The GPS tracker will be able to determine its precise locations more precisely the more satellites it can connect to.

What Are Asset Management Tools?

Asset tracking software unifies all of the many components of asset tracking into a single interface. Software may help you manage all of the assets in one system and update them when they require repair or need to be replaced rather than depending on hard copies of paper or manual spreadsheets.

The more high-tech your tracking is, the more useful this program becomes. For instance, GPS-based systems provide a visualization tool that allows you to observe the location of different major assets (like trucks) throughout the day.
You'll be able to provide customers with more precise delivery and service timeframes. With geofences, GPS asset monitoring also enables you to strengthen security precautions: you'll be alerted if a pricey piece of technology enters an unauthorized territory.
What Are the Benefits of Asset Tracking?

What advantages can GPS asset tracking systems offer? Asset managers that have to defend the price of GPS tracking software and equipment frequently face this issue. The following are some possible advantages of employing tracking hardware and software:

Fuel Consumption Monitoring and Consumption

Fuel waste is a significant expense for assets that are movable, such as cars or construction machinery. Fuel waste is frequently caused by:

  1. Aggressive driving behavior.
  2. Excessive idling.

A GPS asset monitoring system keeps track of a car's speed and whether the ignition is on or off. Fleet managers receive comprehensive data on where and how long a vehicle has been left running so they may take prompt action to change the driver's behavior.

Easy Maintenance

You can optimize your maintenance plan for an asset so that it always remains in top shape by recording use data for hours worked and time since the previous maintenance check.

Additionally, you may reduce your maintenance expenses by implementing preventative solutions that are less expensive than break/fix procedures that need key pieces to be entirely stripped down and replaced.

Insurance Cost Savings

Some insurance providers provide their clients discounts if they use innovations that lower the risk associated with the things they are insuring.

For the installation of GPS systems, organizations like USAA, Liberty Mutual, and AAA all provide discounts. Monitoring driver behavior and enhancing asset recovery are two extremely significant ways in which these technologies assist in lowering the risks associated with fleet management.

Real-time information on each driver in a fleet is provided through GPS tracking devices. It is possible to keep an eye on their aggressive driving tendencies, detours from the planned route, and speeding.

Improving Contract Enforcement Accuracy

GPS asset monitoring systems may greatly simplify contract enforcement. Asset managers may more precisely determine whether contract requirements are being met by using GPS trackers to monitor the locations of equipment in real-time, receive alerts when it is activated, and report how many hours it is in use.

Improve Employee Safety

Any firm must prioritize maintaining employee safety, which GPS locators and software may really aid in doing. How does safety increase thanks to GPS asset tracking? Asset managers may monitor risky behaviors, such as drivers speeding on the road, and address them by collecting asset usage data.

Employees who use personal GPS tracking devices can also prevent getting lost in the field because their locations can be remotely monitored. Additionally, using GPS device data to optimize equipment maintenance schedules aids in preventing unexpected failures that might endanger workers.

Theft Prevention

For asset managers, preventing theft and more reliably retrieving stolen assets is a critical task. Thankfully, this problem may be solved with the use of GPS asset tracking systems. How is theft avoided by GPS asset tracking?

What Can You Track with an Asset Tracker?

GPS tracking is frequently employed mostly for automobiles. However, practically everything can be tracked, including:

  • Emergency generator
  • Refrigeration tailer
  • Valuable goods
  • Bank deposit boxes
  • Golf cart
  • Computers and electronic equipment

How to Track Your Asset and Equipment?

Barcode Tracking

A barcode label may be affixed to larger physical items. You may handle these products and keep up-to-date track of them all straight from a mobile device by using a variety of applications with scanning software.

All of the employees that require it may access it because it is electronic. Asset monitoring software is especially helpful if your company has several offices or has personnel that must travel.

RFID Asset Tracking

RFID tags make your assets' whereabouts public. Making sure there are no errors in your asset tracking is made easy using this technique. To begin began, you'll need to select how many portable scanners you'll need because they do require them.

GPS Asset Tracking

A GPS tracking gadget may transfer data over cellular networks or satellites using asset tracking software. This system's ability to communicate across distances and maintain precise, current logs for each user is a plus.

Mobile GPS asset tracking systems are available, and they may also be hooked into a sizable piece of machinery. In order to keep track of your larger objects, you may also place alerts in a geofence. You'll know right away if they go somewhere they're not supposed to be.

You can store everything on one simple dashboard using GPS asset tracking software. A GPS asset monitoring system may make fleet management systems simpler.

Stephen Schroeder is the founder of Turtler and loves using the app to lessen his wife’s stress when he’s bicycling as far as he’s allowed to go.

Stephen Schroeder is the founder of Turtler and loves using the app to lessen his wife’s stress when he’s bicycling as far as he’s allowed to go.