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Trenton, Safety Manager & Field Accountant

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The Benefits of Asset Tracking Solutions: What To Consider

Your company's assets, equipment, and vehicles are the backbone of your business. A computerized maintenance management system can help manage all of your assets, streamline maintenance processes, and make overall management and planning easier. Whether you're trying to gain visibility into equipment in general, want to improve asset utilization, or want to reduce maintenance costs, CMMS software with integrated asset tracking and GPS technology can provide more data – and security – than barcodes and RFID tags.

You can quickly monitor and track equipment using a laptop or mobile device. So what are the main benefits of GPS asset tracking solutions? 

Benefits of Using GPS Asset Tracking Systems

There are several advantages to using a GPS tracker, and we'll go through them in this blog:

  1. Centralize Data
  2. Enhance Asset Lifetime Management
  3. Enhance the Security of Critical Assets
  4. Provide Value to Your Business

Centralize Data

Businesses can have dozens, hundreds, or even thousands of powered and non-powered assets under their control. Some older or non-powered assets may not be equipped with an OEM-installed telematics system, and these various telematics systems are independent of one another, meaning operators or managers must access several different sources to pull the asset data they need.

By using a centralized GPS tracking software solution that integrates with existing systems, your company can consolidate data collection from their physical assets into one place in order to streamline asset management and reduce human error.

In addition, your business can achieve full asset visibility, including location, current status and usage history on a single, web-based dashboard that enables fast search and tag filtering capability.

Enhance Asset Lifetime Management

When it comes to asset tracking solutions, they are some of the most important tools for equipment maintenance. They provide real-time reports on mechanical health and asset status based on usage indicators such as engine hours. Verified, paperless inspections maintain assets in top shape, which increase job safety, equipment productivity, and overall work efficiency.

A centralized and comprehensive asset monitoring system, regardless of manufacturer, gives a holistic picture of maintenance alerts, including notifications for when components need to be replaced, for powered equipment that requires preventative maintenance or routine fixes.

Given that assets can have a five-, ten-, or fifteen-year lifecycle, it also aids managers in staying on top of maintenance throughout the asset's lifespan and adhering to regular maintenance plans.

Enhance the Security of Critical Assets

Businesses that lease or own equipment want to secure their assets at all costs, given the high cost of acquisition and the very real risk of theft. Managers can get warnings if an asset is operated during an unlawful time period, or if an asset is moved or towed during off-hours or without authorization, using asset monitoring technology.

You can use geofence alerts to create a virtual boundary that triggers an immediate warning if it is broken. Overall, asset tracking system features allow for faster asset recovery in the event that one is stolen, as well as asset accountability.

Provide Value to Your Business

You can better understand data and enhance asset utilization and inventory control if your business has a consolidated source for all asset data. You can see which pieces of equipment are being used across geographic areas having access to usage data. 

Similarly, asset utilization reports can be used to identify under-performing assets by analyzing exact indicators such as how often and for how long a piece of equipment was used on a given day or over a certain period of time. This information may then be compared to real work progress to find inconsistencies or inefficiencies.

After all, productivity is linked to usage. Real-time asset monitoring data puts the power of data in the hands of managers, allowing them to make better business decisions.

Think About Which Asset Tracker Is Best for You

It's critical to choose an asset tracking system that has the capabilities and functionality you want. This includes determining if a user-friendly mobile app is accessible and how frequently location updates are delivered to aid in better decision-making and asset security. 

To choose asset tracking solutions for your business it's important to remember that a good asset tracking software should have real-time GPS tracking. Remember that while off-the-shelf solutions can provide basic tracking, dynamic businesses need the freedom to customize their tracking products even while in the field. The rule of thumb is to consider your business’ needs and choose the best solution with valuable features such as real-time visibility. 

Check out this article to see 5 best asset tracking solutions

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