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5 Benefits of Oil and Gas Asset Tracking Software

By Verizon Connect October 20, 2022

Businesses in the oil and gas industry depend on their fleet of vehicles and heavy machinery to conduct their daily operations. Managing the location, maintenance status and productivity of these assets is a top priority. That is why more companies rely on asset tracking software to help streamline and improve these efforts.

With asset tracking software, a small, weather-proof GPS tracking device is installed on fleet vehicles and heavy equipment. This is used to gain insights into these valuable assets, including engine hours, location, fuel usage, mileage and maintenance status. In return, businesses can boost the safety conditions of their workplace, security and productivity, and help extend the lifecycle of their powered and non-powered assets.

Streamline vehicle and equipment data in one central location. 

Oil and gas companies own and operate a wide variety of important equipment—and in most cases, these assets are all of different makes, models and manufacturers. Leaving these assets underutilized or idled for extended periods can be extremely costly, especially in the oil and gas industry. While most vehicles and machinery may have a telematics system pre-installed by the original manufacturer, it may not be enough to monitor and improve their utilization effectively.

That is why more oil and gas companies are turning to asset tracking software to help simplify the management of their assets. The software houses all asset data in one centralized location, making it easier to view and report things like maintenance status from their desktop computer or smartphone.

Maintain safe working conditions. 

Safety is one of the biggest concerns for oil and gas companies. Fleet vehicles regularly move hazardous materials and heavy equipment to remote locations, sometimes over rough terrain. 

A robust asset tracking system can help keep fleet vehicles and equipment operating safely. For example, fleet management software can send notifications and alerts to address unsafe driving behaviors in near real-time. This software can also help to ensure that Driver Vehicle Inspection Reports (DVIRs) are regularly conducted. In an effort to more efficiently monitor safety, software users can view details from a dashboard on either their desktop computer or smartphone.

Strengthen security efforts.

Safety and security go hand in hand when it comes to the oil and gas industry. If left unmonitored, oil and gas vehicles and equipment can invite unauthorized handling of hazardous materials or even theft. That is why more companies in the oil and gas industry are leaning on asset tracking software to boost their security efforts.

Modern asset tracking software leverages geofence technology to define a virtual perimeter for powered and non-powered assets. An instant alert is sent to notify managers in the event an asset is moved outside of the designated area or powered on during an unauthorized time period without permission. If necessary, the live location status can also be easily shared with authorities to track down the equipment in the event of theft.

Improve productivity and utilization. 

The variability of oil prices makes productivity a top priority. Tracking software helps reduce the waste caused by underutilized or unproductive equipment. Managers can streamline coordination efforts to help get vehicles and equipment where they need to be when they are needed most. Utilization reports and maintenance monitoring help managers keep an eye on how often equipment is used and when it may need to be replaced. 

Learn More about how KRP Rentals and Trucking improves productivity and safety with Verizon Connect

Extend the life cycle of fleet vehicles and valuable equipment. 

Servicing oil and gas equipment and fleet vehicles can be quite challenging. Remote locations that require travel across rough terrain can delay the delivery of much-needed replacement parts. Asset tracking software can help prevent these unnecessary hurdles by addressing maintenance issues before they become a problem. 

Near real-time maintenance alerts are sent to notify managers of needed service or if a part needs replacing. This constant monitoring of asset health helps keep equipment and vehicles  in peak condition to prevent costly downtime and breakdowns.

Asset tracking software is a must-have for oil and gas companies.

Fleet vehicles and valuable, heavy machinery are the backbone of the oil and gas industry. Asset tracking software helps to safeguard against costly breakdowns, maintain safe working conditions and boost productivity and security. 

Of course, it’s important to partner with the right software provider for your company’s needs. Learn more about how Verizon Connect is experienced in helping companies track and manage their high-value assets with their powerful GPS asset tracking software.

Verizon Connect

Verizon Connect Staff represents a team of professionals passionate about everything telematics. Get to hear about the latest trends, product features and industry best practices from the desk of Verizon Connect Staff.

Tags: Cost control, Data & Analytics, Dispatching & Scheduling, ELD & Compliance, Field management, Fleet utilization, Productivity & Efficiency, Safety, Vehicle & asset security, Vehicle Maintenance

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