HomeResourcesBlogBenefits of an Asset Tracking Software
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Benefits of an Asset Tracking Software

By Tim Tyler November 17, 2020

Assets, equipment and vehicles are the backbone of your business. And the ability to track asset-specific metrics is crucial to productivity, efficiency and cost control. Whether you’re trying to get better visibility into equipment in general, want to improve asset utilization or want to improve maintenance costs, a computerized maintenance management system (CMMS) can help manage assets, streamline the maintenance processes and make for easier overall management and planning. Integrated asset tracking and GPS technology is one such CMMS system, which can offer a greater depth of data – and security—than barcodes and RFID tags.

Through the simple and quick installation of small, mountable asset-tracking hardware, you can easily monitor and track equipment via a laptop or mobile device. Let’s take a closer look at the top potential benefits of asset and equipment tracking for any business.

Centralize data with asset management software

Businesses own and operate potentially dozens, hundreds, or even thousands of powered and non-powered important assets (including trailers) of various makes, models and manufacturers. While many may be equipped with an OEM-installed telematics system, some older or non-powered assets are not, and these various telematics systems are independent of one another, meaning operators or managers have to access several different sources to pull the asset data they need and achieve inventory management and control on a regular basis.

By using a centralized GPS tracking software solution that integrates with existing systems, businesses can consolidate data collection from their physical assets (including trailer tracking)—regardless of make, model or manufacturer—into one place in order to streamline asset management and reduce human error. In addition, businesses 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.

Increase value with asset utilization reports

With a centralized source for all asset data, businesses can better make sense of data to improve asset utilization and inventory control. For instance, with access to utilization reports, managers can view which pieces of equipment are being used (when and how often) across geographic locations. Armed with this information, they can make more informed decisions about renting or selling an asset, or whether underutilized, owned assets from other locations can be deployed elsewhere. 

Likewise, asset utilization reports can also be used to identify underperforming assets using precise metrics on how often and how long a piece of equipment ran on a particular day or during a certain period of time. This data can then be matched against actual work progress to identify discrepancies or inefficiencies.

After all, utilization ties into productivity. There can be both productive and unproductive use of assets, so it’s important to be able to identify if and how assets are being used. Real-time asset tracking data puts that powerful information to make more effective business decisions right in a manager’s hands.

Download this indepth guide to make an informed decison about investing in an asset tracking software.

Improve asset lifecycle maintenance

Asset tracking can be used to improve the accuracy and efficiency of regular equipment maintenance by reporting on mechanical health and asset status based on usage metrics (e.g. engine hours) in near real time. Verified, paperless inspections help keep assets in optimum condition, which can improve on-the-job safety, equipment productivity and overall job efficiency.

For powered equipment that requires preventative maintenance or routine fixes, a consolidated and comprehensive asset tracking solution provides a holistic view of maintenance alerts – regardless of manufacturer – including alerts for when parts need replacing. This can ultimately help prevent costly downtime due to breakdowns. And given that assets can be on a five-, ten- or fifteen-year lifecycle, it also helps stay on top of maintenance for the entire asset lifecycle and helps managers adhere to regular maintenance schedules.

According to Amin Amini, Associate Director of Global Solution Engineering, Verizon Connect,

 “The whole point of preventative maintenance is to maintain that lifecycle and get the most out of your assets. You need your tools, you need your vehicles, you need your machines to be at a 90% or better uptime, so you can make sure the job is getting done and getting done on time.”

Achieve greater security for important assets

Given the often-significant purchase cost of assets and the very real risk of theft, businesses that lease or own equipment want to protect assets at all costs. With asset tracking technology in place, managers can receive notifications when an asset is operated (powered on and used) during an unauthorized time period or if an asset is being moved or towed during off-hours or without permission.

In addition, businesses can utilize geofence alerts to create a virtual perimeter which, if breached, sets off an immediate alert. In total, asset tracking system capabilities make it possible to accelerate asset recovery in the event that one is stolen, and helps with accountability of assets.

Consider the right asset tracker for your needs

Whether tracking powered or non-powered assets, it’s important to look for an asset tracking system with convenient features and functionality that meet your needs. This means considering whether an intuitive mobile app is available and how often location updates are made to support more informed decision-making and greater asset security.

Modern asset trackers include desirable features to increase the level of customer convenience. These include the ability to personalize how often you receive alerts, self-install options without the need for a third-party installer and replaceable batteries with more power for longer life.

Look for an asset tracker that’s powerful enough to work with your fleet and compact enough to fit where you need it to fit. You also want to ensure your devices are able to run on a reliable network and meet antenna performance specifications to acquire GPS tracking signals from the most remote locations

Strengthen asset management protocols

Verizon Connect has extensive experience helping businesses operating in all industries to improve productivity, safety and security both on job sites and on the road with our fleet management software. Our asset tracking solution allows businesses to monitor heavy equipment, improve asset utilization and reduce the risk of theft and unauthorized usage, giving you peace of mind.

To learn what to look out for in an asset tracking solution and provider, download this free ebook.

Tim Tyler

Tim Tyler joined the team in 2015 and is responsible for product positioning and voice of market (VOM) in order to affect the way the marketing team connects and communicates with customers.

Tags: Cost control, Data & Analytics, Dispatching & Scheduling, Field management, Productivity & Efficiency, Revenue & ROI, Team Management, Vehicle & asset security, Vehicle Maintenance

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