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Assets and equipment 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, an integrated asset tracking solution using a GPS tracking device 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 smart device. Let’s take a closer look at the top potential benefits of asset and equipment tracking for any business.
Consolidate all asset data in one place
Businesses own and operate potentially dozens, hundreds, or even thousands of powered and non-powered 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.
By using a centralized GPS equipment tracking solution that integrates with existing systems, businesses can consolidate all the data from their powered and non-powered assets (including trailer tracking) – regardless of make, model or manufacturer – into one place. 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.
Extend asset value with utilization reports
With a centralized source for all asset data, businesses can better make sense of data to improve equipment utilization. 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, 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.
Improve management of asset maintenance
Asset tracking can be used to improve the accuracy and efficiency of 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.
Achieve greater asset security
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 a GPS asset tracking solution 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 .
Embrace better asset management
With the right GPS-based asset-tracking solution, your business can run more efficiently.
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. Our asset tracking solution allows businesses to monitor heavy equipment, improve asset utilization and reduce the risk of theft and unauthorized usage.
To learn what to look out for in an asset tracking solution and provider, get our free ebook, 2018 Buyer's Guide: Asset Tracking Solutions.