Are you tracking your vital assets?

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Fleets around the world are using GPS technology to monitor and manage mobile workforces, track key metrics such as fuel spend and consumption, and improve the safety and performance of their operations.

What many may not realise, however, is that fleet technology extends further than vehicles. A comprehensive solution can also help you to monitor equipment and other assets too – from cranes and trailers to, well, almost anything you can think of.

Once an asset tracker is in place, you can monitor, analyse and protect your vital assets wherever they be. Here are just some of the key benefits.

Keep an eye on your valuable assets 

Whether you have ten assets or hundreds, with an asset tracking solution you can view them at-a-glance, monitoring their location in near-real time.

With Verizon Connect’s simple, web-based portal, you can see information on a single asset, a group of assets, or search for a specific piece of equipment. Then, in just a few clicks, you can review its current status along with usage and location history, to monitor whether it’s always doing its job.

Fight unauthorised use and theft

By placing geofences (virtual perimeters in a real-world location) you can help to protect your equipment and other assets against unauthorised use and theft.

Simply place a geofence around authorised locations to keep assets in, or unauthorised locations to keep them out. Then, whenever an asset is somewhere it shouldn’t be, you’ll receive a near real-time alert. In the event of theft, location data can be used to help track and recover the stolen asset.

Geofences can also tell you if an asset is being used in an unauthorised manner, such as equipment being used for private jobs. Your geofence report will show exactly when an asset was removed from a fenced area, where it went and for how long.

Spot underperforming assets

Knowing where your assets are is just one part of the puzzle. To help your operation run as efficiently as possible, you also need to know how they are being used.

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Asset tracking gathers data on equipment usage to give you a clear and complete picture of how hard your assets are working for you – are they in constant use or sitting idle for most of the day?

This data can be used to determine which assets are realising an acceptable ROI and which could be better put to use elsewhere. By tracking asset usage on a job-by-job basis, you can also build a picture of how much it costs for a particular piece of equipment to undertake a certain job, helping you improve quote accuracy and potentially increasing margins.

Take a proactive approach to maintenance

The breakdown of a vital asset can prove costly. On top of the repair costs, there is also down time and lost revenue to consider. By taking a proactive approach to the maintenance of your assets and equipment, it’s possible to help protect against unexpected breakdown and potentially reduce the associated costs.

With an asset tracking solution in place you can monitor usage to track deteriorating vehicles and make smarter servicing/repair decisions. Simply set regular reminders, based on time or usage to keep your equipment serviced or repaired before it’s too late. These alerts can be sent directly to you, any member of your team, or a third-party such as your approved maintenance provider.

Why should I track my assets?

Essentially, asset tracking allows you to make smarter, better-informed business decisions. Armed with a full picture of your operation, you can easily see which areas are performing and which require improvement – helping you to drive greater efficiency across the board.

Data gathered from your assets can also be used to improve key processes such as quoting, invoicing and billing. Allowing you to incorporate the actual cost of a piece of equipment on a project, rather than making an estimate.

Finally, an asset tracking solution helps you stay in control. When used in conjunction with a GPS fleet tracking solution, you’ll get a complete picture of your entire operation. You can know whether everything is exactly where it should be, close gaps in your knowledge and get peace of mind that hidden inefficiencies aren’t harming your bottom line.

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