An asset is something that contributes to a company’s wealth. But perhaps more crucially, assets impact the total cost to a business. So, asset tracking and asset management is important for any business with tangible wealth. Also, for keeping track of items under company ownership. An asset could be office furniture, stocks and shares, phones for sale, or in our industry, vehicles. Whichever it may be, keeping a record of your assets and their condition is key to understanding your company’s finances. But also, how much your assets cost your business.
When it comes to transport, haulage, and logistics, water-tight asset tracking and proper asset management are paramount. Even a small vehicle is valuable. Also, putting monetary value aside momentarily, vehicles are the core of transport and haulage. They keep business moving and the country flowing with goods. Keeping an eye on a vehicle’s condition and whereabouts is integral. Especially as during working hours vehicles without tracking aren’t safe and accounted for inside a warehouse. They are on the road, spending fuel, at risk of damage, and gaining wear-and-tear.
Asset tracking lets you know where your vehicles are, and how they are. While asset management is a fleet operator’s strategy to improve fleet performance, document the whereabouts of assets, and keep up good asset condition. All of which seriously impact the overall value of a business and its profits. Done properly and accurately, asset tracking and asset management can transform core business processes, smoothing out operations, and saving money.
At its basic level, asset tracking involves installing hardware on your vehicles which will monitor the GPS location. This data is then collated and displayed on an interactive platform, from which fleet managers can view their fleet. Beyond this, asset tracking provides a great level of detail into how a vehicle is performing. Including statistics on driving efficiency such as mileage, driver performance, and fuel usage. From here fleet operators can produce bespoke reports and make informed estimates on their total financial outgoings.
The main benefit of asset tracking relates to company costs and time-saving. To start with, rather than manually scanning GPS or RHID tags, tracking significantly reduces time and administrative costs. Plus, with human error removed, the accuracy of your stocktake is closer to the actual. Inaccuracies and mistakes within large fleets can lead to significant financial losses. So, tracking can do wonders for cost-saving and accountability. Asset tracking becomes particularly important during loading and unloading and allows for strong communication with customers. Real-time alerting keeps both customers and suppliers informed of where their deliveries or vehicles are.
However, benefits like improved customer service, maintaining compliance, and anticipating vehicle maintenance also come into play. Office-based staff have more information regarding fleet movements, and thus become more able to assist customers and drivers. Also, from the software side of things, you have instant access and visibility of your fleet. You can remove the guesswork out of your business strategy. Everything is data and fact-driven, which brings us onto asset management
Tracking provides key information for fleet managers to ensure their company’s profitability and finances are at their best. It furthermore, helps to identify and manage risks. Keeping an accurate financial and stock record. Asset management can be a turning point for business strategies with data driving decisions. Fleet management can maintain assets in a cost-effective way, measure performance, and optimize driving routes. From here, the fleet starts to operate efficiently and maintenance costs decrease.
For example, tracker insight highlights when vehicles may need downtime for maintenance. This allows companies to budget for repairs or upgrades and can greatly reduce costs. Furthermore, tracking ensures your fleet is operating compliantly with no vehicle slipping through the net. Particularly for companies with a large fleet, this insight into vehicle health keeps operators one step ahead of their outgoings.
One form of financial loss within transport and haulage which no-one can prepare for is theft or loss of assets. Tracking can be a deterrent for thieves. Also, the chances of recovering an asset are greatly increased. Alerts from geofencing and time parameters keep fleet operators informed should an asset travel outside of when, and where they’re permitted. With assets available to view from the platform, operators can quickly see where vehicles are in the county. Furthermore, Tacho download lets you know who is behind the wheel.
For companies looking for a way to bring the many strands of information from hundreds of different vehicles together in one place, asset tracking is the solution. While delivering top-line information for the day-to-day, it produces records and reports of fleet movements and performance levels. Making everything simpler to manage.