Asset Tracking Software: What to Know About Making the Investment Rastrac Team | Dec 19, 2019 9:15:00 AM

GPS tracking devices are not just for vehicles. Thanks to GPS asset tracking, you can also monitor your equipment, fleet assets, and high-value cargo along with your vehicles for a more comprehensive fleet management solution. 

Whether your business manages construction equipment, portable generators, or expensive medical equipment, you can effectively track and monitor your assets using GPS asset tracking—even if on a tighter budget. Here’s how.

What Is Asset Tracking?   

Asset tracking is similar to GPS tracking for vehicles, except it is used on your assets such as heavy equipment or refrigerated trailers. By monitoring both your vehicles and the valuable assets they’re carrying, you can improve your fleet management capabilities. 

To effectively track and manage your assets, you need both the GPS asset tracking and asset tracking software to be in sync with each other. When your GPS equipment tracker is combined with asset tracking software, you can track and record various types of data and events, such as:

• Asset location
• Asset activation/deactivation
• Door opening/closing
• Operator behaviors
• Hours of use
• Motion and automatic wake-up
• Temperature and humidity

Investing in asset tracking software will not only streamline your fleet efficiency and asset management practices, but can leave you assured that your valuable assets are secure. Though the initial cost of installing asset tracking software may appear daunting, your business will save money in the long run. How? 

Benefits of Investing in Asset Tracking Software 

Installing asset tracking software and GPS asset tracking gives you greater control over your high-value assets, no matter how remote they may be. Though the upfront cost may seem expensive, asset tracking software pays off in the long run as it protects your assets from damage or crime. Some more benefits of using GPS asset tracking include:

Improved Contract Enforcement

Through using GPS tracking devices, you can monitor and enforce your contracts with other parties. If another business rents out one of your assets, you can track their asset use and their location with asset tracking software. For example, if a party rents out a refrigerated trailer in an agreed-upon use area, you can ensure the party is upholding your agreement by tracking the asset’s location. You can help your business save money by making sure your assets are not being damaged from misuse by renters. 

Decreased Fuel Costs

You can save money and reduce unnecessary fuel costs through asset tracking software. Through the software, you can build optimized routes, whether to delivery sites or between customer service visits. This prevents your vehicle from running into traffic or taking longer routes, resulting in greater fleet efficiency and less fuel use. 

Additionally, GPS asset tracking devices allow you to monitor your vehicle's location and track if your drivers are misusing the vehicles for personal usage. Closely monitoring fuel consumption will save your business money and prevent unauthorized vehicle use. 

Protection from Theft

When you have high-value assets in the field, such as generators or trailers, thieves will be tempted to take advantage and steal. Theft can cost your business hundreds (if not thousands!) of dollars in lost revenue. You can prevent this from happening by using an asset tracking solution for your valuable assets. Through asset tracking software, you can track and monitor your asset’s location in real-time 24/7, meaning you can alert local law enforcement as quickly as possible if an asset is alerted as stolen—saving money from replacing the lost equipment and the lost revenue from not being able to service it to businesses. 

Improved Fleet Efficiency 

Asset tracking can be an invaluable way to reduce overall business costs by maximizing fleet efficiency. GPS asset tracking allows you to pinpoint each driver and vehicle location remotely. With this knowledge, you can make vehicle deployments based on location. When deliveries get to the right location faster, you can improve your customer service experience and drive revenue in the long run. 

GPS asset tracking also monitors the driving habits of your employees. If your drivers are practicing unsafe driving habits, this can cost your business money. Since motor accidents can produce higher worker’s compensation premiums, legal fees, lost productivity, and damaged vehicles and assets, investing in asset tracking can save you from the costs of unsafe driving later.

Improved Maintenance

Through asset tracking software, you can track statistics for how many hours the asset was used and the time since its last maintenance check. This allows you to have better insight when to schedule asset maintenance so it remains in top condition. Otherwise, not properly maintaining an asset can lead it to eventually not work as efficiently or be damaged, leading to higher repair costs. Improving your maintenance schedule can keep costs down in the long run.

Provide Better Customer Support

Since you are able to track the current status of your remote assets, you can increase your response rate in emergency situations. If an asset, such as a rented refrigerated trailer, loses power, you will receive an alert and notify and assist the client. By providing quick support for the customer, you can gain their trust and ensure they will be return customers in the future, guaranteeing more revenue down the road. 

Best Asset Tracking Apps & Softwares 

Here are some of Rastrac’s best asset tracking software features that can help you improve both your long term costs and your fleet efficiency. 

Live View GPS Tracking with StreetComplete

Live GPS vehicle tracking for fleet management increases your company’s profits by helping you more efficiently manage your vehicles. GPS asset tracking equipment also helps to protect your vehicles and valuable assets by providing documented information about the condition of the asset, as well as how it is being operated and by whom. 

Additionally, Rastrac’s StreetComplete live vehicle tracking tool provides real-time updates about vehicle locations. Besides having access to standard maps or uploading custom maps that provide coverage of specific areas, you’ll be able to monitor and receive reports on a variety of information, including:

• Vehicle speed
• Speed zone alerts
• Ignition status
• Engine idle times
• Vehicle hours of activity
• Direction of travel
• How recently any specific area has been serviced
• Who serviced the area
• And more! 

You also can set alerts for both vehicle and asset maintenance schedules. Preventative maintenance can help your fleet reduce or eliminate the need for expensive repairs. 

Mobile Tracking with PocketRastrac

Operators of fleet GPS tracking equipment can keep up to date with mobile tracking via the mobile app PocketRastrac. Using your iOS or Android mobile device or tablet, you can locate your asset’s GPS tracking device in the field with ease while you’re on-the-go or are away from your computer.

Theft Protection for Vehicles and Other Assets

Using geofencing tools, you can set up virtual boundaries that correspond to a real-world geographic location so you can prevent asset theft as well as an aid in its recovery. The moment a vehicle or equipment leaves the geofence area, you will receive an alert via email or text message. 

When a vehicle is stolen, it can be tracked with frequent updates on the GPS tracking software map that you can use to provide law enforcement with the most up-to-date information. By using satellite triangulation, a GPS equipment tracker can detect the whereabouts of a stolen asset or vehicle virtually anywhere—even if it's stored in a warehouse!

Asset Tracking for Assets of ANY Size with RastracGo

RastracGo, Rastrac’s smallest GPS tracking device, can meet the tracking needs of assets regardless of their sizes. With a lightweight, compact design that is no larger than the size of a credit card, RastracGo is conveniently sized and can be carried on a keychain, zip-tied to a large asset, or slipped inside of a small one, such as a package or envelope.

This portable asset tracking solution also is capable of tracking more than just one location, as well as detecting sound, light, temperature, humidity, and travel speed. These features make RastracGo invaluable for the transportation of expensive and sensitive assets.

With access to automated, comprehensive reports, you have the data and information you need to improve your fleet efficiency which helps you reduce—if not eliminate—hidden expenses that impact your bottom line.

How to Fit Asset Tracking Software Into Your Budget    

The decision to invest in quality fleet management software may not be easy for your business. However, it represents an investment in the health and future of your fleet operations and will pay off in the long run. When asset tracking software is paired with GPS asset tracking devices, it can help reduce costs that already eliminate or offset the costs of the software and devices overall. However, there are ways to fit asset tracking software into your annual budget: 

CapEx vs OpEx

You could include the purchase of asset tracking software in your capital expenditures (CapEx) budget, or you could use the purchase from your operational expenditure (OpEx) budget instead. 

Decrease Overhead Costs Through Asset Tracking 

Due to the efficient features of vehicle and asset tracking, you will be able to save money from overhead costs. The money that you save from your overhead expenses can then help pay for the initial costs of installing the asset tracking software. 

Decrease Insurance Costs

Check with your insurance provider to see if they offer discounts to fleet management companies who install anti-theft technologies on their assets and vehicles. This can reduce your insurance bill and help pay off the asset tracking software investment.

The variety and customization of Rastrac’s software and devices enable you to choose either solution depending on whatever will best fit your needs. Since our varying GPS tracking software solutions provide you with flexibility regarding costs, there is a tracking solution to fit almost any budget. The long term benefits of asset tracking software outweighs the initial cost and will be sure to increase fleet efficiency. 

If you’re ready to talk about how fitting our valuable asset tracking devices into your small business budget can help you experience reduced fleet costs, or have any questions regarding our asset tracking software, reach out to an expert today!