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Can Asset Tracking Software Actually Save You Money? Brian Dziuk | Oct 27, 2017, 10:26:36 AM

Fleet management requires a lot of keeping up with records: from the vehicles and equipment you have, to their current maintenance needs, to what has been lent out or is in transit. You have to keep an eye out for all your assets, and this can be tedious if you have to go through logs and data to find this information.

Asset tracking helps in making sure that you can watch over your assets easily and assist you on maximizing their usage. Asset tracking software can save you money by recording information useful to the operation of your fleet. Using this information, you can establish your fleet’s fuel efficiency and vehicle maintenance needs while keeping your drivers on task.

Checking the Productivity of Your Assets

Asset tracking gpsAsset tracking is extremely valuable in keeping tabs on your assets through software. Investing in asset tracking software ensures you have a constant influx of information. You are constantly aware of where your trucks, trailers, and other equipment are and whether or not it is in use or not.

For example, you can find out if your vehicle or equipment is in stagnation and the cause of the stall. Through this software, you can reduce downtime on your fleet and establish ways in which you can maximize usage and save yourself money on assets you lend out or go for repair. Software helps asset managers to review possible hindrances to asset usage and remedy this by ensuring maximum efficiency on their equipment. 

Lifecycle Monitoring For Your Assets

Your assets undergo a lot of changes upon acquisition. Lifecycle monitoring in asset management shows a tally of older assets against new assets. With lifecycle monitoring, you are able to tell your assets apart and decide on what replacements are necessary.

Using software helps you keep an accurate log of all your assets and their performance. You can track what assets you have, how old they are, their total use statistics, and more to determine which ones need upgrading. Data logs reflect statistics like mileage, total operating time, and more that you can use to optimize maintenance.

You can increase your savings by getting rid of vehicles or other equipment in your fleet that are experiencing issues that make them more costly to keep rather than replace.

Traceability For Your Company's Assets

asset tracking equipmentHaving software keeps your assets visible at all times. As long as the GPS tracker is on, you are always aware of location of your assets—plus a range of other data points depending on the asset and the tracking device used. Traceability is the essence of asset tracking software and this can save you money by reducing the possibility of loss.

Traceability can save costs by not only eliminating possible risks but also giving you a map to use as a blueprint when drawing out routes for your drivers to follow or boundaries for rental equipment geofences. Asset managers are constantly in the know regarding the disposition of their assets. This reduces the risks that are likely to occur compared to when the assets are not under surveillance—saving you money.

Geofencing, in particular, lets you the option to map out areas you would like your equipment to operate and generating alerts when boundaries are exceeded. This reduces risk of loss by confining high-value assets to a pre-defined area and letting asset managers know exactly when and where said assets leave it.

Start Saving Money

Managing a fleet requires smart ways to save your time and in turn your money. The value of your assets also relies heavily on your ability to ensure that they are well maintained and used.

Knowing where your vehicles and equipment are at all times saves you the stress of finding someone to help you track them down. Insurance companies often give lower premiums to fleet operators who have GPS tracking devices installed in their vehicles because of how it reduces risk.

When you are aware of the downtime being experienced by asset in your care, you can better establish the cost-benefit ratio of each and optimize your use of downtime. Rastrac offers software and devices to track your assets according to your budget; saving you money while offering you quality service.

 

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