Unauthorized rental equipment usage is a common problem for many fleet and asset managers. Some of these issues include employees “borrowing” equipment without authorization for personal use, clients taking rental equipment outside areas agreed upon in your rental contract, and equipment being stolen from assigned field locations. GPS-based asset management solutions can mitigate many of the challenges asset managers face on a daily basis.
Equipment tracking for rental equipment is a capability used by asset managers across a variety of industries. Some of the organizations that use asset tracking for asset management include those that rent out:
- Heavy equipment for construction
- Medical equipment
- Refrigerated trucks and trailers
- Portable generators
- Stationary trash compactors
How a GPS Equipment Tracking System Works
Triangulating with satellite technology, a GPS tracking device for equipment (in conjunction with equipment rental software) provides the equipment tracking solution you need to know where your equipment always is. An agile and reliable GPS asset management system offers the customizable functionality you need without the complication of extraneous and unnecessary data. In the equipment tracking software dashboard, you can specify the information you want to track and remove what you don’t.
How does equipment tracking for asset management help with mitigating unauthorized equipment usage? We’ve outlined just a few of the ways:
4 Ways to Reduce Unauthorized Asset Use and Deployment
1. Increase Location Awareness with Equipment Tracking
A GPS tracker for equipment allows you to track and monitor your equipment 24 hours a day, seven days a week, 365 days a year.
2. Ensure Equipment Remains in Assigned Field Locations
Asset tracking using geofencing for your equipment, regardless of size, means that you know where your assets are at all times. Geofencing allows you to set up virtual boundaries that correspond to real-world geographic locations. If your equipment enters or leaves a specified zone, you will receive an immediate notification via text or email.
3. Use Access to Better Data and Reporting Resources
One of the greatest features of any GPS tracking system, including the ones offered by Rastrac, is that it provides a plethora of accurate data and reporting functionalities. However, many equipment tracking systems offer too much data by throwing everything but the kitchen sink at you.
With Rastrac’s asset management software and customizable application programming interface (API), you can choose what types of data you wish to track and simply shut off the extraneous data tracking functions you don’t need.
4. Strengthen Your Contract Enforcement Capabilities
Without GPS equipment tracking, it’s hard to prove that an equipment renter has broken their contract. However, with an asset tracking system, you can address rental contract breaches and enforce your rental contract by being notified whenever one of your tagged assets leaves its designated area.
How GPS Tracking Mitigates Unauthorized Usage for a Texas Rental Company
Thermal Trek is a refrigerated rental firm that rents out refrigerated trailers and containers for storing frozen or fresh temperature-sensitive products. The Operations Manager, Wayne Francis, whom we have written about before for Fleet Maintenance of Texas, uses Rastrac software for asset management and equipment tracking for Thermal Trek.
Using equipment rental software in conjunction with GPS rental equipment tracking devices for each asset, Francis says that these asset management capabilities have come in handy for rental contract enforcement. He uses it for verifying that each piece of rental equipment is stored at the agreed upon locations outlined in its contract.
According to Francis, he uses the equipment tracking devices and equipment rental software primarily to retrieve information and actionable data about the operating condition of the assets and their locations, and not necessarily for preventative maintenance (although the devices can track that as well).
Rastrac is a fleet management and asset tracking solution that is responsible for tracking more than $1.9 billion in vehicle and equipment assets for organizations worldwide.
To learn better ways to use your GPS asset management and equipment tracking solutions to benefit your organization, be sure to click on the link below to download our complimentary resource.