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Attention Risk Managers: Be Sure Where Assets Are at All Times Brian Dziuk | Oct 6, 2017 3:32:27 PM

Risk managers continually worry about the safety of their company's assets (like vehicles or other high-value equipment). As a risk manager, you may have to communicate with drivers and clients, follow up on asset maintenance, and constantly keep up with your assets. Keeping track of your assets is central to your peace of mind; you have to be able to trust your team and customers to keep your company's assets safe and return them in good working condition.

Traditional asset management systems limit your ability to always trust the location of your assets. The most you can do is call your drivers or coordinate with other staff on the route to keep you updated. While dealing with valuable assets, this risky approach can definitely leave you stressed.

GPS tracking offers a solution that makes it easy for you to always know the location of your assets. With GPS tracking, you have real time updates with additional data on the condition of your trucks, trailers, generators, and other heavy equipment you can trust.

Benefits of Real-Time Tracking

Trusting the location of your assets starts with investing in the right tracking system for your business. Specifically, a quality system that you can trust to keep you constantly updated. Some ways that having this kind of live asset tracking can help include:

  • Increased Chances of Asset Recovery. GPS tracking helps you recover company-owned assets, with a much higher rate of success.
  • Keeping Assets in Their Appropriate Use Area. When dealing with expensive assets, you will have to deal with trust issues a lot. For example, if you have a truck headed east, you need to make sure it sticks to its route and does not go outside of the set route.
  • Remote Asset Analysis. With GPS, you have access to analytics and performance data you can use to assess when something is wrong. In such cases, you can alert the customer immediately and give them updates on the latest developments.

Trusting your Employees

In every team, you will have some employees you can trust and one or more rogue individuals who take advantage of company time and resources. Even when you are running a profitable outfit, investing in a GPS tracking can help improve efficiency, service delivery, and productivity.

For example, you can keep track of the stops drivers make, the amount of time they spend at each stop, and the servicing points they visit. This data allows you to assess risks along the way, and plan to secure your assets early. Abuse of trust by your employees can expose your assets to great risk and put you in compromising situations.

Keeping Vehicles Safe from Theft

GPS tracking systems can provide theft prevention benefits beyond just tracking the current location of the vehicle.

For example, the remote starter disable feature that some GPS devices have allows you to keep vehicles from being started outside of normal business hours. This is incredibly useful for preventing the theft of vehicles from the company parking lot.

As a risk manger, you can prevent drivers from taking your assets into dangerous zones or outside of your area of operations by using geofencing to trigger an alert the moment the asset crosses a specific boundary.

Servicing Alerts

Another important aspect of your role as a risk manger is ensuring you service your assets on time. Through GPS tracking, you can program reminders for your vehicles and other assets to undergo maintenance. This ensures compliance with state inspection and maintenance requirements and prevents costly breakdowns that strand drivers or leave customers furious.

After investing in GPS tracking solution, you have access to data that you can trust to give you the exact location of your truck and assets. A system such as Rastrac offers custom solutions for your business, giving you the peace of mind you need to keep your assets safe.

In risk management, GPS tracking gives you data that you can use to improve the measure you take to mitigate risks. Once you have some resources and systems that you can trust to tell you where your assets are at all times, you can now focus your energy and resources to improving policies for asset protection. You also have the opportunity to take a different approach to risk management and come up with innovative ways to secure your company’s assets.

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