Businesses often need to pay more attention to proper asset management. Otherwise, they may face downtime, high repair costs, asset failure, and other issues. So, if you want to avoid such problems with your business, you need to take serious action. 

GPS asset tracking implementation can help you here. It has become a versatile solution for many corporations and companies of any size. Moreover, it introduces you to a brand new strategy of asset controlling. Yet, should your company employ GPS asset tracking? 

Let's learn here. 

Reasons to Use GPS Asset Tracking 

There are a number of advantages you gain from staying updated with your assets' status. It ranges from preventing potential operational issues to improving your business efficiency. However, more compelling reasons exist for applying GPS asset tracking in your business. 

Let's explore them here: 

1. Better Management and Supervision of Your Property

Think about what it would be like to have a profile of your whole fleet of cars or equipment or stock at any point in time you need it. GPS asset tracking makes this a reality. You'll gain real-time location data on your assets, allowing you to:

• Track Location and Movement: Stay updated on the movement of your property or the location of property in transit or the warehouse. This helps obtain a macro view of how employees maintain your assets, revealing areas of poor utilisation.

• Optimise Routes and Schedules: Organise transport routes for your delivery personnel that are traffic-free and have suitable road conditions. This way, you can cut their travel time and maximise their productivity. 

• Improve Dispatch Efficiency: You can meet the needs of clients quickly by determining the nearest obtainable resource at any given time.

2. Improved Efficiency and Lower Costs

When you manage your assets efficiently, it has a direct impact in reducing expenses. Here's how GPS asset tracking can help:

• Reduce Idle Time: Locate assets with low to no engagement in the day-to-day operations. This means you can effectively redistribute your resources. For example, if you have vehicles that mostly sit idle in the garage, you can downsize them. 

• Streamline Maintenance Schedules: Carry out general maintenance tasks depending on the actual asset usage statistics and not on the recommended time. Thus, you can reduce the frequency of maintenance and, at the same time, increase the durability of your assets.

• Optimise Fuel Consumption: You can point out areas where a driver may be wasteful with fuel and which routes drivers should avoid. This makes these operations far cheaper, mainly if you use numerous vehicles or operate large fleets.

3. Improved Customer Service

Customers dominate today's business environment, and your primary focus should be providing them excellent service. GPS asset tracking empowers you to elevate your customer experience in several ways:

• Enhanced Delivery Transparency: You can provide customers with the status of their order, such as location, next destination, and estimated delivery time. This reduces the frequency of delivery inquiries from customers.

• Faster Response Times: When you know the location of your assets, you can find out which ones are nearest to your customer's area. This reduces customer waiting time.

• Proof of Service: Make it possible for customers to have GPS-approved and signed evidence of delivery at the agreed place and time.

4. Protection From Theft 

Asset theft has a direct impact on your business profits. It causes substantial monetary losses. Here's how GPS asset tracking can mitigate this risk:

• Deterrence Through Awareness: GPS tracking tags or signs attached on the asset prevent it from potential thieves. The tag shows that objects are being tracked, and the sender can easily find them.

• Real-time Alerts: You can establish geofences to get notified instantly if an asset moves away from a particular region without permission. It enables you to respond quickly in case of a break-in or any act that could lead to theft.

• Improved Recovery Rates: In case of theft, GPS data is very useful and helps a great deal in recovering the asset. It records the path of assets and helps in faster recovery. 

5. Data-oriented Decision Making

Location tracking is not the only benefit of GPS asset tracking. The data collected provides valuable insights that can help you make strategic decisions across your business operations:

• Improved Workforce Management: Understand drivers' behaviour, such as how fast they drive or how abruptly they apply the brake. You can use this information to coach drivers with safer driving practices. This will prevent potential accidents on the road due to your driver's mistakes. 

• Pre-indication of Maintenance Needs: You can track the data collected by unit sensors to analyse for signs of equipment failure. Further, you can plan for maintenance before the failure occurs. It cuts costs for production downtime.

Right GPS Asset Tracking Solution for Your Business

There are numerous GPS asset tracking solutions; therefore, the choice can significantly depend on the needs of your business. Professional services with expertise in GPS tracking, like IoT Works, can help you pick the right option. 

However, consider factors such as:

1. The Type of Assets You Need To Track

Choose a suitable GPS asset tracking system for trailers, containers, and mobile equipment. You can find a customised tracker for even a single tool you use in your business operations. 

2. Features Required

Define what features you want in your GPS tracking device. For example, you may need it to track only asset location, which is an essential feature in such devices. However, you may also need to track extra components such as geofencing, fuel level, or temperature. 

3. Ease of Installation and Use

Look for solutions that provide an easy installation process. Also, its interface should be easy to navigate for you. So that you and your maintenance team can comfortably monitor and control the assets.

4. Scalability

Make sure to select an asset-tracking solution that can stay compatible when you expand your operational capacity. It is essential to consider as you may require better tracking solutions as your business progresses.

5. Cost

Most GPS asset tracking solutions are not necessarily expensive. However, the cost may differ depending on the features that the service provider offers and the number of assets to track. So, choose the one that fits your budget and needs. 

GPS Asset Tracking Implementation 

Once you've chosen the right GPS solution, ensure a smooth implementation process without disrupting business operations. Here's how you can do it: 

1. Clearly Define Your Tracking Goals

Write down the goals you want to achieve with GPS asset tracking. This will tell you how to configure your existing systems and how you will be carrying out data analysis.

2. Train Your Staff

Train the persons in your maintenance team on how best to go about using the GPS tracking system to its optimum use. You can hire experts to educate your staff on the proper use of the tracking device. 

3. Develop Clear Protocols

It is necessary to set the guidelines for handling the alert notifications, managing asset information, and the system's security. Create a proper document that explains the actions a person in charge of the GPS tracking reports should take. Again, getting help from a professional can be a better option for you. 

Access Robust GPS Asset Tracking 

As indicated in the current business environment, ways must be found to enhance operations and protect your company's assets for longevity. GPS asset tracking turns out to be an effective instrument to reach these objectives. 

By providing real-time location data and valuable insights, it empowers your business to optimise and obtain cheaper prices, as well as improve customer service. It also prevents theft and aids in the recovery of stolen goods. 

Take help from experts to introduce the right GPS asset tracking solution to your business. Their expertise will help you avoid severe disruption and can help you achieve higher efficiency and security. Thus, you can ensure your customers' satisfaction with your business.