Why it's important to track your assets

One of the many ways telematics is helping fleet managers is by giving them the ability to create a self-sustaining network of connected assets. In its simplest form, a beacon is attached to each asset and these beacons then communicate with each other throughout the day to establish location and other useful information. Usually a network like this is self-powered, giving it sustainability and making it easier for fleet managers to take a more hands-off approach when it comes to asset tracking so that they can focus on other business.

The main purpose of having a network of connected assets is tracking. In essence it helps increase asset visibility for fleet managers, even when they are not physically on-site to see what’s going on. Even when assets have been deployed in a remote location or when connectivity isn’t that great, the network still continues working in the background to ensure that asset data is always up-to-date.

Tracking your assets has many benefits for your fleet. Its simplicity alone makes deciding to create your own network a no-brainer decision. Let’s quickly look at some of the practical advantages it provides:

Theft recovery

Should your asset suddenly grow feet and walk away, you (or the police) can track its location as it moves and recovery it before too much damage is done. Having a network tracking your assets can also help you negotiate a lower insurance rate, a cost saving that is always welcome.

Misuse

Tracking your assets helps you ensure that they are getting used for their intended purpose and are not being misused by employees. If, after a work day, an asset gets moved off-site or to a location that has not been authorized, an employee might be using it after-hours for personal reasons or are not following directions to ensure the asset is safely stored. If you have a policy about where assets are left overnight, tracking is a great way to make sure it’s being enforced.

Utilization

Knowing and improving your asset utilization is truly valuable for any fleet in any industry. Connecting all of your assets together can give you consistent feedback on the time, date and position that each asset was last seen. By gathering up this data, you can determine which assets are used the most and which are not used at all or very little.

Frequently-used assets might indicate that you need more of them on-site or to purchase more of the same kind. You might see that there are too few of a certain kind of asset to go around which means employees have to wait for one to free up and thus work gets done slower.

If you see that an asset is not getting a lot of use, it can be worth it to sell it and purchase more of those that are more sought-after. You might even notice that another asset has some of the functionality that the less frequently-used asset has. Also, if you have multiple sites, you might notice that an asset that is not being used has a purpose on another site and simply needs to be relocated.

Tracking may seem like such a basic feature but, at the end of the day, visibility of your movable and non-movable assets is the key to fleet success. Having access to more information about your assets is never a bad thing as it helps you make informed decisions every day.

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