The Benefits of GPS Equipment Tracking

Learn about the benefits of GPS equipment tracking and find out about an effective solution that will cut your costs and increase your bottom line.

The benefits of GPS equipment tracking

Tracking your fleet vehicles can improve productivity, efficiency, and safety in many ways. Some of the benefits are obvious, such as monitoring driver behavior and reducing costs due to excessive idling and other risky driving behaviors. Reducing unauthorized vehicle use is another.

But fleet vehicles aren’t the only assets you may need to track. If your company uses generators, shipping containers, tractors, trailers, backhoes, excavators, bulldozers, loaders, and other heavy equipment assets, it’s equally vital that you track these assets, especially if they are located at several different job sites.

Benefits of GPS Equipment Tracking

Adding GPS equipment tracking to your fleet management system gives you real-time visibility into all the operations, equipment, and assets of your fleet. An asset tracking solution can improve overall fleet efficiency and increase productivity. But it doesn’t end there.

GPS equipment tracking is the ideal solution. Check out the benefits an equipment tracking system offers for your fleet.

Improved Asset Allocation

If you have a lot of heavy equipment stored at many different locations, it can be hard to know what you have and where it is. This makes it difficult to move the right equipment to the correct location. Daily tracking of your assets lets you know how many hours each type of equipment is used.

Knowing your asset utilization can keep you from renting or purchasing equipment you don’t need. Or help you determine if renting instead of purchasing is a better option. You can ensure that the right equipment is at the right job site and that none are standing idle, causing work delays.

In addition, asset tracking lets you know if any of your equipment is overutilized. You may find your operations run better if you purchase an additional asset. This helps reduce the wear and tear on overused equipment, so you can reduce the amount of maintenance they need.

Asset tracking gives you visibility with geo-fencing. Geo-fencing tells you exactly when an asset leaves its designated area. The reporting aspect adds an essential layer of protection and control to your fleet.

Deter Theft & Unauthorized Use

One of the biggest challenges of asset management is keeping your equipment secure at all times. In the US, an estimated $300 million to $1 billion was lost to equipment theft from construction and agriculture sites alone. In addition to the cost of replacing the stolen asset, there is the cost of downtime that makes it difficult for your team to complete jobs on time. This can then cascade into a decrease in customer satisfaction.

Installing a stolen equipment tracker can not only deter theft but also reduce the time it takes to recover the stolen equipment. The increased visibility you get from asset tracking can also lower the amount of unauthorized use by tracking any movement outside of a predetermined location.

Inventory Management

GPS equipment tracking can help you keep track of inventory, no matter where your equipment is located. You can also store important details about your equipment, such as brand, type, date of purchase, current location, and movements, as well as licensing and servicing information. By automating data capturing, the need for manual data entry is removed, thus reducing the potential for errors.

When it’s time for an audit, all the information about your equipment is ready for auditors, making the entire process easier for everyone involved. In addition, you can make the information available online, giving instant access to those who need it. You can also pull this information into automated reports for analysis and use the conclusions to strategize future decisions.

Equipment Deployment

In many businesses, such as construction, agriculture, mining, utilities, and oil and gas, you may have to move trailers, excavators, tractors, compressors, generators, and much more. Asset tracking can help make moving this equipment less confusing and problematic. It also helps you make sure that the right equipment gets to the right place at the right time. An equipment tracking system gives dispatchers the information they need to guide workers remotely.

Job Estimation and Billing

Asset tracking lets you keep a close eye on fuel usage and machine hours. Combining this information with labor costs can make your billing more accurate. Analyzing data from previous projects can improve your estimations for future projects, allowing you to submit more competitive bids.

Scheduling Preventive Maintenance

Just like you would schedule preventive maintenance for your fleet vehicles, preventative maintenance can keep the rest of your equipment running well and efficiently. With an equipment tracking system, you can set maintenance and service reminders. These alerts can help you proactively schedule maintenance and reduce unplanned breakdowns. An unexpected breakdown can reduce your productivity and cause you to miss production goals, and ultimately cost you money. In addition, these reminders can reduce overall repair costs and extend the useful life of your equipment.

Licensing and Certification

In much the same vein, you can set up reminder alerts to ensure your assets meet compliance requirements. You can avoid potentially incurring fees for operating with expired documentation. If your assets are out-of-date, they cannot be used until renewed, which can cause unnecessary downtime and all the issues that come with it.

Save on Insurance

Another benefit of GPS equipment tracking is lower insurance costs. Many insurance companies take asset tracking, geo-fencing, and theft prevention into consideration when they determine premiums. An equipment tracking system, especially a stolen equipment tracker, can decrease the likelihood of a claim. Insurance companies will see you as lower risk and possibly lower insurance premiums.

How Equipment Tracking with GPS Works

Simply put, GPS tracking devices receive satellite information and transmit it to a server over the internet. This information is hosted on a server that fleet managers can access and view such as the equipment’s current and historical location, speed, and more. All this information is displayed on a desktop, laptop, tablet, or smartphone app.

Every GPS equipment tracker contains a tiny satellite antenna and radio to listen for location data. The tracker’s job is to report this collected data back through the cellular network. When the location data is reported back, the latest position of the equipment is displayed on the device of your choosing. The entire process of gathering location data, connecting to a cellular tower, and reporting it to your device is instantaneous.

But a GPS equipment tracking system doesn’t end there. The system uses telematics to retrieve the data, decode it, and bring it into a software app for reporting and analysis. You can then view and export reports and use the information to make strategic decisions about all your assets and fleet performance.

A fully-implemented and supported MiX Telematics solution is guaranteed to improve driver safety and reduce accident rates while also lowering risk, liability and cost.

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