Any business requires significant investments in technology, resources, and personnel to drive profitability.
With a fleet, you have to consider the cost of vehicles, driver salaries, fuel costs, and more. After all of those investments, you may be hesitant to spend more, but the cost of replacing stolen or lost equipment is exorbitant. An asset tracking solution will help you sleep soundly at night knowing that your investments are protected.
Our last post gave you an overview of asset tracking. We described what it is and how it can help your business. Now, we are giving you a list of the top eight signs that you need to invest in an asset tracking solution.
Underutilized Equipment or Assets –Whether you have a large or small fleet, keeping track of your vehicle and asset use is essential to maximizing your profitability. If you have unused equipment you are wasting assets. By keeping track of asset locations and hours of use you can actually maximize your business’ efficiency. Spending excessive amounts of time searching for vehicles or servicing a specific asset can waste money.
In addition to that, if you aren’t aware of the locations of your vehicles or assets like construction equipment you may not have optimized routes.
Stolen Assets – On average $300 million to $1 billion worth of assets and equipment are stolen each year. Of that number only about 20% are recovered. Without asset tracking software it is nearly impossible to recover stolen assets. With an asset tracking software, you can set up a geofence that alerts you when your equipment leaves a certain location and access asset locations from the Silent Passenger mobile application. Stay on top of your expensive equipment by using an asset tracking software.
Lost Equipment – Construction companies tend to have equipment and vehicles spread across multiple job sites. It can be difficult to remember where each asset is at a given time. What if you could minimize confusion and maximize the usage of each of your assets by implementing an asset tracking solution that actually works? Stop wasting time and resources wondering where your equipment is and spend more time running your business efficiently.
Immobile Assets –Do you have assets that don’t move for months at a time? It’s important that you track these assets to ensure that they are not stolen or used without authorization. Non-powered, stationary assets with IntelliShift asset tracking will update once a day sending key analytics straight to your phone or computer allowing you to maintain full visibility of all of the components of your business.
Equipment or Asset Breakdowns –Are you struggling to keep up with maintenance on assets? Spending unnecessary time and money repairing or servicing one asset at a time because you don’t have a system in place to organize maintenance activities? Our asset tracking software can be used alongside our vehicle maintenance module to schedule and track maintenance on not only your vehicles but also your assets.
Billing Issues –Are you having trouble keeping track of who is using your assets and when? Are there discrepancies between the amount of time your employees say they were on a job and when your customer or client says they were there? Asset tracking allows you to monitor usage of all assets so you can bill clients accurately and keep track of employee productivity. This can help save time, money, and increase the productivity of your entire business.
Hours of Service Discrepancies –Are your employees working the entire day? Or are they clocking in and not actually working. Whether they take an extra long lunch break, idle in the parking lot in the morning, or use your vehicle for errands, you are losing money. With asset tracking, you can see when the equipment is in use to get a better sense of when your employees are working. This simplifies the billing process and increases the efficiency and productivity of your fleet.
Increased Fuel Spending –Are you overspending on fuel? Are your employees filling their personal vehicles with your company fuel card? Are they idling excessively during the day? Just one hour of idling burns an entire gallon of fuel. Across an entire fleet that could get expensive very quickly. Even worse are your employees using your equipment or vehicles for errands or personal use after hours? If you don’t have a simple way to keep track of how much fuel is purchased and how it is used, you could lose thousands of dollars a year. Take control of your fleet and your fuel spend with fleet management and telematics software.