It wasn’t so long ago that the only way to track assets was with the help of a pen and paper. Over time it’s become clear that manual asset tracking causes more problems than it solves. Especially in this era of automation. Problems like time wasted and inefficient record storage set companies behind their peers who embrace technology.

Though many businesses have shifted to recording asset tracking details in spreadsheets, it still calls for manual data entry. And that leaves room for error.

Most industry standards have evolved to the point where automation is necessary. By using cloud-based asset tracking to keep accurate records, companies can benefit from accurate, real-time data. Automated asset tracking systems use barcode labels and GPS tags to trace the location of each asset. It eliminates the need for manual data entry and ensures the accuracy of asset records.

Let’s take a look at what asset tracking is in the fleet management industry, how asset tracking works, and some of the benefits of asset tracking for fleet managers.

What is asset tracking?

Asset tracking is the method of tracking physical assets. You can track assets by scanning labels attached to assets, or by using GPS or RFID tags that broadcast location. Assets are defined as anything valuable that an entity owns, benefits from, or uses in the process of generating income. Assets are often confused with inventory. They’re not the same. Inventory refers specifically to items that are intended for sale or distribution.

In fleet management, asset tracking allows fleet managers to monitor the location, status, and maintenance schedules of their equipment and trailers.

How does asset tracking work?

Asset tracking allows companies to access information about each individual asset. The information includes an asset’s location, the individual in possession of it, when it will reach its destination, and which maintenance or certifications are out of date.

Managing and tracking assets has been a pain point for companies of all sizes. Being able to access information about assets digitally allows companies to be more efficient and profitable. It also extends the lifespan of the asset and maximizes its usage.

Asset tracking allows companies to identify underutilized assets, perform regular maintenance to prevent costly repairs, and sell assets that are no longer valuable. Asset tracking allows companies to know where their assets are at all times. That eliminates time spent looking for assets and prevents theft and misuse.

Understanding asset tracking with GPS

To identify the location of a piece of equipment, use GPS tracking for assets. GPS tracking for assets allows companies to locate equipment in the event it has been reported lost or stolen. It also allows companies to ensure that each asset is located exactly where it’s supposed to be.

In the past, companies relied on manual methods of asset tracking, isuch as hand counting, paper logs, and spreadsheets. The result was hours of wasted time trying to locate assets. And money lost from under-utilized assets. Manual methods also meant that assets that were lost or stolen might never be found. There was no way to trace them.

In today’s world, cargo and asset theft is rampant. In 2019 alone, cargo theft amounted to a loss of nearly $139 million, with only $3.8 million recovered.

The benefits of asset tracking

Asset tracking enhances every aspect of equipment management. It gives you the opportunity to lower your costs, optimize asset utilization, and reduce time spent on administrative duties. It also improves overall fleet efficiency and increases productivity.

Asset tracking relies on telematics. Telematics is the process of transmitting information remotely over long distances. By transferring data remotely, telematics helps companies with all the items below.

  • Greater visibility in operations management
  • Geofencing to deter theft and unauthorized use
  • Simplifying business workflows
  • Reducing costs

Managing a large number of assets is complex and can be difficult for companies. Especially when it comes to managing assets consistently over a long period of time. Having a complete asset management system in place benefits companies. It allows them to save money, make their work life easier, deter theft, and prevent equipment malfunctions.

How is asset tracking used?

Tracking trailer fleets with GPS helps streamline operational functions, including dispatch and workflow and asset tracking. That means you can run your business more efficiently and profitably.

To realize the full value of tracking trailer fleets with GPS, you’ll need best-in-class hardware and software. Motive uses an Asset Gateway device that’s attached to the equipment. Solar- or cable-powered, it includes a powerful battery life to ensure continuous operation. Once attached, the Asset Gateway can collect and relay the location of the asset and equipment drops.

The information is then relayed to fleet managers and dispatchers who want to:

  • Know the exact location of an asset
  • Know whether or not equipment is stationary or moving
  • Detect theft or unwanted equipment use
  • Monitor maintenance needs
  • Find underutilized equipment
  • Streamline dispatch and project management

Using Motive for asset tracking solutions

Utilizing the best asset tracking software is the key to streamlining your asset tracking process, consolidating your operations, and maximizing asset usage. Motive’s asset tracking solutions allow you to

  • Track everything in one place: Get visibility into both live or historical trailer or equipment locations to help eliminate yard hunts, track usage for mileage-based maintenance, and prevent theft or misuse.
  • Track performance against delivery schedules: Strengthen your customer relationships by giving them a heads up on your status with automatic geofence alerts.
  • Decrease detention times and improve efficiency: Keep your trailers and equipment 100% utilized with location-specific notifications, and rich insights to increase profitability.
  • Catch theft or misuse: Draw virtual boundaries around any geographical area and get notified when a trailer crosses a geofence to avoid unauthorized use or theft.

Request a demo today to see why Motive was selected as a Category Leader in GPS tracking software by Get App.