What Is Asset Tracking? Importance, Benefits & How It Works

Say goodbye to playing hide and seek with your assets as asset tracking software ensures complete visibility of your consignments in real time.

“Your consignment has reached its destination at 12 pm!.”

A lot goes behind receiving this message.

Asset tracking is the only way to guarantee your assets’ safety and on-time delivery. Otherwise, imagine the stress the manufacturers and logistics companies have to undergo to ensure the safety of consignments. 

We Bet You Didn’t Know! Every Third Tradesperson Has Been Affected By Asset Theft Over the Past 2 Years

What is Asset Tracking?

An asset is anything valuable to a company, and asset tracking is monitoring the location or  movement of that. It could be anything from employees, vehicles or consignments.

But if we talk of the logistics industry, the consignment and the vehicles carrying it will be the assets. Asset tracking can be done by scanning the barcodes or other labels attached to the containers or using electronic tags that broadcast their location (GPS, RFID, elocks).

The latest asset tracking system allows the business operator and managers to be at the top of their assets and vehicles’ location, condition, fleet maintenance status, and performance. Supervisors have access to all the real-time data in centralised storage. 

Why is Asset Tracking Important?

This goes without saying that every fleet owner or manufacturer wants to ensure the safety of their asset and on-time delivery in the logistics industry. They are willing to leave no stone unturned to guarantee this, hence indulging in asset tracking.

Proof of Delivery: This court demands proof (just kidding). Asset tracking can identify when a shipment is delivered and gives companies peace of mind.

Asset Information: Our business is our business. None of your business. Having all the required consignment data in one place or at your fingertips is a bonus. This helps with asset management as well.

Real-time Updates: Don’t let out of sight, out of mind, be the case with your consignment. If you have decided to use asset tracking software, you will get real-time locational and conditional data on the asset. This even enhances asset security and prevents theft.

Productivity Analytics: Asset tracking can streamline and identify issues in the transportation part that might balloon into a bigger problem ahead. This facilitates better planning and resource allocation in operations.

Saves Money: Keep your asset close and your money closer with asset tracking. Businesses lose piles of money that could be saved because they had no idea where their consignment was. Unexpected maintenance in the case of vehicles is a substantial financial burden for companies if not taken care of properly. But it all can be avoided with a proper asset tracking system. 

$708M worth of vehicles are lost each year on average.

Improved Customer Satisfaction: Happy customer equates to larger profits and more business. Isn’t that the entire business motto? Guaranteeing your customers on-time and safe consignment delivery is one of the best ways to win their hearts.

What Assets Should You be Tracking?

There is no restriction on the assets you can track. It can be as small as your luggage to expensive cargo and equipment. But since TrackoBit is a fleet/logistics tracking company, we speak with a voice of expertise in this field.

You define the asset, and we track it.

Tracking Vehicles or Shipping Containers

If you have to track your fleet (trucks, trailers, etc.), using a GPS-based telematics system is best. The reason is that you will be getting much more than real-time locational data, as the system even helps with asset/fleet management processes through fuel management solutions, maintenance, etc.

Tracking Machinery and Equipment

In the construction, mining and similar industries, it is common for firms to hire expensive equipment for rent. Tracking forklifts or other handling equipment is crucial to know their location in real-time and find optimisation opportunities like adjusting routes and detecting underutilised equipment. Asset tracking also helps with tracking service hours to calculate billable hours.

Employee Tracking

Your employees are your asset, and tracking them becomes increasingly important when employing field employees. Tracking them is done to ensure that they are being productive and using their work hours optimally. Their tracking is done through mobile tracking.

How Does an Asset Tracking System Work?

The asset tracking system consists of 4 parts- hardware, cloud server, tracking software and your preferred device.

Hardware

• GPS-Based Asset Tracking

GPS tracker devices are compact yet powerful devices that transmit data through cellular networks or satellites. These mobile GPS tracking devices can be hardwired into large equipment. But some devices are also wireless, which can simply be tossed into the cargo. 

Cloud Server

A cloud server is a pooled centralised server that is hosted and delivered over a network and can be accessed by multiple users. Servers process and store raw data.

Software

• Asset Tracking Software

Asset tracking software delivers the desired information into one interface. The software eliminates reliance on hardcopies or paper or manual spreadsheets. It allows you to keep all assets in a single place, automatically update their status, and detect the need for maintenance. 

(Can you imagine the difficulty of companies who have cargo or consignments going in 50 different directions? Phew! saved)

The software is especially helpful as it elevates the level of tracking. To understand the power of the asset tracking software in this example, imagine you have a fleet of trucks (expensive assets) carrying Covid 19 vaccine (important and expensive cargo). A logistics company must ensure that the vehicle operates optimally and the cargo reaches the destination safely and timely.

With asset tracking software, you get real-time updates on cold chain cargo status like vehicle health to reduce downtime, temperature monitoring etc. This helps you visualise where your asset is 24*7.

Your Devices 

The software transmits data onto your preferred devices like mobile, laptops, tabs, etc,  where you are presented with dashboards, reports, insights into the location of the asset and operational details. 

Benefits of Asset Tracking Software

Why should asset tracking be only about tracking when it could be so much more with an asset tracking system?

Real-time Equipment Tracking

For organisations to see where their equipment or assets are in real-time is essential to ensure the smooth running of operations. Real-time data has a big role to play in this.

Improving Process Efficiencies

Workflow optimisation will help the business cut back on time and money. Knowing the location of the consignment and fleet management helps reduce search time and speed up the order delivery to clients. 

In case of the disappearance or loss of an asset, the software provides the location of the lost asset. The real-time location system eliminates downtime and allows your team to work efficiently.

Loss Prevention

There is a considerable distance and time between the warehouse or the fulfilment centre to the client’s location, increasing the chances of the shipment getting lost. Costing the company money and reputation.

But with the system in place, the chances of theft or loss reduce considerably as there is complete visibility. This will increase customer trust and improve customer service.

Automated Data Collection

In big firms or organisations, manually collecting and managing data is impossible. Even small companies should not indulge in the traditional method as it is a productivity killer.

But the software automates data collection and sorting, freeing employees to concentrate on other aspects of the operations. 

80% of employees waste an average of 30 minutes per day retrieving information.

Intuitive Reports and Auditing

Implementing asset tracking software provides real-time reports and access to metrics from anywhere worldwide. The software gives a holistic view of the vehicles’ quality, location and health. Thanks to asset tracking technology, companies can access all these vital reports in a few clicks. 

What to Consider When Choosing the Right Asset Tracking Solution

Look for your choices, pick the best one, then go with it. – Pat Riley

You are the choices you make, and we are hoping you make the best ones because- you are the best! 👍

Just to help you make your decision easier, we have listed someone of the crucial elements to look into when choosing and investing in asset-tracking software. 

Customisability and Integration

Ensuring that the solutions offered are well suited to your needs. And to further mould the system according to your requirements, it’s best to go for customised software.

Ability to Track Vital Parameters

Beside communicating real time locational data, it should be able to monitor other crucial factors as well:

• Asset Temperature (cold chain monitoring)
• Traffic and road conditions
• Fleet health
• Asset out of bounds
• Other aspects of the operations

Notifications and Reminders

A great asset tracking solution will always help you maintain vehicle health through timely maintenance reminders, preventive maintenance. And even greater software is that which offers a bundle of custom notifications and reminders. 

Businesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them.

Security

It goes without saying that the software you choose would have a robust security layer so that no data is compromised. This includes controlling access to data, cloud storage, and viewing and editing permits. 

As of 2015, 25% of the global data required security but was not protected. That number is projected to increase to 45% in 2025

Cloud-Based

Cloud storage is the need of the hour and the industry as it will allow remote access to data from any device. Keeping a backup allows you to easily restore data in case of a mishap.

Technical Support

No asset tracking software should be a one-and-done system. The provider should be offering an efficient support system to help you resolve glitches in the system.

Ease of Use

Getting a free trial or demo is a great idea to get the hang of the software, test the interface, and determine its ease of use.

Pricing

The software of your choice, most importantly, should be adaptable to the futuristic technology and growth of the company. The best choice would be a customisable white-label asset tracking software that does not drill a hole in your pocket. 

Asset Tracking on Steroids

Clearly, asset tracking is crucial not only for the logistics industry but for all organisations that are constantly relying on fleets to transport their products. If you have still not invested in one, we can’t wait to tell you what you might be missing out on. 

To easily track your assets, you will require a robust system that is adaptable to various technologies and cumulatively allows you to track your cargo in every corner of the world.

Oh wait, this sounds familiar! 

It sounds like – TrackoBit, aka your, destine asset tracking software!

Schedule a demo now!