Asset management is the only way an entity can keep profits and operational efficiency high in today’s fast business world. One of the best tools in this direction is GPS asset tracking technology. According to a report by Markets and Markets, the asset tracking market globally is estimated to reach $36.3 billion in 2025, growing at a CAGR of 13.3% during the forecast period 2020-2025.
This growth speaks to the increased adoption of GPS tracking solutions across all industries. A GPS asset tracker can significantly reduce operational costs by providing real-time visibility and data-driven insights. In this blog, we will explore how these devices transform the world of asset management and bring about substantive cost savings for businesses.
What is GPS Asset Tracking?
GPS asset tracking utilises the Global Positioning System technology in identifying and tracking real-time location, status, and position of assets. Asset types tracked include cars and equipment, containers, and shipments.
Businesses can now monitor and track the movement, utilisation, and condition of an asset by fitting a GPS device on the asset, hence asset management and control is enhanced.
How do GPS Asset Trackers Work?
Most GPS asset trackers contain a GPS module, a cellular or satellite communication device, and a source of power. The module captures the signals from the satellites and sends them to a centralised server, where communication devices undertake this function.
Users can track their assets online or with the mobile application, hence monitoring their property in real-time.
Benefits of GPS Asset Trackers
Let’s delve into the key benefits that GPS asset tracker offers to businesses.
1. Enhanced Asset Visibility
The benefit that GPS asset tracking can offer is real-time monitoring of assets. This vision provides the business with a sufficient understanding of where their resources are, how they’re moving, and how well they are being used-the better to allocate these resources accordingly while saving on operational costs.
Such an asset tracker can be very useful for logistics firms in optimising routes, avoiding traffic congestion, and saving fuel.
2. Reduced Fuel Costs
For most companies with a fleet of automobiles, perhaps the biggest expense is fuel. With asset trackers that have GPS, a company can make the cost of fuel cheaper by enlightening their driving behaviours: such as speeding, idling, and ride-on-the-brakes.
3. Optimised Asset Utilisation
Asset tracking with GPS provides rich information for asset utilisation. Businesses can now hence re-allocate resources according to actual requirements.
For instance, when some of the assets are underutilised, an organisation can shift them to places where there is a need and, therefore, extra purchases or rentals are minimised. Optimisation leads to cost-cutting and yields higher ROI.
4. Preventive Maintenance
Preventive maintenance is a part of asset management, and unplanned downtime is expensive. GPS asset trackers measure the condition and usage levels of the assets thus raising alarms when scheduled maintenance has come due.
Preventive maintenance strategy aims at preventing breakdowns, reducing costs for repair work, and extending asset lifespan.
5. Improved Security and Theft Prevention
Theft and unauthorised use of assets leads to very high financial losses. GPS asset trackers improve security based on the location data that feeds into the back-end in real-time, alerts to when an asset moves outside designated areas.
The process is called geofencing; businesses can respond immediately upon theft, thus raising the possibility of recovering the assets and reducing the loss at hand.
6. Reduced Insurance Premiums
Many insurance companies will give discounts to businesses using GPS tracking technology in assets.
Demonstrate through proactive asset management and security that companies take controlling of their assets seriously; thus, additional reduced operating costs come from lower insurance premiums.
Industry Applications of GPS Asset Trackers
Now, let’s delve into the diverse industry applications of GPS asset trackers and how they’re transforming business operations.
1. Logistics and Transportation
GPS asset trackers in the logistics and transport industries offer optimization of fleet management. It has helped organisations track vehicle locations, efficient route optimization for deliveries, and timely deliveries that minimise fuel costs while delivering satisfaction to customers through estimate accuracy.
2. Construction
Construction companies use GPS asset trackers that track heavy equipment and machinery. It tracks the location and usage of the equipment.
Due to this, the company can ensure that no unauthorised usage occurs, carry out planned maintenance, and put forth resources at the right time. All these contribute to proper project management and reduced costs.
3. Manufacturing
In manufacturing, GPS asset tracking is used to monitor the supply chain movement of raw materials and products. With its application, it lowers holding inventory costs, minimises delay, and satisfies delivery production schedules.
4. Healthcare
Hospitals and health care centres track where their medical equipment is located and used at the time by using GPS asset tracking, thereby reducing the losses of machinery, improving asset usage, and making sure that critical resources are available when needed.
5. Oil and Gas
There is the use of asset tracking via GPS in an oil and gas sector, monitoring equipment and people in remote locations. This improves safety, optimises use of resources, and lowers the cost of operational activities because it ensures assets are used optimally.
Future Trends in GPS Asset Tracking
Now, let’s delve into the future trends shaping the evolution of GPS asset tracking.
1. Integration with IoT and AI
For instance, GPS tracking integrated with IoT and AI will further enhance asset management capabilities. AI can forecast when maintenance should be carried out based on usage patterns, yet IoT devices will provide real-time data of the condition and performance of the assets.
2. Enhanced Security Features
With the advancements in GPS tracking technology, there are more advanced security features like tamper detection and real-time alerts on unauthorised movement. These features will improve the asset security lock further and cut down the risk of theft.
3. Improved Battery Life and Connectivity
The advances in battery technology, as well as connectivity, will ensure the GPS asset trackers run for a long time off the reserve power. This will make them suitable for remote or hard-to-reach areas.
Invest in GPS Asset Tracking to Reduce Operational Costs
These devices could help to ensure the operational cost savings and business efficiency due to the fact that they provide real-time visibility, improvement of asset utilisation, and enable preventive maintenance. Do not let assets be liabilities against your business. Invest in a GPS asset tracker now and unlock the full potential of your business operations.
IoT-WorkS offers highly advanced asset-tracking GPS solutions designed with the needs of your business in mind. Contact us to find out how we can help you reduce operating costs and make your asset management strategies work more efficiently.
FAQs
1. What assets can a GPS asset tracker track?
A GPS asset tracker can be deployed on various assets, such as vehicles, equipment, containers, shipments, and personnel who work in isolation.
2. What fuel cost savings are there for using a GPS asset tracker?
GPS asset trackers track driving behaviour, like idling, speeding, and harsh braking, and enable businesses to monitor and improve drivers’ behaviour, thus reducing fuel consumption.
3. Whether GPS asset trackers can be used for preventive maintenance?
Yes, with the help of GPS asset trackers, it is possible to monitor the condition and usage of assets and give early warning messages on the need for maintenance. This enables businesses to adopt preventive maintenance and minimise unre-planned outages.