Asset tracking vehicle theft prevention and recovery

The theft of assets, equipment and vehicles, whether powered or non-powered, is a growing concern. According to the Housing Industry Association “millions of dollars in tools, equipment and materials are stolen from construction sites every year in Australia.” (1)

According to research from Webber Insurance “it’s estimated that $650 million of high-cost construction machinery is stolen from work sites around Australia every year” (2) and ” less than 25% of stolen construction equipment is recovered each year.” (3)

Equipment, trailer and asset theft comes with a hefty price for fleet managers, making robust security measures and implementing effective tracking systems critical to mitigating losses. Implementing GPS asset tracking can support theft prevention programs and assist with the recovery efforts when theft happens.

Theft prevention with GPS asset trackers

Fleet managers are responsible for keeping track of vehicles and drivers as well as the necessary equipment for daily operations and of course, the cargo. GPS asset tracker anti-theft devices can prove invaluable for fleets that manage a variety of trailers, equipment, vehicles and valuable assets. By using tamper-proof equipment asset trackers, fleet managers can remotely locate and manage valuable items like generators, equipment, assets and other.

A discreet GPS tracker for assets utilises a small, mountable battery-powered unit to monitor the location and status of equipment throughout the day. These also give fleet managers a greater depth of data in addition to their existing telematics system. Fleet managers can utilise equipment asset trackers to benefit their day-to-day operations by:

• Gaining location visibility on valuable assets alongside fleet vehicles using an asset tracker device for heavy equipment. 
• Creating geofences with custom, virtual perimeters to see job site visits, duration and asset use frequency.
• Monitoring shipments to give customers prompt updates on location and delivery ETAs.

Furthermore, fleet managers can educate their drivers and field workers on some basic tips to help them reduce the likelihood of asset, cargo or vehicle theft:

• Always lock vehicles.
• Securely padlock trailers, cargo, or heavy equipment.
• Avoid parking or leaving assets in remote areas whenever possible.
• Opt for well-lit parking areas equipped with security cameras or personnel.

How setting Geofences can notify of theft and unauthorised use quickly

Telematics, particularly GPS geofencing, can significantly aid in combating theft or unauthorised usage of powered and non-powered assets. Fleet managers can draw virtual boundaries around job sites, businesses, residences or any physical location on a map, allowing them to continuously track company assets and vehicles, and exit and entry into these locations. Improved location reporting and flexible ping rates provide valuable insights into the whereabouts and usage patterns of trailers, containers and other assets. 

If assets or vehicles are being used outside of work hours or if equipment is taken to unauthorised locations, managers receive a near real-time alert. A customizable alert can be sent straight to a mobile device about activities like:

• Location within/outside of geofence location
• Ignition/idling
• Inactivity
• Late start
• Entrance and exit events
• Sensor activation 

To enhance security for equipment that should remain stationary, like trailers or cargo, managers can create virtual perimeters around the equipment, triggering alerts whenever a piece of equipment is moved.

Learn more about how using Verizon Connect’s GPS tracking system to manage your powered and non-powered assets can help you keep your valuable assets safe while simplifying your day-to-day operations and positively impacting your bottom line.

Locate assets with near-real time GPS theft recovery devices

As important as it is to protect against asset theft or unauthorised use, asset and vehicle tracking software can also act as a means to recover stolen equipment or vehicles. Asset trackers can act as a theft recovery device by providing near-real time location and are designed to be discreet to help reduce the likelihood of perpetrators tampering with them. 

The near real-time alerts delivered from a GPS tracker for equipment allow fleet managers to notify law enforcement of unauthorised use or suspicious movement as soon as possible — speeding up asset recovery. Police can be quickly provided with critical applicable information, such as a licence plate number, vehicle identification number (VIN) or description.

Anti-theft devices can help reduce insurance claim costs

Given today's inflated insurance prices, keeping insurance costs under control is vital for businesses. Many major insurance companies may provide a discount for having a GPS tracking system in place. 

Using GPS asset tracking to help mitigate theft and to help increase the likelihood of stolen asset recovery can help reduce total loss claims – saving both you and the insurance company money and benefiting your bottom line. 

To get a detailed walkthrough of how asset tracking technology can benefit your organisation, schedule a demo.

Sources: 

• (1)https://hia.com.au/resources-and-advice/managing-your-business/dealing-with-contracts/articles/reducing-theft-on-construction-sites
• 2)https://www.webberinsurance.com.au/building-for-the-future-construction-plant-equipment-insurance
• (3https://midlandinsurance.com.au/tips-on-securing-your-work-tools/