Why is GPS asset tracking important for your company?

Asset tracking is becoming increasingly popular. A recent survey of fleet managers reported a 16% increase in its adoption over the past year (1). This rapid growth prompts the question: why is this technology expanding so quickly?

The answer lies in the versatility of asset tracking technology, which can be applied to a wide range of equipment, trailers, and other high-value assets. Industries of all kinds use it to monitor their assets’ location, utilisation, and operational efficiency. Given its many applications across various sectors, it’s no surprise that asset tracking systems are on the rise.

The lack of visibility of valuable assets can negatively impact results, causing chaos for budget forecasts. Additionally, businesses face numerous daily challenges such as safety, operational efficiency, equipment utilisation, and security. By tracking their assets, companies can address these issues. Tracking offers a comprehensive solution to enhance business operations.

Here are 3 ways that GPS asset tracking can effortlessly improve your business: 

1. A fleet manager’s top priority is team safety 

Construction sites are bustling with machinery, equipment, and tools operating simultaneously, leading to a higher likelihood of accidents occurring. According to Eurostat, the construction sector has one of the highest rates of non-fatal accidents (2). Additionally, Eurostat’s latest report revealed that over a fifth of all fatal workplace accidents occur in the construction sector (3).

This is why being able to track how operations are developing in real time can help us to have a detailed overview of what assets and equipment are being used, and if there’s been an emergency and help is required. 

Setting up geofences to define perimeters allows us to monitor which machinery is operating in a specific area. If new machinery enters that zone, we receive an instant alert, enabling us to take immediate action and mitigate the risk of accidents. 

Safety is paramount for fleet managers and having advanced fleet management technology in place can help to proactively and comprehensively monitor the performance of operations to ensure everything runs smoothly and efficiently while at the same time prioritising the safety of every team member. This remains the primary goal and priority.

2. Smart strategies to achieve business excellence

Improving fleet operations involves more than just monitoring day-to-day activities; it requires using advanced GPS asset tracking technology to enhance efficiency and implement cost-saving strategies.

This includes having a comprehensive overview of engine hours, fuel consumption, idling periods, and identifying unproductive equipment. Asset tracking technology helps avoid having to rent equipment unnecessarily and means companies can reallocate underutilised assets and bid on projects more effectively.

By gaining insights into these parameters, you can implement a cost-saving strategy through fuel efficiency coaching, minimising unnecessary idling, promoting safe driving speeds, and fostering a fuel-efficient culture within your business, which is reflected in daily operations.

In this regard, recent research on GPS asset tracking shows that 46% of users were able to improve daily operations and enhance key areas such as:

• 73% reported improved equipment/ trailer utilisation.
• 62% reported improved equipment/ trailer security.
• 47% reported improved safety.
• 43% reported reduced insurance costs.
• 57% reported improved efficiency/ productivity for drivers/workers.

Bonus content. Download your Fleet Technology Trends Report Europe and learn more about how GPS asset tracking can benefit your business.

Here are more ways that users were able to use GPS asset tracking to implement cost-saving strategies:

• In the construction industry, GPS asset tracking decreased fuel costs by an average of 25%. 
• In addition, users also saw an average decrease of 31% in accident costs and a 23% decrease in overall labour costs. 
• GPS asset tracking users decreased vehicle maintenance costs by an average of 21% and saw an average 21% decrease in insurance costs. 

Advanced GPS asset tracking technologies are now essential for businesses that want to remain competitive. These technologies enhance fleet operations by enabling data-driven decisions based on accurate performance metrics, ultimately benefiting your business and bottom line.

3. Protecting your assets means safeguarding your business

Theft of machinery, assets, and equipment is on the rise across all European countries. According to a recent report by the European Rental Association (ERA), the cost of theft to the rental, construction, and agricultural industries amounts to approximately €1.5 billion annually across Europe (4), and these incidents are increasing.

The association also estimated the value of stolen equipment to surpass €500 million per annum (5). They explained that these figures include close to 30,000 units of heavy equipment with an average value of €10,000 per unit (6). The recovery rate is very low and varies from 5% to 20% (7).

In this sense, GPS asset tracking technologies can help protect your assets by setting up geofence alerts that create virtual boundaries around them. If an asset moves, you will receive near real-time notifications, keeping you informed about its status and aiding in the recovery of valuable assets in the event of theft.

The theft of equipment and assets can severely disrupt your workday and prevent you from meeting deadlines. If you own the items that get stolen rather than rent them, this can have a substantial impact on your business financially.

Construction sites have become targets for thieves, making it crucial to protect assets and equipment with GPS asset tracking technologies to mitigate theft risks. It is crucial for fleet managers to implement top-tier technology to safeguard their equipment and assets effectively.

Learn more about how GPS asset tracking can help benefit and transform your business.

Sources EMEA: 

• (1) Fleet Technology Trends Report Europe 2024
• (2) https://ec.europa.eu/eurostat/statistics-explained/index.php/Accidents_at_work_statistics
• (3) https://ec.europa.eu/eurostat/en/web/products-eurostat-news/w/ddn-20231005-2
• (4-5-6-7) https://erarental.org/publications/era-guide-for-theft-prevention/