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Vehicle Asset Tracking and How to Optimise it in Your Business

You’ve invested a significant amount of capital to procure and maintain your fleet, so how do you harness this resource and preserve its value at the same time? The answer lies in vehicle asset tracking. With a formal vehicle asset tracking system, you can make the most of your fleet, protect and safeguard it from theft and loss, and service your customers most effectively.

We look at how vehicle asset tracking could benefit your business and offer some insights into implementing a system.

Vehicle asset tracking: what is it and how does it benefit your company?

Vehicle asset tracking is a solution designed to help companies to track and manage their fleets of cars, vans, trucks, buses, or other vehicles. Typically a vehicle asset tracking system centres around a software platform as well technology like GPS or IoT sensors onboard the vehicle. For large fleets and multiple job sites, it makes accurate tracking and seamless monitoring possible, without the need for significant manual oversight. This means fewer status-check calls to your vehicles, which in turn can minimise driver distractions and boost productivity

Additionally, you could improve your customer service with more accurate arrival-time estimates and better allocation of vehicles to jobs. Such a system could also reduce your insurance costs as your fleet is better protected. Vehicle asset tracking could also prevent theft and loss through deterrence. In the event a vehicle is stolen, you could respond more quickly to recover it. Additionally, by setting up automatic logs and data collection, you could minimise manual updates and paperwork, freeing up your team for other core functions.

1. Use asset tracking software

The most critical thing businesses can do when implementing their vehicle asset tracking is to use a quality asset tracking software platform. An all-in-one, comprehensive solution could offer most – if not all – of the features you’re looking for, and you’ll be able to use the same system to track other assets in your business, not just your fleet. A great software solution incorporates features like assigning assets to users or jobs, as this enhances accountability and transparency. It should also include an asset-details screen providing all relevant details at a glance. Your asset managers should be able to easily view what’s available or in use, and reserve or assign assets for future dates.

SmartAsset’s Tracking Module offers everything you need to track your vehicles and assign them with a reservation schedule. Find out more here or request a trial now.

2. Leverage data to optimise routes and minimise costs

Use your vehicle asset tracking platform to optimise your routes, jobs, and workflows. You can achieve these benefits by collating real-time data on vehicle locations as well as traffic conditions and rerouting drivers responsively. This could allow you to eliminate idling time and delays caused by construction roadblocks, traffic jams, or accidents. Outcomes could include significant fuel savings, operational efficiencies, and higher ROI across the board.

3. Improve driver safety and vehicle security

Your business can use your vehicle asset tracking system to strengthen driver safety and vehicle security. For example, when there’s an extreme weather event, you can track vehicle locations and order diversion where necessary. Moreover, in the event of theft or loss, real-time tracking could let you respond faster for vehicle recovery. You could also set up automatic alerts if a vehicle is detected to leave your premises after hours.

SmartAsset can be integrated with your GPS system as well as IoT deployments. Find out more about our powerful asset tracking module here or request a free trial today.

4. Enhance productivity through smarter management

Your vehicle asset tracking system should allow you to view the movement of all your vehicles on a map in real time so you can assign the closest vehicles to fulfil new orders. Should there be a delay or breakdown, you can quickly reallocate pending jobs to another driver. Underutilisation and over-utilisation could be better managed to support efficient usage and minimise breakdowns, and the usage data can also be used to inform longer term procurement and disposal decisions.

5. Drive better customer service

With real-time location information, you’re able to provide customers with accurate updates about arrival times. As new orders come in, your fleet could respond more promptly as a result. Responsiveness, timeliness, accurate arrival times, and updates if you’re going to be late tend to make for happier customers and provide your business with a competitive advantage.

6. Automate logs

Vehicle asset tracking systems can be set up to automate location and other types of logs. This minimises manual administration and paperwork for your team, and it allows you to automatically track metrics like kilometres travelled, stops, hours, and speeds.

7. Integrate with other applications

Get the most out of your vehicle asset tracking system by integrating it with other applications. For example, you could integrate it with apps like Microsoft Outlook, Excel, and Project to enable streamlined data entry, sharing, and consistency; better planning; and enhanced reporting. This saves you and your team time and ensures you have access to updated and consistent datasets.

Are you looking for an asset tracking platform with Microsoft Office integrations? Check out SmartAsset’s Tracking Module for more information or request a trial now.

Vehicle asset tracking is essential if you have a fleet

Whether you’re in the logistics, car rental, or another industry, a vehicle asset tracking system can boost your fleet’s efficiency. With the right asset tracking software solution, you can track and manage your fleet as well as other assets in your business. These platforms are designed to let you assign users, reserve usage, automatically log data, and generate detailed reports on time. You can use the data to make smarter operations decisions, boost safety and security, and improve customer service and productivity. In turn, you could reduce your operational and financial costs, improve your ROI, and enhance profitability.

SmartAsset is a best-in-class asset management solution, and it incorporates a powerful asset tracking module that supports comprehensive vehicle asset tracking. To find out more about how our module supports transparency, accountability, and streamlined tracking, request a free trial or contact us today.

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