For many years, companies around the world have been suffering losses due to a lack of intelligent tools to keep watch of their assets and inventories. Thanks to GPS asset tracking and loss prevention solutions, organizations can now monitor and protect their valuable assets 24/7.
What is the importance of GPS asset tracking and loss prevention technologies?
On organizational assets, the benefits are many.
First of all, insurance policies are not reliable contingency plans against losses. Crime is still a problem, even in our modern society. Property theft is a common problem confronting businesses today. Sadly, most insurance schemes don’t usually cover for theft-related losses. In that regard, companies must try to protect their assets by any means they can.
GPS tracking solutions are advanced remote tracking systems (both hardware and software) that use the Global Positioning System (GPS) to monitor assets in real-time.
With these tools secretly installed on your assets, managers can view the locations of all the company’s equipment by logging into a secure web portal, or even a smartphone.
GPS Asset Tracking and Loss Prevention: The Benefits?
The ultimate aim of GPS tracking solutions is to help people keep watch of their assets, cut down losses, and increase their productivity.
Here are the benefits of remote tracking systems for companies.
- Geo-fences Act as Security Barriers
Unsure of what a geo-fence is? It’s a virtual perimeter around a geographical area, typically enforced by monitoring the positions of trackable mobile devices inside or outside the area.
When a company sets up geo-fence for their locations in a particular area, they will receive text messages and email notifications when the Monitoring Center detects any unauthorized movement of vehicles outside the location.
This can help to minimize theft and prevent losses.
- Fleet Optimization
Fleet tracking systems assist companies to optimize the operations of their vehicles. When installed, fleet trackers feed managers with real-time information about engine performance, acceleration, and driver habits.
This means you will get a holistic view of the planned routes, speed, braking, and more events. With this information, companies can properly manage their drivers.
EyeRide is the perfect example of a company that’s the best in the business when it comes to GPS tracking technology for vehicles. Find more information about the offered products.
- Improving Driver Safety
Many accidents can be attributed to human errors made by drivers. If an organizational fleet frequently gets involved in road accidents, the company will suffer huge losses.
There may be lawsuits to settle, properties will be damaged, and above all human lives may be lost or people injured.
The best preventive solution to minimizing accident-related losses is to keep track of drivers.
When you install smart warning systems in vehicles, they will detect reckless driving habits and advise the driver accordingly.
An active communication channel also ensures that managers stay in touch with drivers.
When driver safety is improved, then losses will be reduced.
- Hours of Service
Gone are the days when drivers would work all day long without taking a rest. A fatigued driver is like a ticking time bomb waiting to explode.
When there is no regulation of the operational hours of drivers, that’s when they overwork themselves.
With advanced fleet management software, it’s now possible for managers to set drive time restrictions on vehicles. These will stop drivers from exceeding their drive limits.
- Tracking Small Assets
Some small items are more precious than heavy machines such as cars. GPS technology has evolved into a powerful high-tech tool that’s able to track both small and large assets.
For instance, hospitals cannot afford to lose their essential medical supplies which are usually expensive.
With GPS tracking technology, health centers are now able to properly monitor their medical equipment, keep track of their inventories, and reduce losses from theft.
Mobile phone retailers are another group of small businesses that are very prone to asset losses.
By using GPS tracking devices, retailers can also monitor the whereabouts of their electronics. In cases of theft, law enforcement officers can gather intelligence from GPS tracking systems to hunt down the thieves and possibly recover goods.
Conclusion
The world is better equipped now to fight theft than ever before. That’s partly due to the amazing advances made in GPS tracking technology.
According to an account from the National Insurance Crime Bureau, about $1 billion worth of construction machines is stolen every year across the US.
However, that’s not all the bad news.
In another report from CargoNet, it was estimated that about $30 billion worth of cargo disappears each year without a trace. Here, it’s obvious that thieves are winning at the expense of company assets.
While these losses are sad developments, reliable solutions lie in GPS technology.
Irrespective of the size of your assets, you can leverage cost-effective GPS tracking solutions to clamp down on theft cases, reduce losses, and also improve safety and security in your organization.