Asset Tracking: Importance and How it Works

For transporters and manufacturers, their assets are their most prized possession. This is because it is the one bringing in profits and also conducting business. Their safety is the topmost requirement. For that, tracking and monitoring becomes inevitable and what better than asset tracking software to help? 

Read this article to ensure the safety of your precious cargo!

What is Asset Tracking?

Asset tracking involves keeping track of the position or movement of anything important to a business that is considered an asset. It might be anything, including workers, cars, or consignments.

However, if we are discussing the logistics sector, the shipment and the trucks transporting it will be the assets. Asset tracking can be done via electronic tags that broadcast their location (GPS, RFID, elocks) or by scanning the barcodes or other labels attached to the containers.

The most recent asset monitoring system enables the business owner and management to keep track of the location, condition, fleet maintenance status, and performance of their assets and vehicles. All real-time data is stored in centralised databases that are accessible to supervisors. 

What is the Importance of Asset Tracking?

It goes without saying every transporter or manufacturer wants to ensure the safety of their assets and guarantee on-time delivery. They want to leave no stone unturned to make sure the consignment reaches their location without delay and safely. 

Proof of Delivery

Using an asset tracking system identifies when a shipment or consignment left the warehouse or doc and when it reached its destination or was delivered. 

Asset Information

By having all the necessary data of consignment and fleet in a centralised platform helps in making important decisions correctly and swiftly. Additionally, this helps with asset management. 

Real time Updates

You will receive real-time locational and conditional data about the asset if you have chosen to use asset-tracking software. Even better, it deters theft and improves asset security.

Productivity Analytics

Asset tracking can streamline and spot transportation-related problems before they become more serious. Better resource allocation and planning are made possible by this in operations.

Saves Money

Asset tracking helps you keep your possessions and your money nearby. Because they didn't know where their consignment was, businesses lost much money that could have been avoided. If not handled appropriately, unexpected vehicle maintenance can be a significant financial strain for businesses. But with the right asset monitoring system, all of this may be prevented.

Improved Customer Satisfaction

More business and more profitability are directly related to happy customers. Isn't that the company's tagline? One of the best ways to win your consumers is to promise on-time and safe shipment delivery.

How does Asset Tracking Software Work?

The asset tracking system consists of 4 parts- hardware, cloud server, GPS tracking software and your preferred device. 

Hardware

GPS-Based Asset Tracking

Compact and strong GPS tracker devices relay data using satellites or cellular networks. These portable GPS trackers can be hooked into substantial machinery. However, certain devices that can be tossed into the baggage, consignments or trucks are also wireless. 

Cloud Server

A cloud server is a shared, centralised server that can be accessed by many users and is hosted and delivered across a network. Raw data is processed and saved by servers.

Software

Asset Tracking System

Software for asset tracking compiles the needed data into a single interface. The software eliminates the need for physical copies, paper, or manual spreadsheets. It lets you keep all assets in one location, update their status automatically, and recognise when maintenance is required. 

(Can you picture businesses' challenges with consignments or freight travelling in 50 different directions? Phew! saved)

The program is particularly useful because it raises the bar for tracking. Imagine you had a fleet of trucks (expensive assets) transporting Covid 19 vaccine (valuable and expensive cargo) to understand the power of the asset tracking software used in this example. A logistics business ensures the truck runs well and the cargo arrives at its destination quickly and safely.

With asset tracking software, you get real-time updates on cold chain cargo status like vehicle health to reduce downtime temperature monitoring etc. This helps you visualise where your asset is 24*7.

Your Devices

The system transmits information on your devices like mobile, laptops, tabs, etc where you get access to dashboards, reports and insights. 

Conclusion

It's clear by now how important it is to track your assets, be it fleet, consignment or equipment. That makes investment in good asset tracking software even more necessary. Thai technology will help your business scale.

TrackoBit is the best when it comes to asset tracking, as it is adaptable with 500+ GPS trackers and sensors. 

Schedule a demo now!