3 Ways GPS Asset Tracking Can Increase Your Bottom Line

Every year, rugged businesses lose millions of dollars to preventable, asset-related causes.

The main culprits? Equipment misplacement, misallocation and theft.

Rising costs related to these issues are pushing companies to find creative ways to stretch their budgets. But doing so only bandages the underlying problem of poor asset management.

To sustainably improve their operations, businesses must minimize their asset-related costs.

Though asset misplacement, misallocation and theft are different issues, there is a silver bullet that addresses them all: smarter GPS asset tracking.

Knowing your equipment’s whereabouts in near real time can not only shrink your monetary losses, it also prevents day-to-day logistical headaches. Just think about all the instances of tight team bandwidth, short asset lifespans, theft and loss that you wouldn’t have to deal with.

Here are three ways the right asset intelligence solution can improve your operations, reduce your costs and increase your bottom line:

Increasing Team Bandwidth

Equipping your team with hardware and software solutions automates a lot of the tedious work that would otherwise eat away at your team’s work schedules. Beyond freeing up employees’ time to focus on more mission critical work, implementing smart tracking solutions also eliminates human error, ultimately improving reliability.

After partnering with Geoforce, a national retailer that sells and rents trailers significantly reduced their manual labor and streamlined their relocation efforts. Without a smart solution, the company’s rent-to-own trailer inventory was easy to lose track of. But with Geoforce, the business is able to centralize their location services to one point of contact at their headquarters, instead of distributing work to each of their locations across the United States.

Reducing asset loss & theft

Misplacing your assets or having them stolen sets you back in more ways than one. Not only do you need to pay the value of the equipment to replace it, you also need to deal with lost rental revenue and the logistical headaches that come with losing equipment. Smart asset trackers make your job easier by alerting you of any unauthorized movement, that way you can prevent loss and swiftly recover your equipment.

A regional dumpster rental company reduced their asset loss after partnering with Geoforce. One of their customers rented 3,000 dumpsters annually for $250 per month per unit. That one customer lost an average of 12 dumpsters to theft each year, costing the rental company approximately $148,500 annually, based on replacement costs and the rental revenue they missed out on.

Extending Equipment Lifespan

Asset trackers also help you predict and prevent maintenance on your equipment to reduce downtime and increase your rental revenue. By better understanding your asset utilization and maintenance, conservatively, you can even extend their lifespan by an average of three to six months.

A global leader in maritime, construction, dredging and marine services lengthened their powered equipment’s lifespans with the help of Geoforce. After tracking 150 of their barges, dredges, cranes, land dozers and excavators across two contents, the company got a clear view of all their assets’ whereabouts. These insights ultimately helped them increase efficiency by 25% and elongated their equipment’s lifespans by as much as 25%.

Track Your Assets & Grow Your Bottom Line

Businesses of virtually every size or model have something to gain from total asset visibility. Optimizing your asset tracking practices — no matter the size of your operations — can reduce your team’s workload and asset turnover, adding to your bottom line.

The Geoforce Platform, combined with our stellar support team, makes tracker deployment seamless. The asset intelligence’s upfront investment ultimately yields a return that makes the undertaking a no-brainer for rugged businesses.

Start tracking your assets smarter. Get a quote today.