There are more than a handful of asset tracking solutions on the market. Fleet managers who are searching for an asset tracking solution have a lot to consider in order to invest in the best solution for their operations. These solutions can be costly, so if you choose the wrong one, you are wasting a lot of money. To avoid making this mistake, there are a lot of questions you need to ask yourself to determine what you need out of an asset tracking system so you can use those answers to identify the best solution for your company on the first try. Do you know what factors to consider? If not, we’re here to help you out.
Increase Your ROI by Investing in AirFinder Everywhere
- Loss Prevention. Reduce the amount of loss that occurs during the supply chain process
- Location Coverage. AirFinder Everywhere uses a combination of GPS, Cellular, and WiFi to determine location everywhere
- Security Alerts. Know when a delay in shipment has occurred so the problem
can be addressed immediately.
Is the Solution Meant For Commercial Use?
The Apple AirTag has brought the benefits of asset visibility to the forefront of fleet managers’ minds. They have found success using a tracking device in their personal lives and want to find the same success at a commercial level. This often leads to attempts to use the familiar AirTag devices at the commercial level. Very quickly, however, fleet managers discover that this is not the best solution option for logistics operations. The AirTag was created to help individuals find nearby small assets like keys and wallets, not to be a commercial asset tracking system spanning across large sites or miles of roads. It’s important to choose an asset tracker that was developed to be used at a commercial level, because it will have capabilities specifically tailored to those needs that personal tracking devices don’t usually require. Choosing a solution that was made for your type of company is the best decision to make so you can truly find success in your investment.
What Technology Does the Solution Use?
There are various technologies that are used to determine the location of assets. The most common one is GPS. While this technology provides high accuracy, it uses a lot of battery. Another option is WiFi sniffing. This technology determines the location of an asset based on how close it is to a WiFi router. It doesn’t connect to the router, so you maintain security, and it uses less battery life than GPS does. Cellular is another popular choice since it determines location based on the nearest cell tower. Out of those three technologies, cellular provides the least accurate location. Depending on the accuracy you need, you might choose one technology over the other. Battery life is a huge factor too. These two factors often affect one another so you might think you have to compromise either accuracy or cost, regardless of the solution. This is a false assumption. By strategically utilizing a combination of all three technologies, our asset tracking software ensures that you can get the accuracy you need without sacrificing battery life.
What Level of Accuracy Does the Solution Provide?
How accurate do you need the location of your assets to be? Do you just need to know which warehouse they’re parked at or do you need to know the specific location of it? Your answer will help determine what technology to look for in the asset tracking software you’re evaluating. We already walked through the accuracies of the most common technologies in the above paragraph. If you don’t evaluate the level of accuracy you’re getting from the solution before you make your purchase, you may be frustrated to find out you choose one that isn’t accurate enough for your needs. You also don’t want to overspend to receive a higher accuracy if you don’t actually need that level of granularity.
Does the Solution Provide Asset Condition Information?
Do you just need to know the location of your trailers and assets or do you also need condition information? If you’re transporting climate-sensitive assets, chances are, you want to monitor the temperature or humidity levels in your trailers. These environmental conditions impact the safety of sensitive cargo like food and beverages. If they aren’t kept in a safe environment, they run the risk of spoilage and waste. With an asset tracking solution enabled with condition monitoring sensors, you can establish a safe range for the temperature to stay in. If there is a breach, you will receive an alert immediately so you can fix the problem before spoilage occurs. There are also asset tracking solutions that monitor shock and acceleration. This information provides insight into driver behavior and road conditions. This is important because if there is a significant level of shock, cargo can be damaged. You want to be alerted if damage takes place so the proper steps can be taken. For instance, if damage is commonly caused by a pothole on a given route, fleet managers are able to detect the correlation and make route adjustments to keep their cargo safe.
Does the Solution Have Reporting Capabilities?
If you’re investing in asset tracking technology, chances are that you don’t want to just collect the data, you want to put it in an easily digestible report. Reporting serves as the backbone for informed decision-making and operational efficiency. Through comprehensive reporting, organizations can gain valuable insights into usage patterns and asset management. By documenting key metrics, reporting enables fleet managers to optimize resource allocation. Reporting also facilitates compliance with regulatory requirements and industry standards by providing transparent documentation of asset-related activities for third parties. Whether it's for auditing purposes, financial reporting, or performance evaluation, accurate and timely reporting ensures accountability and transparency across the organization. Reports provide stakeholders with actionable intelligence to make data-driven decisions, whether it's optimizing asset maintenance schedules, reallocating resources, or forecasting future asset needs. Reporting stands as a cornerstone of effective asset management, enabling companies to unlock the full value of their asset tracking system.
What Business Value Does the Solution Provide?
If your asset tracking solution doesn’t provide your business with value, then it is a wasted investment. When evaluating different solutions, you need to determine what you will gain from your investment. If you struggle with underutilized trailers, will you increase trailer utilization? If you want to reduce loss and theft, are you provided with real-time tracking for recovery or alerts for tampering? Whatever problem you’re trying to solve, you need to make sure the solution will help you solve that problem the way you need it solved. There are many solutions available that are one-size-fits-all, but your company isn’t like everyone else. You need to select a solution that is tailored to your individual needs and circumstances. Ask each solution provider what value you will see should you choose to invest in their solution. The right provider will ensure their solution will truly help you solve your problem. If it’s not the right fit, they should be honest. Determining the business value of the solution you’re evaluating will help you to narrow down asset tracking solutions between all the available choices.
Will This Solution Integrate With Your Existing Systems?
If you’re a fleet manager, your company likely uses some form of telematics in your trucks. An asset tracking solution won’t replace your telematics system, it will enhance it. The best way a solution can enhance your telematics system is by integrating with it. When the two integrate, all data is collected and stored in one area. This makes it easy to access every piece of information in one place. You can also have more detailed reports since everything is taken into consideration when building reports. If the asset tracking solution doesn’t integrate with systems you already have in place, it will be more work for you to collect and combine the data that you need to make decisions. Integration may seem like a small feature to consider, but the impact it would have on your company would be big.
Is There Scalability?
There are two elements of scalability that are important to consider: whether the solution enables you to expand your business and whether you can expand the asset tracking capabilities as your needs expand and evolve. The most important piece is expanding your business operations. How will the solution you invest in impact your overall business operations? For instance, the asset tracker should reduce loss of assets. Instead of spending money on replacing what you’ve lost, you can make investments that will improve operations and expand the company as a whole. It’s also important to choose a solution that has the ability to scale as your company grows or your needs change. For example, if you use the solution to initially help you prevent loss, you might want to expand the use of the solution to solve other problems you face. It might be helpful to evaluate if the solution you’re investing in has the ability to track both indoors and outdoors. While this may not seem important for your current goals and priorities, this flexibility might become essential as your needs change, so it may not be a bad idea to keep the door open. Maybe you won’t ever need it yourself, but maybe another branch in your company could benefit. Using the same solution across the entire company makes it easier for executives to evaluate everything at once and make strategic decisions.
Will Using This Solution Provide ROI?
Investing in an asset tracking system that promises a ROI is a strategic decision essential for businesses relying on trailers for logistics operations. Such a system offers numerous benefits that directly contribute to cost savings, operational efficiency, and improved customer satisfaction, thus fueling a strong ROI. Firstly, by providing real-time visibility into the location and status of trailers, fleet managers can optimize routing, minimize idle time, and reduce fuel consumption. This enhanced efficiency leads to lower operational costs and increased productivity. Additionally, asset tracking helps prevent theft and unauthorized use through geofencing and alert functionalities, thereby safeguarding valuable assets and reducing insurance premiums. Moreover, with detailed data on trailer utilization and maintenance schedules, fleet managers can optimize fleet size, streamline maintenance processes, and prolong the lifespan of trailers, resulting in significant long-term cost savings. The data insights generated by these systems also enable fleet managers to identify inefficiencies and make strategic decisions leading to ongoing improvements and increased competitiveness in the market. If the solution provider you’re evaluating can’t show you the ROI you’ll receive by using their system toward these or other benefits, you need to find one that will. These systems are an investment, so you need to choose the one that will be worth your money multiple times over.
Are You Ready To Start Your Search For The Best Asset Tracking Solution?
Navigating the myriad of asset tracking solutions available on the market demands a discerning eye and a strategic approach. By carefully evaluating factors such as technology, customization options, and ROI potential, companies can make informed decisions that align with their unique needs and objectives. Ultimately, the right asset tracking solution will empower you to ultimately drive growth and profitability in an increasingly competitive landscape. Our asset tracking solution, AirFinder has been the right choice for other companies and we believe that we could be the right choice for you too. Learn about the business value you’d gain from using our solution by booking a demo with our team of experts.
