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Fleet asset management: Optimize the use of the assets in your fleet

Fleet managers select, use, oversee and remarket their fleet of vehicles and various equipment assets. These managers can also be responsible for non-fleet equipment and infrastructure.

Fleet assets can be a significant component of an organization’s total net value, and these assets represent a large part of the entire organizational operating expenses. How sufficiently all these assets are managed can profoundly affect a company’s profitability.

If you want to see our fleet management software for yourself, you can get your demo here.

 

What does fleet asset management mean?

Fleet asset management is similar to fleet management, yet it concerns all assets across the entire organization, from buildings to machinery, vehicles, and equipment.

By taking on the management of assets and fleet vehicles, you will be able to tie all of the operational building blocks of your business together, creating more efficiency and coherence. Effective asset management can help you meet your goals, reduce expenses, meet customer requests and increase your overall daily efficiency.

A fleet asset manager’s primary function is to monitor and maintain the assets in your fleet. An asset manager will also develop a practical fleet asset management plan to efficiently and cost-effectively operate, maintain, upgrade and dispose of your assets whenever required.

In addition, fleet asset managers also play an important role in utilizing telematics to streamline a company’s overall business plan. Also, this means that the fleet management strategy aligns with the business plan.

 

The importance of utilizing fleet asset management for businesses

Checking asset management solution to improve business

If you worry about the costs of your fleet operations, a fleet asset management solution is what you need. You can keep track of all your assets and get better insight into your expenses and how to reduce them.

An established fleet asset tracking system helps you effectively organize your vehicles and other fleet assets. It delivers you the information and processes needed to develop a centralized system to manage all of your fleet operations.

Some of the primary benefits of fleet asset tracking include:

Reduce Risk

With better visibility, the risk of an asset getting lost or stolen drops significantly. Warnings and alerts allow you to replay asset movements and distances traveled. This knowledge helps you reduce the cost of replacing lost assets, and it can also save you money on insurance.

Increase Revenue

With the location and availability of an asset, you can improve your overall asset planning, utilization, and productivity. You will know which assets are overused and which can be used more optimally. You can also ensure that the correct assets are at the right sites. With the live tracking feature and various reports, you get all the insights you need to improve your scheduling.

Minimize Costs

Our asset tracking solutions are easily implemented, requiring little-to-no upkeep. The batteries offer a long lifespan and no maintenance with the battery-operated devices. This means your costs to locate assets can also be reduced.

Streamline Operations

With fleet asset management, you get the functionality to manage the different elements of your asset’s day-to-day operations. All your asset information is kept in one place to give you an overview of asset details, services, licensing information, and fuel consumption. This makes it easy to determine when to schedule maintenance, which assets use too much fuel, and much more.

See the asset tracking software solutions from Trackunit

There are multiple perks to using asset management software to give you an overview of your fleet. From GPS location and improving maintenance schedules to understanding asset utilization and eliminating downtime, you will gain a substantial advantage over your competitors who have not yet adopted telematics.

By implementing telematics on your fleet and using asset tracking software to leverage the collected data, you can make your processes more efficient while also increasing the value of vehicles and construction equipment. See our services here.

Furthermore, fleet management systems, telematics, asset tracking, and IoT are all intertwined. Telematics mostly gathers data from sensors on trucks and transmits it to the command center. However, IoT exceeds the use of vehicles and equipment. It deals with sensors on vehicles and the entire ground staff in fleet hubs, therefore giving you the full overview of every asset at your disposal.

Want to know more about IoT in construction?

Contact our experts today.

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