In 2020, about 90 million businesses were using vehicle tracking solutions globally. According to a recent study by Juniper Research, this number is expected to grow to 114 million businesses by 2025.
Running a successful business boil down to a few fundamental things. Hiring great people, managing cash flow effectively, and having a great asset tracking system.
You cannot imagine how much money companies save when they choose the right system. More businesses are looking to save on operational costs by using tracking solutions. In 5 years, an additional 27% of businesses will invest in tracking systems.
If you’re wondering whether it’s worth the investment, we put together some of the main benefits you’d enjoy if you decided to take the plunge and secure your assets.
Keeping track of all your assets ensures that you are always informed on what needs maintenance or repairs. By having this information, you will fix any underlying issues and ensure that your business runs more efficiently. An efficient business operation serves the customers better by delivering services on time.
1) save on operational costs
How?-
- a) An automated tracking system reduces business costs by eliminating the need for administrative staff to keep track of the assets. Relying on staff may also be costly due to the risk of human error. Studies have found that ninety-four percent of spreadsheets have errors and this can lead to losses due to misrepresentation of data.
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- b) Tracking the wear and tear of your vehicles or equipment reduces the chances of breakdowns because the tracking system enables you to plan for regular maintenance. Maintenance protects your asset from breakdowns which could be costly for the business to replace.
2) Improve customer service
Keeping track of all your assets ensures that you are always informed on what needs maintenance or repairs. By having this information, you will fix any underlying issues and ensure that your business runs more efficiently. An efficient business operation serves the customers better by delivering services on time.
3) Comply with regulations
For businesses that deal with potentially dangerous equipment, they must keep accurate information on the status of the machines. This information includes maintenance schedules, employees assigned and the length of time the equipment is in use. Using a tracking system makes it easier to keep track of the equipment. All the information about location and maintenance is stored in one location making it easier to access on any device.4) Increase accountability
With tracking technology, keeping your people accountable at all times is as easy as the touch of a button. You’ll know where each piece of equipment or vehicle is located at any given time. For instance, the tracking system will show your fuel consumption, the location of the vehicle, and who’s driving it at any given time.5) Avoid theft
Equipment and vehicle thefts are a major problem in Kenya. Reports show that in 2018, 1370 vehicles were stolen. Tracking solutions help you monitor usage and protect your valuable equipment or vehicles. Through a tracking system, you can track and retrieve any stolen items by getting a real-time alert on the location of your assets. Other issues to worry about include:-
- theft of machinery in warehouses.
- fuel siphoning. – fuel theft is a concern for many fleet managers due to the high cost of fuel. A tracking solution will help you keep track of fuel levels and get instant alerts on drastic changes.
Insightful Article !!