3 Trends Shaping the Future of Asset Tracking

For businesses that prioritize efficiency, security and cost-effectiveness, knowing the precise location and condition of each asset in their fleet is imperative.

High-value assets such as trailers, containers, generators, heavy-duty site equipment, lifting machinery, and even electric vehicle fleets are the backbone of many industries. Ensuring their optimal performance and safeguarding them against theft and misuse are key priorities for fleet managers.

Let’s explore three trends that are shaping the future of asset tracking and how asset tracking solutions can help fleet managers make informed decisions, optimize resource allocation and enhance security.

Enhancing theft protection

Protecting high-value assets against theft has become one of the most pressing challenges facing fleet managers. The theft of valuable shipments and equipment is on the rise, and thieves have become increasingly brave in their endeavors.

In the second quarter of 2023, thieves stole over $44 million in shipments, with the average shipment value per event increasing nearly $100,000 to $260,703 per theft, as cargo thieves focused on high-value shipments. These numbers illustrate the gravity of the situation and the need for proactive measures.

Real-time asset tracking has emerged as a powerful solution in the battle against theft. By equipping high-value assets such as trailers, containers and generators with GPS tracking devices, fleet managers can monitor their locations and conditions with unprecedented accuracy. These devices send real-time data to asset tracking software and provide a comprehensive view of the fleet's assets.

Asset tracking solutions also offer the ability to set up geofences around job sites. These virtual boundaries trigger instant notifications if an asset leaves the site boundaries, granting fleet managers the power to respond immediately to potential theft incidents.

Maximizing asset utilization

Every asset, from trailers and containers to generators, heavy-duty site equipment like loaders and excavators and even electric vehicle (EV) fleets, represents a significant investment for a company. To ensure the highest return on investment (ROI), fleet managers must focus not only on tracking assets but also on optimizing how they’re used.

For fleets using asset tracking, 55% reported a positive ROI in less than a year after implementing the solution. This statistic highlights the transformative impact that asset tracking can have on asset utilization and the bottom line.

Asset tracking solutions have revolutionized how fleets manage their valuable equipment. These solutions provide real-time insights into the status of each asset. Fleet managers can track the movement of assets, monitor their usage patterns and even assess their condition remotely. By gaining a clear understanding of asset location and usage patterns, fleet managers can make informed decisions to maximize asset efficiency. For example, if an asset is found to be sitting idle at one job site while another site urgently requires it, asset tracking enables swift redeployment, eliminating downtime and unnecessary expenses. This reallocation of assets not only reduces costs but also minimizes the need for additional equipment purchases, ensuring that existing assets are used to their full potential.

Asset tracking solutions are powerful tools. They empower fleet managers to make data-driven decisions, minimize underutilization and ensure that each asset contributes to the fleet's overall efficiency.

Transforming processes with digital tools and AI

As businesses strive to stay competitive and responsive, the integration of digital tools and artificial intelligence (AI) has become essential for achieving operational excellence.

Nearly two-thirds (64%) of business owners believe AI will improve customer relationships. This statistic reflects the growing recognition of AI's potential to transform a variety of business processes, including fleet management.

Asset tracking systems, when seamlessly integrated with AI and data analytics, provide a wealth of actionable insights that can revolutionize fleet efficiency. Here are some of the ways these insights will optimize fleet operations:

• Informed decision-making: Asset tracking captures extensive data, including asset location, condition and usage patterns. When paired with AI-driven analytics, this data empowers fleet managers with real-time reports and predictive insights that they can use to make fast, informed decisions.
• Predictive maintenance: AI-powered asset tracking extends beyond routine maintenance schedules. It predicts maintenance needs based on actual asset conditions and usage patterns, allowing proactive scheduling to minimize unplanned downtime and costly repairs.
• Resource allocation: AI analyzes historical data for optimized resource allocation, from asset assignments to efficient delivery routes. This efficiency conserves time and resources, promoting sustainability.
• Enhanced safety: AI enhances driver safety by detecting risky behavior patterns, such as speeding or harsh braking, through asset tracking data. Fleet managers can take corrective actions, such as additional training or safety protocols, reducing accidents and enhancing safety.

Asset tracking solutions, when integrated with AI, enable fleet managers to elevate their operations to new heights of efficiency and effectiveness.

The future of asset tracking

As the future of asset tracking unfolds, businesses have the opportunity to not only adapt to change but to thrive in it. By embracing advanced asset tracking solutions, fleets can navigate the road ahead with confidence, knowing that they have the tools and technology to succeed.

Asset tracking solutions will play a key role in comprehensive fleet management, and they’re essential in facing these three trends head on. Staying ahead of the curve will ensure fleet managers have the visibility and control they need to navigate the challenges and opportunities ahead.