{"id":2237,"date":"2020-01-24T16:22:55","date_gmt":"2020-01-24T16:22:55","guid":{"rendered":"https:\/\/quicktransportsolutions.com\/blog\/?p=2237"},"modified":"2020-01-24T16:22:57","modified_gmt":"2020-01-24T16:22:57","slug":"does-your-fleet-need-an-asset-management-solution","status":"publish","type":"post","link":"https:\/\/quicktransportsolutions.com\/blog\/does-your-fleet-need-an-asset-management-solution\/","title":{"rendered":"Does Your Fleet Need an Asset Management Solution?"},"content":{"rendered":"\n

When it comes to trucking and transportation companies<\/a>, what goes on in the office is important, but there is another expense that should be considered. Fixed assets, such as vehicles or machinery, make up a large percentage of a company\u2019s budget. Monitoring and managing them effectively is crucial to ensure that those expenditures are not a waste. Despite the burden of depreciation that is attached to such assets, their value lies in how they assist in generating income years into the future.<\/p>\n\n\n\n

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We have been talking a lot about technology lately, and the\ndifferent ways fleets can use it to their advantage. Asset management software\nis one example of a tool that can help you easily oversee all of your assets.\nOn the surface, it might appear as though this type of software only tracks and\nlocates assets with the main benefit being security. However, this is merely\nthe tip of the iceberg. Asset management software has a myriad of benefits that\nmay not be immediately apparent but provide equal value to any fleet manager.<\/p>\n\n\n\n

But what are all the benefits of asset management software? Let\u2019s\nexplore what these benefits are so you can start taking advantage of them sooner\nrather than later. You don\u2019t want to leave tools like these on the table. <\/p>\n\n\n\n

What is Asset Management?<\/strong><\/p>\n\n\n\n

First, it is important to describe what asset management is.\nOn its face, it sounds like a simple concept. When in fact it represents a\nsystematic approach to managing tangible assets, whether individually or within\nan organization. From procurement through to selling or disposal, there is a\nspecific life cycle that assets go through. Asset management helps you to\nessentially manage that life cycle. <\/p>\n\n\n\n

The term is commonly used in the financial sector but\ntranslates to business as well. Trucking companies, for example, have lots of\nfixed assets that go through a life cycle. Companies are always looking for\nbetter and more efficient ways to manage and make use of the assets they have. <\/p>\n\n\n\n

Better Inventory Management<\/strong><\/p>\n\n\n\n

Asset management software can help companies keep track of\ninventory, no matter where the assets are located. Many asset details,\nincluding the brand, type, purchase date, current location, movements and,\nservicing and licensing information, can be stored. This automated data\ncapturing process takes away the need for manual entry, thus lessening the\npotential for errors.<\/p>\n\n\n\n

When auditing season rolls around, you have all this asset\ninformation at the ready to hand over to the auditors, making the whole process\neasier for you and them. What\u2019s more is that asset information can be made\navailable online so that those who need it most have instant access. This same\ninformation can be placed into automated reports for after-the-fact analysis.<\/p>\n\n\n\n

Maintenance and Service Scheduling <\/strong><\/p>\n\n\n\n

Asset management software can be used to set up maintenance\nand service reminders. These types of reminders help you be proactive and\nreduces the risk of unplanned breakdowns. Unplanned breakdowns can hinder your\nteam\u2019s productivity and potentially cost you money due to missed production\ngoals. Furthermore, maintenance and service reminders can extend the life of\nyour equipment and reduce overall repair costs.<\/p>\n\n\n\n

Compliance<\/strong><\/p>\n\n\n\n

Setting up licensing and certification reminders with the\nhelp of asset management software can ensure that you always meet compliance\nrequirements. You avoid potentially incurring fees for operating with expired\ndocumentation. Also, if your assets are out-of-date due to oversight, they\ncannot be utilized until renewals are done. This can result in unnecessary\ndowntime, hurt your rate of production, and put a dent in customer and partner\ntrust.<\/p>\n\n\n\n

Fuel Usage<\/strong><\/p>\n\n\n\n

Fuel costs often take up a large percentage of a project\u2019s budget. And with fuel costs ever rising, it\u2019s easy to see how strictly managing your fuel usage can be advantageous. Asset management software gives you the ability to log your fuel usage. Aside from this feature saving you money, it can offer you many other (perhaps lesser known) benefits.<\/p>\n\n\n\n

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When you purchase a piece of equipment or apply changes to\nan existing asset, fuel usage monitoring can help you see whether it is performing\nbetter or worse than before. You can, for example, establish whether fixing a\nproblem or performing maintenance on a machine has an impact on fuel usage and,\nthus, running costs.<\/p>\n\n\n\n

Monitoring fuel also reduces the potential for theft. Over a\nperiod, you will build up a sturdy database of fuel-related information. Using\nthat information, you will be able to see how much fuel is used on average by a\npiece of equipment. Should fuel expenditure increase rapidly for no reason, it\nmay be an indication of fuel theft. Or, should that not be the case, it may be\na sign of an overlooked leak or something similar.<\/p>\n\n\n\n

Furthermore, fuel usage monitoring helps you calculate how\nmuch it costs to run a piece of equipment and, in turn, that figure can be\nadded to project costs to calculate return on investment.<\/p>\n\n\n\n

Better Asset Utilization<\/strong><\/p>\n\n\n\n

Equipment is expensive, so it makes no sense from them to be\nunutilized. Daily tracking of your assets\u2019 movements can give you a good idea\nof how many hours a piece of equipment is in action and which assets are simply\ngathering dust.<\/p>\n\n\n\n

Knowing your utilization ratio can prevent you from\npurchasing or renting equipment you don\u2019t need and identify equipment that\nsimply is not necessary. Unused equipment can also be transferred elsewhere if\na need for it is identified at a different jobsite.<\/p>\n\n\n\n

In addition to the above, you can check for overutilization.\nWhen a piece of equipment is being used to its full capacity and there is still\nmore to be done, it might indicate that an additional purchase of the same\nasset is needed. This will help reduce wear and tear on overworked assets while\nalso reducing how frequently you need to schedule maintenance.<\/p>\n\n\n\n

Lower Your Insurance Premiums<\/strong><\/p>\n\n\n\n

Insurance premiums can be reduced by improving your security\nmeasures and minimizing risk. If your insurance provider knows you use asset\ntracking and geo-fencing, it can lead to reduced deductibles and lower\ninsurance premiums because of the increased security. In addition, asset\ntracking reduces the potential for theft and increases worksite safety, which\nimproves your risk profile in the eyes of the insurer.<\/p>\n\n\n\n

You can also potentially lower your premiums by reviewing\nthe equipment that is covered by your current policy on a regular basis.\nBecause asset management software keeps a record of the equipment you do own or\nrent, you can see when your policy may need updating \u2013 whether it be by adding\nequipment not previously included or removing equipment that is obsolete.<\/p>\n\n\n\n

Better Job Estimation and Billing<\/strong><\/p>\n\n\n\n

Asset tracking helps you keep an eye on machine hours and\nfuel usage. This data can be combined with labor costs for more accurate\nbilling. The analysis of data from previous projects will improve your\nestimation on future tasks or jobs. In turn, you can submit more competitive\nbids.<\/p>\n\n\n\n

Increased Machine Operator Efficiency<\/strong><\/p>\n\n\n\n

The performance of your equipment operators play an\nimportant role in the efficiency of your worksite. Tracking your assets can\nhelp you identify bad habits on-site such as prolonged idling, speeding or\nerratic movements. These types of operator habits can lead to rollovers and the\noverworking or misuse of equipment. Eliminating them can produce safer\nworksites, reduce labor costs, and reduce wear and tear of equipment.<\/p>\n\n\n\n

Of course, many trucking companies want to make sure they\naren\u2019t just making a blind investment. There may be interoperability with other\nsystems already in use within the company. It is also important to select a\nvendor you believe can deliver on the promise of a user-friendly system that\nmeets all your internal needs. As with any major investment, proper due\ndiligence is key. <\/p>\n\n\n\n

Investing in asset management software makes a lot of sense for any company that uses expensive equipment daily \u2013 especially since the completion of projects is often reliant on the efficiency of that equipment. Not only does asset tracking and locating reduce the risk of loss and theft but also streamlines day-to-day processes, minimizes costs and maximizes revenue.<\/p>\n\n\n\n

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Furthermore, it suits all kinds of assets (from excavators and\ntrailers to compressors and harvesters) and can be used within any type of\nindustry: a win-win for all. When all you need to do is have a look at a few\nvendors, there is no reason not to consider adding an asset management solution\nto a mid- to large-size fleet.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to trucking and transportation companies, what goes on in the office is important, but there is another expense that should be considered. Fixed assets, such as vehicles or machinery, make up a large percentage of a company\u2019s budget. Monitoring and managing them effectively is crucial to ensure that those expenditures are not … Read moreDoes Your Fleet Need an Asset Management Solution?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":2090,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nDoes Your Fleet Need an Asset Management Solution? - Quick Transport Solutions Trucking Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quicktransportsolutions.com\/blog\/does-your-fleet-need-an-asset-management-solution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Your Fleet Need an Asset Management Solution? - Quick Transport Solutions Trucking Blog\" \/>\n<meta property=\"og:description\" content=\"When it comes to trucking and transportation companies, what goes on in the office is important, but there is another expense that should be considered. 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