Managing assets within your fleet gets more complicated when you add more than just vehicles. Machines, accessories and tools hold enough value to demand monitoring and productivity insights, which is why Cartrack’s software meets your asset management needs in various ways.
Here are some answers to your questions about asset management terms and why you should know them.
Anything of value that’s used for completing jobs in your fleet can be classified as an asset, but this term usually refers to vehicles, trailers, machinery and tools. If one of these would hinder you or your staff from completing a task, it’s classified as an asset and should be protected from loss, theft and disrepair.
Driver ID tags add a sense of accountability to your operations, restricting certain vehicles or machines to the operators that are qualified to use them. Geofences are very helpful at creating virtual zones that notify you if any of your assets leave those zones.
The best fleet management systems are tailored to specific fleets, because every fleet is different and wants to achieve different objectives. For the cost of getting fleet management for your company’s fleet, speak to a consultant at Cartrack, and we’ll work out the perfect fit for you.
There are three main ways asset tracking pays for itself in the long run:
You can easily set your telematics system to monitor the time an asset was switched on rather than the mileage (since for some assets, mileage is an irrelevant metric). This also helps you monitor how long a machine is on while not being productive.
Asset management gives you the opportunity to provide your insurance company with valuations on each device. Insurance companies will also assess your company’s risk profile, which will invariably go down if you can prove that the chances of theft, loss or damage are minimised.
The TCO of a fleet asset is the overarching amount of money you spend on it during its lifetime. This includes running costs (like fuel for a generator), repairs & maintenance (like changing the tyres of a trailer) and insurance costs.
The lifecycle management of an asset involves the purchase, use, maintenance and throwing away of the asset. Planning this process from beginning to end helps you maintain a longer lifespan for the asset and predict when you’ll need to have it replaced.
Yes, a good software package that manages your assets will archive servicing warranties and schedule maintenance accordingly. It’ll also record the amount you spend or don’t spend so that you can calculate an accurate ROI for each asset.
Driver-to-asset mapping is all about accountability. Most companies assign a particular vehicle to one or more drivers, but some have a pool of vehicles and a separate pool of drivers that use vehicles randomly. Driver ID tags from Cartrack can help you always keep track of which driver drove which vehicle, adding times, locations, schedules, driver behaviour, and overall context to every trip.
An asset manager is responsible for the security of assets within a fleet, but they also have to manage the productivity of those assets. This means they need software to accurately monitor each asset’s running time, what it did, who used it, etc.
