A Cost-Benefit Analysis Of Implementing An Asset Tracking Software For Your Business

A Cost-Benefit Analysis Of Implementing An Asset Tracking Software For Your Business

We, as a society, have gotten used to tracking. Everything from out mail to out food can be tracked. Not being able to know where our belongings are, adds a particular strain on the mind. There are hardly any businesses that do not use tracking in today’s world of tech.

Tracking became a norm after the innovation in software and internet technology. Nothing is too far away today. 

You can place an order online and get it shipped to your house on the same day, without any extra cost. The best part of this process is that you can keep an eye on your package all the time.

Imagine the day you have ordered a gift for yourself on an online platform. We spend each day refreshing the tracking page of the courier service to see “what is taking so long?”. If you are a consumer and seek so much validation from online tracking software, imagine what a great addition this can be to your business.

How Does It Work?

Tracking might seem like a revolution in the field, but the process is simple and straightforward. It starts by installing a GPS tracking device on the consignments or the vehicles. 

These devices feed data to a dashboard in real-time that can be refreshed automatically to determine the position of any moving assets. This works with the simple integration of tracking-software and the device.  

This tracking information can be for your purpose or the benefit of the consumer. For example, if you are a logistics company, you will want to keep a check on your fleet continually. This will ensure your drivers are on track and sticking to the assigned routes.

asset-tracking

The second advantage is customer-facing. This means that you use the data from the tracking software and echo the same information on an online platform. By using RFID and barcodes or the vehicles’ position, you can allow your clients/consumers to check on the products they expect.

All of these tracking solutions can be purchased from a single company. These establishments do not just provide hardware to install on your moving-parts, but they also come with a fully compliant back-end dashboard. This will ensure that all the devices sync with each other in synergy.

Now that you understand how this works, it’s not hard to know that it comes with a vast host of advantages. They give your business a better reputation and a strong foundation to rest on. It also acts as a safety net of information in case you have an encounter with the notorious government agencies.

How Does Tracking Help Business?

These applications and software are great for business in all aspects, but mostly help cut back on operations costs by leaps-and-bounds.

Firstly, the most apparent advantage of asset trackingis that you always have an eye on your assets. This ensures that you are not losing money due to the loss of products or misplacement of goods. The information fed to the system is in real-time, so it is easy for business runners to monitor them anytime, day or night.

When you have tracking software, you can calculate the exact time of delivery and dispatch. This will give you viable data to make better business estimates and set realistic expectations on arrivals and departures. It also gives you a chance to organize your workforce better as you can precisely predict the arrival of shipments.

Tracking software, when used on trucks and other goods transport systems, also provides massive savings on insurance. Since all the trucks’ movement is logged, it can give a more comprehensive idea to the insurance agents if there are any unforeseen accidents. An insurance company will also reduce your annual premium on the insurance if your machinery is top-of-the-line.  

The most significant advantage of tracking is trust-building. As a consumer, one would bank on a service that has active monitoring over one that does not. 

This will, in turn, drive more traffic to your business and lead to higher profit margins. Tracking systems that do not gitch is a significant value-add to the consumers and could help sway their business towards you.

On a B2B level, these tracking devices will help you save on labor costs and productive use of a workforce. Since you will know the exact time and place of each product, you can draft the work schedules around them. If your products use RFID and barcodes, they can also be scanned and cataloged much faster.

Tracking is also the stepping stone to automation, which is a huge money-saver. 

For example, if you are managing a fleet of cabs or trucks. Each of these machines will need regular repair and maintenance. You can trigger a maintenance warning and automate a notification to the service provider by isolating the data for each vehicle.  

Lastly, this software is not purely for tracking. They also generate a ton of analytics that can be used to better your workflow and supply chain. 

Tracking software is a great way to log and monitor each and every slowdown and delay. This will give you sufficient data to assess the problem-points and fix them before it drains more costs.

In Conclusion,

We would be remiss not to mention the installation cost. Many business owners worry about the upfront cost that one needs to spend on asset tracking software. These costs are minute compared to the benefits you can gain from them.  

We also cannot ignore the advantages of regulatory compliance. A company can also be in the cross-fire from government agencies and regulatory bodies about working conditions and asset management. 

When you use this software, they compile sufficient information to keep a check on your working conditions, which will work as a reference for you, the business owner; and as proof to government bodies.  

Let’s put it this way — without this tracking software, there is a good chance you will lose more money to human error and mismanagement. You cannot put a price on accuracy and peace of mind. But having tracking mechanisms in place will also ease the pressure off the workforce and encourage better work.

Astro K Joseph
I am Astro and here at IPEE World I write about various Technology content including News, Guides, and Reviews