7 Reasons Why Companies Use Asset Tracking

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7 Reasons Why Companies Use Asset Tracking

If your assets are out in the field without an asset tracking system in place. Then, now starts the real time to worry. Are they safe? Are they functioning? Are they still in the place where you put them? These are just a few of the reasons why companies are relying on asset tracking solutions. If your business revenue heavily depends on physical assets, tracking your assets effectively can directly affect your business revenue. Asset tracking is important for stock, equipment, vehicles, and infrastructure alike. Without an effective asset tracking system in place, you risk losing to more technologically advanced companies that are tracking their assets in real-time and are able to take timely management actions. 

We talk every day with businesses in fields including oil & gas, utilities, healthcare, in-field agriculture, high-tech manufacturing, heavy equipment & equipment rental, emergency management services, automotive, and construction. Here are some of the many reasons why they put asset tracking solutions in place:

1. You know that your valuable assets are secure.
For many companies, the #1 reason for investing in asset tracking is peace of mind. Asset tracking solutions can give you real-time data on the location and condition of valuable assets (owned or leased) in the field. You can be confident that assets are easy to find and ready to use whenever your businesses require them.

2. You can increase efficiency — and customer satisfaction.
Real-time asset tracking data enables you to respond rapidly and accurately to queries. Fast and accurate response leads to greater internal efficiencies for strategic planning, purchasing, and maintenance. Sales and customer service teams are better able to field questions and craft solutions for your clients. Easy-to-access information means fewer emergencies and smoother operations.

3. You save on costly manual inventory efforts.
Inaccuracies and errors plague manual inventories. These range from delays in conducting inventories to human error and fraud. Plus, manual inventories of in-field equipment can require extensive travel time or reliance on third-party contractors. With a cloud-based asset tracking solution, you have accurate, reliable data when you need it.

4. You see if your assets are being fully and efficiently used.
Asset tracking data is easily analyzed. You can quickly see if particular types of equipment or specific locations are not providing the expected ROI. Asset tracking data and reports can help you find and fix problems in your asset planning and field operations.

5. You reduce asset tampering and theft.
When employees, contractors, and customers know that your assets are visible through a robust tracking solution, you reduce incidents of tampering and theft. You can be alerted to changes in the condition or location of your assets, enabling you to react quickly to minimize loss or damage. By reducing tampering and theft, you'll reduce overhead costs.

6. You save on insurance costs and streamline claims.
When insurers are confident that assets are monitored in the field, they can reduce premiums and policy requirements. Asset tracking data provides valuable documentation of insured assets, conditions, and incidents.

7. You benefit from an accurate audit trail.
Whether working with customer requirements, government regulators, or insurance and legal entities, you'll have an accurate audit trail for your assets.

Choosing the right asset tracking solution
Asset tracking is always of value, but with the right asset tracking solution, you can substantially increase the benefits. Roambee's clients have a solution that collects not only location and security data but can also provide information on light exposure and shock. Roambee's "Bee" devices transmit data through global 2G/3G/4G/LTE, Bluetooth, and Wi-Fi networks. Asset tracking data from the Roambee solution can be viewed through pre-built or custom dashboards and is easily integrated into your existing ERP, WMS, and TMS applications.

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