With the rise of mobile, the rise of GPS has been inline to all of that growth. Here we look at what the mobile revolution has done for asset tracking in business especially with the expansion of mobile data services.
Assets are defined as “an item or entity that has potential or actual value to an organization.” Asset management is the balancing of costs for these assets, as well as the opportunities and risks towards the asset’s performance.
It helps to organizations decided if there is a need for additional assets or time for disposal of old ones; making optimal decisions. Asset Management is a process of operating, maintaining, and disposing of assets. It can either relate to advisory services or corporate finance.
In a financial services company, asset management is coordinating and overseeing clients’ portfolios such as investments and taxes. In corporate finance, it is ensuring the company’s intangible assets are maintained an put to their maximum use.
A vehicle tracking system is a basic function of fleet management. Once location, speed, and direction are determined, it uses GPS components to transmit that information to fleet management software which is usually done via satellite. Satellite communication is more expensive but is reliable and works with any interruption.
This also allows for faster response times. Fleet management includes cars, planes, ships, and other commercial motor vehicles. It includes vehicle financing, vehicle maintenance, diagnostics, speed, fuel, and safety management. Fleet management allows the minimization of risks that are associated with improving productivity. These functions can be handled in-house or through outsourcing.
GPS fleet tracking gives real-time locations, as well as measure performance and monitor unsafe driving behavior. Merging GPS technology with fleet management is beneficial for business – allowing the ability to manage vehicles more effectively. By doing this, a business can know a precise location of every fleet vehicle, as well as track vehicle performance and optimize scheduling.
A business can also control overhead and maintenance costs, and help them make better management systems. The greatest feature is helping to prevent fuel fraud and provide more visibility over fuel costs.
These are challenges in fleet management mostly due to the constant changes. Enterprise Resource Planning (ERP) is really the standard that businesses are operating within. With two primary sides to ERP – people and technology – and ERP package has an affect on every department in the organization.
ERP provides an advantage for businesses to be more efficient and have better tracking, as well as keeping overhead expenses under control. Coupled with a facilities management system or fleet management system, ERP helps to better serve customers, strengthen employee skills, and support business goals.
Task management is the process of managing a task through planning, testing, tracking, and reporting. This pertains to tracking performance and fulfilling tasks. In the case of GPS asset tracking, this includes status updates, deadline adjustments, and logging. Task management helps to manage all work in one system, collaborate with team members, share data with customers, and track time spent working on tasks.