Synovia Solutions Blog

Making the Business Case for Asset Tracking

Posted by Bill Westerman on Thu, Nov 17, 2016 @ 10:00 AM

Imagine finding out one of your Bobcats and its trailer has gone missing. This equipment is worth well over $100,000 altogether, causing instant panic. But then you remember you have asset tracking in place, and you can breathe a sigh of relief. You have a way to find exactly where your equipment is. And you significantly increase your chances of recovering your stolen assets instead of having to replace them.

This is exactly what happened to a client of ours. You can read more about the story here. Luckily, thanks to their Synovia asset tracking system they could rely on the signal from the equipment, allowing them to easily locate it. They then called the authorities with this information, and the two pieces were recovered seamlessly.

Stolen Equipment

Unfortunately, this type of scenario is all too familiar. A recent Dewalt study found that a staggering 97% of construction professionals surveyed are concerned about jobsite security. Even more alarming, a whopping 77% have experienced theft up to 5x per year for the last 3 years. And 50% of those surveyed have experienced theft in the last 12 months.

Dewalt_Study-1.png

Source

And it’s not just certain equipment that is at risk. All types are being targeted for theft. Below is break down of the different types of equipment stolen from jobsites.

Types_of_Equipment_Stolen.png

Ultimately, these statistics prove that tracking equipment is more important than ever.

What is Asset Tracking?

An asset tracker sends out specific signals on specific frequencies. There are two basic forms: asset trackers for non-motorized equipment, and for motorized equipment.

First, tracking devices are used for non-motorized equipment such as dumpsters, portable toilets and trailers. The tracker can alert you when the property has moved outside of a pre-determined geo-fence. The tracking device sends a location signal at least 1x per day. This can also be adjusted to suit a company’s specific needs.

Additionally, asset trackers are used on motorized, complex vehicles and equipment. Examples of motorized equipment include backhoes, generators, lawn mowers and tractors. The devices send a signal every 30 seconds, at every right or left turn, and at every event. It monitors engine use hours which then can be used for things like billing.

Benefits of Asset Tracking

The benefits to asset tracking are numerous. First, as a business owner you will know the exact location of all your equipment all the time. You don’t have to ask, you know. It also allows you to keep a tighter record on the number of hours the equipment is being used. This in turn gives you tighter control over maintenance. It allows for preventative maintenance instead of costly repair work. And finally, it can lower your costs in ways you may not typically consider. As we mentioned, it can help prevent theft and lower equipment replacement costs. But asset trackers can also provide costs savings in the form of lower insurance costs.

The case for asset tracking is strong. If you’d like to experience the benefits for yourself, consider contacting us today. Let us show you what the best fleet operators are doing to track and monitor their assets.
Contact Synovia