As a fleet manager, you manage all manner of high-value assets — from heavy equipment and generators to tools and work vehicles. These assets make up the foundation of your operation, so it’s essential that they’re used the right way and remain where you send them.
That’s where fleet asset tracking comes in.
In this article, we discuss the technology that goes into keeping tabs on your assets, the benefits you can achieve, and the features to look for that make it all possible.
What Is Fleet Asset Tracking?
Fleet asset tracking is a technology-driven solution that allows fleets to monitor and manage a wide variety of equipment in real time.
Depending on your operation, you can use fleet asset tracking technology on anything that you want to keep an eye on, including:
- Roll-offs
- Shipping containers
- Water tanks
- Light towers
- Heavy equipment
- Generators
- Off-highway vehicles (OHVs)
- Hand tools
You can even use the technology to track the vehicles that transport those assets from job site to job site (e.g., work vans, work trucks, and semi tractors and trailers). With the right software, you can track assets over a broad geographic region — even across the country.
What goes into making all this work? Read on to find out.
Global Positioning System
One of the main components of fleet asset tracking is the Global Positioning System (GPS). GPS works through the combination of three distinct elements:
- Space Element: According to the Federal Aviation Administration (FAA) there are 31 GPS satellites orbiting the Earth that provide location, navigation, and time data to the elements on the ground.
- Control Element: The control element is a network of ground stations that monitor the satellites and maintain the system’s accuracy.
- User Element: The user element is anything that receives signals from the space and control elements and calculates the asset’s (or user’s) location.
This third element is the technology that most fleet managers and operators will use in the course of their jobs.
It often comes in a variety of shapes, sizes, and complexities and can be anything from a GPS map display mounted on the dash of a vehicle to a small tag mounted on the body of a tool, generator, shipping container, or other high-value asset.
Telematics
Telematics is an asset tracking system that relies on the Global Positioning System, wireless communication (e.g., cellular and WiFi), and onboard diagnostic hardware to provide near second-by-second data about the location and condition of a vehicle.
When the vehicle is away from home base (e.g., on the road or on the job site), the telematics hardware monitors and records location and vehicle diagnostic data such as engine temperature, engine RPM, speed, oil pressure, and more.
The system then transmits the data via a cellular, satellite, or Wi-Fi network to a central server, where the computer interprets the data and displays real-time updates when your business connects via a desktop or mobile app.
IoT Sensors
IoT stands for Internet of Things and is composed of a network of devices that can communicate with each other and with the cloud.
Some IoT sensors are built into the asset’s electronics while other IoT sensors can be attached to the body of an asset. Regardless of how they’re incorporated, these sensors convert real-world data into information that other devices can use and monitor.
At first glance, IoT sensors may seem very similar to telematics — and, in some ways, they are.
However, for the most part, telematics are used for larger, more mechanical assets such as bulldozers, cranes, work vehicles, and anything with an engine, while IoT sensors are used for smaller, sometimes non-mechanical assets such as lights, containers, and hand tools.
Mounted on a hand tool, for example, an IoT sensor can provide location and other external data so that you can track the tool wherever it goes.
Mounted in a hand tool, an IoT sensor can provide the same location and external data as well as internal data about the tool itself (e.g., operating temperature, battery levels, RPM, etc.).
RFID Tags
RFID stands for Radio Frequency Identification and is a wireless technology that uses radio waves to identify and locate assets in your fleet.
The tracking process starts when you equip your fleet asset with an RFID tag or label and then position RFID readers at various checkpoints and locations where assets are stored, processed, or operated (e.g., base parking lot, maintenance bays, and job sites).
RFID readers can be programmed to collect a variety of data from asset tags, including identification number, location, usage, and status.
The RFID readers can also be set to initiate alerts based on user-defined conditions or usage levels in order to avoid equipment failure and ensure maximum asset performance.
Benefits Of Fleet Asset Tracking
Enhance Security
One of the main benefits of fleet asset tracking is its ability to help prevent theft and unauthorized asset use.
Whether that asset is something as large as a vehicle or something as small as a hand tool, with the right tracking solution, you’ll know where the item is at all times and when it’s being used.
Some fleet asset tracking systems even allow you to use geofencing to create virtual boundaries around any geographic area (e.g., your base or a job site). If an asset crosses those boundaries, the software will notify you so you can use other technology to locate the item.
Improve Workflow
Fleet asset tracking can also be used to improve your operation’s workflow. Being able to see the condition and use of all your assets in one place makes it easier to coordinate what gets used when and where.
For example, with the right software, you’ll be able to see which assets are currently being used, which assets are down with maintenance issues, and which assets are not being used (but could be).
Increase Fleet Asset Utilization
Fleet asset tracking technology gives you the ability to fine-tune asset utilization and other operational decisions by offering highly detailed data points on critical usage components.
And, with advanced analytic reporting built in, you’ll be better positioned to understand all manner of asset utilization — including such information as movement, downtime, and operator assignment.
Streamline Maintenance
With fleet asset tracking hardware and software, you’ll be better able to monitor and adhere to maintenance and service schedules.
Set up alerts to notify you of critical information, such as:
- Time on-site
- Engine hours
- Mileage
- Fault codes
- Preventative maintenance schedules
With digital pre- and post-trip (or post-use) inspection checklists, you can even set the software to alert you if some part of the asset is in poor condition but hasn’t malfunctioned yet.
That allows you to get the asset into the maintenance bay before the issue becomes catastrophic and more expensive to fix.
Extend The Life Of Your Assets
Tracking variables such as use and maintenance (just to name a few) can help you extend the life of your assets so that you get the most bang for your buck.
For example, if you have heavy equipment on a construction site, you can monitor real-time data such as engine health, temperature, oil pressure, fault codes, and a wide variety of other variables in order to detect potential problems before they escalate into major issues.
Features To Look For In Fleet Asset Tracking Solutions
1) Powerful Tracking Capabilities
One of the most important features to look for in a fleet asset tracking solution is its tracking capabilities.
Does the system allow for real-time monitoring? Does it allow for movement-based alerts? Does it come with geofencing tools that allow you to control where your assets go?
These components give you the most flexibility and utility so that you can track all the assets — large and small — that your fleet sends into the field.
2) Data Reporting And Analytics
Another important feature to look for is how well your asset tracking solution can handle data reporting and analytics.
Does it come with dormancy and utilization reports built in, or do you have to compile and create those yourself? Does the software quickly and clearly show you time on site, engine hours, and other essential data, or do you have to dig through multiple menus to get what you need?
Finally, does it give you access to usage-based preventative maintenance schedules, or do you have to assemble all the data and create the timetable yourself?
3) Ease Of Deployment And Use
Some fleet asset tracking solutions are easier to deploy and use than others. Is the system easy to install and use? Will it last through whatever harsh conditions your jobs throw at it?
Additionally, it can be valuable to investigate other variables such as power source (e.g., battery, solar, asset engine), battery life, and customer support. They may not seem important now but, down the road, can become vital for the continued success of your operation.
4) Integration With Existing Systems
Another aspect to consider when looking for a fleet asset tracking solution is how well the new system will integrate with your existing system.
You may already have fleet management software and smart fuel card software running smoothly within your fleet. It would be counterproductive (and seriously disrupt your operation) to bring in a new piece of software that doesn’t play nicely with the other systems.
Enhance Your Fleet Asset Tracking System With Coast
Fleet asset tracking is a vital part of running your fleet well. The assets you manage are crucial to your operation, so it’s important to have an eye on them at all times.
Coast is the all-in-one smart fuel card designed to help with nearly every aspect of fleet management, including asset tracking.
- Integrate your asset tracking system with your fuel card: Coast seamlessly integrates with leading GPS solutions like Samsara, Geotab or Verizon Connect, allowing you to take advantage of your tracking system’s capabilities. For instance, block suspicious transactions when the company vehicle is not present at the station.
- Track vehicle information: Coast gives you access to accurate MPG and fuel consumption information for all your vehicles regardless of their location.
- Get a granular view of vehicle activity: Coast provides accurate fuel and efficiency data even when your drivers share vehicles.
- Enrich your telematics data: Telematics can provide a wealth of data about your vehicles, but it may not go deep enough into important variables like fuel use. For that, you need a smart fuel card like Coast.
- Maintain security: With Coast, you can restrict card use to specific categories — like fuel or maintenance — and even block transactions at unauthorized merchants, reducing unnecessary expenses and preventing fraud.
Coast gives you the tools you need to streamline operations, save time, reduce costs, and keep your fleet running smoothly and efficiently.
To learn more about how Coast can help make fleet management easier, visit CoastPay.com today.
