Nowadays many transport businesses are not satisfied with the asset tracking system they are using because their current software is not providing real-time asset tracking. For the transport industry, real-time tracking is very crucial. Hence, several organizations are looking for a solution. A real-time asset tracking system solves the problems and offers the solution they are looking for. As it provides real-time asset location and updates with new innovative technology. That is why many organizations shifting towards real-time asset tracking. Here is an interesting data!
According to Allied Market Research, “The global real-time location system market size was valued at $2.83 billion in 2018, and is projected to reach $23.13 billion by 2026, growing at a CAGR of 30.2% from 2019 to 2026.”
What is Real-time Asset Tracking?
Real-time asset tracking provides the location of the asset in real-time. It allows for monitoring assets. Real-time asset tracking is very precise and effective, especially for transporting service-providing organizations.
It is done with the assistance of IoT (Internet of Things), RFID (Radio Frequency Identification), GPS (Global positioning system), Bluetooth, etc.
Transportation services providers are those organizations that move products or shipments from one place to another or one country to another country. In return, they charge money for it. In order to move product air freight and logistics, airline, ship, road, and rail transport are used.
Now coming to the main question!
How real-time asset tracking system helps the Transportation Industry?
Real-time asset tracking helps the transportation industry in several ways:
- Prevent asset loss – When an asset is attached with RFID tag then the asset is tracked in real-time, it minimizes the chance of theft and loss.
- Reduce asset insurance premium – When asset tracking is not done then asset theft risk is high. But with this software asset loss or theft risk is low. Therefore, the insurance premium is also low.
- Inventory tracking – How much inventory is left in the stock! You will always have precise information about it and when it gets below the set parameter you can order for refilling stock.
- Asset condition & information – Knowing asset condition is important. Here is an example, suppose a container is sent that container holds your package and you don’t know the condition of your package. But with real-time asset tracking, you will get real-time updates. As a result, you are always aware of your package.
- Reports and analytics – Every industry needs specific, accurate, reliable data that can be helpful in making informed decisions. This software provides detailed reports and analytics.
- Asset maintenance – Assets such as vehicle or machinery are heavy and works constantly. So, they need maintenance at a regular period of time. In a big size transportation company, this can be a huge task but with this software, you can get alerts and notifications for each asset maintenance.
- Identify useful asset – In an organization there are lots of assets found which were bought for some work but somehow, they were not useful as they were supposed to be. With an asset tracking system, you can identify those assets that bring them into use or sell them to gain some money.
- Increasing asset life – When asset maintenance is done regularly it results in optimized asset life and increased asset performance.
- Asset security – With the check-in check out feature of this software you can know asset information such as who has taken the asset when it will be returned. If the loss occurs then you can know who was responsible for asset loss.
- Asset audit – With this software you are always aware of your asset location. This becomes a really powerful tool while auditing. It helps in the physical verification of assets.
When transport container moves from one place to another there is the possibility of leaving one box here or there unintentionally. A similar case can happen with a shipping container because they move constantly. A lot of incidents happen about the missing container. Asset tracking improves the visibility of the transport container and lets you know the precise real-time location of assets.
For the transport industry, maintenance is one of the biggest challenges and this software can be really helpful for them! As it provides several types of maintenance.
For the transport industry, maintenance is one of the biggest challenges and this software can be really helpful for them! As it provides several types of maintenance.
- Preventive maintenance – This is the most preferable maintenance type. It is planned maintenance and proactive in nature. In this maintenance activity asset is inspected to find potential issues. Other than this cleaning, changing oil, servicing, etc. With this activity, you can save maintenance expenses.
- Unplanned maintenance – Unplanned maintenance is reactive in nature. When asset failure or breakdown occurs then it is used. From the helpdesk a ticket is generated, the priority of a task is decided and the maintenance team tries to resolve the issue as quickly as possible if priority is high. Overall, in this maintenance activity, the maintenance team tries to bring equipment or asset in running condition so that daily operation hindrance minimized. Unplanned maintenance can be costly it depends on the issue.
- Schedule maintenance – In this maintenance activity, scheduling is done of an asset according to its utilization. For example, a piece of equipment that is used frequently will need more maintenance than a less used equipment.
Conclusion
So, these were a few ways how the transportation businesses can enhance their productivity. Several industries are dependent on the transportation industry. That is why the role of the transportation industry is very crucial in today’s world of business. If the transportation industry falls a huge impact will be seen in all industries. Therefore, asset management software is really important for the transportation industry.
Undoubtedly, asset management software will be beneficial for the transportation industry. It can save a lot of time and efficiently track their assets. This software can offer in-depth asset insight into asset health. According to that, you can plan asset maintenance. If you want to grow your transport business this software can help you.
