Asset Management Equipment Tracking Prepares Transportation Industry for Rebound

Asset management equipment tracking enables lifecycle management of the equipment and fixed assets on which transportation companies and their customers depend. The proliferation of data provides increased visibility into every one of those fixed assets, their respective conditions and locations. Based on that insight, transportation companies can make smarter decisions about where and how they assign their equipment and fixed assets and stay on top of critical routine maintenance and updates that help maintain efficiency and safety.

Time to Get the House in Order

Like the majority of industry sectors, transportation has been affected greatly by the COVID-19 global pandemic. It’s an uncertain time for the transportation industry to be sure, but it’s also the perfect time for companies to focus on the factors they can control, like the tracking and lifecycle management of their fixed assets and equipment. That’s where asset management equipment tracking comes into the picture. Chief Financial Officers may be reluctant to make investments in the future right now, but the reality is that asset management equipment tracking software can generate significant savings – both in terms of time and money – for transportation companies. Those savings, in turn, can put them on stronger footing for weathering an economic downturn and returning to full capacity sooner and faster.

Prepping for IoT

The data to which transportation companies now have access is the result of advanced technology – systems that communicate with one another and are moving us all toward an IoT-enabled world. A blog post for Deloitte Insights states that "The transportation industry, for its part, has been moving to incorporate IoT technologies such as telematics hardware and software in trucks, with an estimated spend of US$71 billion in 2019, although progress has been uneven. North America has been leading the adoption, with 42 percent of all owned commercial vehicles forecast to have telematics by 2021, driven in part by compliance requirements necessitating the use of digital logs equipped with position tracking."

One of the first functions a transportation company may perform with asset management equipment tracking software is a thorough audit of its equipment and assets. An audit is an effective means of ensuring that your records match your reality and that you’ve kept accurate documentation on such details as an asset’s maintenance history, its warranty and insurance policy, check-in/check-out status, depreciation schedule, and more. Routine audits will also reveal the presence of any ghost assets, or fixed assets that aren’t your inventory anymore. Using the software, transportation companies may analyze the repair history of an asset, identify any issues that have been recurring and then make an informed decision as to whether it may be time to retire the asset in question. By centralizing all asset-related data in a single location, users may examine asset use across the board, assign assets as appropriate and determine where shortages need to be addressed.

Asset Panda’s mobile platform takes the complete lifecycle of every fixed asset and puts it in the palm of your hand. No additional hardware is needed, and the system is powerful yet intuitive, flexible and IoT ready.