Managing multiple assets at the same time is a tedious task in itself for any business. And when it comes to tracking mobile assets such as vehicles, the problem increases tenfold.
Operators of fleets are always looking for methods to increase productivity, track assets on the go, and enhance road safety, amidst many other aspects concerning their industry.
More often than not, the difference between having a mobile asset management system and not having one proves significant in the long-run.
On that note, let’s take a look at how Businesses can oversee their moving assets in an effective and efficient manner. Here you will get comprehensive know-how of the data-driven asset management techniques needed, and also the significance of software mapping to view your assets on the go.
The Influence of Software
Leveraging the power of mobile apps or decentralized software systems can help you build a considerable stack of data. In the present times, uploading real-time data – in this case, fleet information – will result in routine status updates about key activities like preventative maintenance and safety inspections.
Moreover, this ensures seamless communication between the operators and the assets, irrespective of the time and place. This flow of information can eventually result in customized reports about each unit and its whereabouts. For heavy machinery on the road, this saves critical time on both ends and makes the channel conducive to efficient operation.
Analyzing this information can give you major insight into the internal mechanics of mobile assets and how to actuate the necessary changes. It is a far better alternative than dealing with multiple spreadsheets and trying to makes sense of it, let alone drawing out future patterns.
Also, a good asset management strategy leverages the strength of software tools to efficiently automate the compilation of data. This reduces the time needed to identify trends and gives you a comprehensive view of your fleet at any instant.
Using Telematics to Your Advantage
Despite the operator being on the constant lookout for problems and opportunities for improvement, there is always a high chance of information slipping through.
One of the prominent factors to be taken into consideration while tracking mobile assets is the ever-changing locations and distances. And this calls for a reliable setup to mark the movement of machinery around the clock, despite the course undertaken.
Telematics incorporates the goodness of both telecommunication and informatics in itself. Long-distance connectivity and transmission of processed information is a boon when it comes to fleet management.
It induces a proactive behaviour throughout the ladder and enhances the effectiveness of your mobile asset management technique. Basically, it helps the driver and operator constantly monitor the status quo through a live interface, and act accordingly.
Receiving accurate data updates that transcend geographical boundaries provide a hawk-eye vision of the health and utilization of your assets. The dynamic application of problem-solving methods follows as a byproduct of the aforementioned facility.
Inducing Data-driven Longevity and Efficiency in Assets
You can always rely on the software initiated analytics reports to give a wider picture of your fleet. But everything that seems like an anomaly on the report may not necessarily be a cause of grave concern.
If a particular fleet is performing at a uniform pace but is lacking severely in terms of optimization, then it demands all the attention you can provide. Individual issues with outliers are easier to manage, but an optimization flaw throughout the entire chain can be a game-changer for the worst.
Use both historical and real-time data to make well-informed decisions. Moreover, detailed automated reports on the utilization of mobile resources come in handy while forecasting potential issues. It further aids future maintenance and vehicle replacement, if needed.
Tracking asset performance, as well as efficiency, is also a critical step in managing assets such as vehicles. Data can be swiftly compiled into readable reports about mileage, fuel usage, and total cost, thus, presenting an overall performance of the asset.
As a result, the fleet operator can prevent unplanned downtime and manage overall cost at the same time, both of which are essential pillars for growth.
Also, regular data updates about your moving resources can guide you towards formulating a preventive maintenance time-table. You can use thresholds based on meter readings to schedule regular servicing and, in turn, prevent unplanned expenses. This activity falls under maximizing the health of the asset, as routine reminders make sure you never miss crucial routine repairs.
Basically, having data at your fingertips empowers you to take control of every moving component of your business like none other. Simply using vehicle diagnostics data will drastically lower service and maintenance costs, and in a broader sense, make them more predictable for you to manage.
The implementation of IoT (Internet of Things) to ease day-to-day activities has skyrocketed in recent times. Pretty much any object can be transformed into an IoT component if it can be controlled through the internet or be used to communicate.
The massive hub structured in place by virtue of IoT collects and shares information across a wide variety of devices. It is this very fabric woven by IoT that has made the world around us smarter and more responsive. And fleet industries are going all out over this concept of merging the digital and physical universes.
It has been predicted that there will be around 41.6 billion IoT devices (or things) by 2025. This number surpasses the human population on earth by a large margin.
And a large majority share from this lot belongs to industrial and automotive equipment. Amidst this rising wave of IoT in automotive industries, competent management of fleets and maximization of productivity has been a welcome byproduct.
Combining software interventions to manage mobile assets has been a breakthrough like none other. As a result, roads are much safer, drivers will live longer, businesses function smoothly and efficiently, and alas, the longevity of assets becomes paramount.
In order to increase the safety, efficiency, and sustainability of the operations that power the economy.