Heavy equipment is vital for revenue generation in manufacturing, construction and other important industries, making the efficient use of fleet vehicles and machinery essential. GPS tracking for heavy assets gives management a new, cost-effective method to improve the use of their assets. Profitability improves through the reduction of waste, operating costs, labor and theft, when GPS is used to track day-to-day activities.
Reduction of Waste
Excess movement of heavy machinery can create all sorts of inefficiencies, including increasing cycle times between project steps. This can artificially expand project timelines and lower profitability. If operators or drivers are not moving efficiently, it can be hard for foreman or supervisors to spot, especially on busy job sites. GPS allows for effective tracking of vehicles and machinery, allowing workflows to be streamlined to reduce unproductive movement between destinations or jobsites.
Lower Operating Costs
Operating costs associated with the maintenance and upkeep of vehicles directly impacts profitability. If machinery is used excessively, or when it’s been slated for downtime and maintenance, it can damage and wear-out equipment. Similarly, if vehicles are used in areas that are prohibited or cause corrosive damage, it can make operating a business more expensive. GPS tracking allows management to monitor workflows and minimize maintenance.
This is especially true if a company has a large fleet of vehicles. The cost to operate inefficient transportation routes and trailer-trucks can make a business uncompetitive. Supervisors have the power with GPS tracking to measure efficiencies associated with transportation. The net result being less maintenance and fewer vehicle replacements over the long-run. Also, it can help reduce the propensity of drivers to violate government regulatory requirements, which often result in penalties or fines.
Knowing where expensive capital equipment is at all times is an important part of theft prevention and business continuity plans. Given the dangers that theft presents, including loss of productivity, revenue and the loss of customers, cost-effective methods of protecting assets are essential. Tracking equipment with GPS can ensure constant monitoring and supervision of assets, acting as a quick check to ensure security protocols are being followed.
Capital assets help businesses generate cash flow, and the more efficiently they’re used, the higher profit margins will be. GPS for heavy equipment aids in the reduction of excess movement, waste, overuse and theft, which is why profit-conscious business leaders should implement the technology in their day-to-day operations.