When to Use GPS Asset Tracking for Real-Time Location Data

Asset Tracking Software / November 2021

GPS is an increasingly popular way for businesses to track their assets. That’s because it offers precise location data in real-time. As well as acting as an effective theft deterrent. A global GPS tracking device is a piece of technology that sends a signal to a single contact point. In this case, most often a satellite. Businesses can use trackers to ensure the continued maintenance of assets. As well as regular checks equipment conditions. For these reasons, the market for GPS asset tracking is set to grow to over 3 billion by 2025. Much of this is due to its increased use in commercial fleet vehicles. But it is not exclusive to these types of operations.

The Basics of GPS Asset Tracking

GPS stands for Global Positioning System. Many types of gadgets contain it, including smartphones and Sat Navs. In terms of using GPS for asset tracking, businesses can use it to determine the location of assets. Simply by a tracker communicating with the Global Navigation Satellite System (GNSS network). By sending a signal to satellite points, trackers enable managers to see where their assets are in real-time.

When communicating with this network, GPS trackers use a process known as trilateration. This is where a series of at least three satellites from the GNSS network determine the latitude, longitude, elevation and time of the trackable asset.

Trilateration provides accurate and precise data that improve asset visibility. As well as control over-usage. Allowing asset managers to make the best use of assets possible.

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How Does Asset Tracking Work with GPS?

GPS help managers understand how assets are being used. This level of insight supports improvements to productivity and the workforce. But, most importantly, it also helps save money and time.

A tracker device is useful when fitted to fleet vehicles. This is commonly used to help prevent thefts. It also gives emergency services a better chance to recover stolen vehicles.

It can also track vehicle usage with metrics such as speed, distance, and time on the road. This helps managers understand the performance of workers using all types of vehicles. From heavy-duty cranes and bulldozers to delivery vans and hire cars.

Thanks to the accuracy of satellite technology, it will show a global vantage point of trackable assets. This aids businesses in monitoring tool use, which in turn helps them maximise usage. In practice, GPS asset tracking uncovers unused tools or those left in an incorrect location. With this level of insight, managers can make better decisions on where tools or equipment should move to.

How vehicle tracking works with fleet management software

Benefits of Using GPS to Track Assets

There are many benefits of using Global Positioning System to track assets, including:

Increased Security

Trackers protect equipment such as generators, pumps, diggers and dumpers. Mainly by providing real-time data on their whereabouts. They also support the recovery of stolen fleet vehicles, tools, or equipment.

Improved Asset Utilisation

A GPS provides insights into the use of assets. This enables asset managers to make the right decisions on what to do with them. It also helps inform decisions by offering key insights.

Greater Efficiencies

More accurate data on asset location leads to more reliable reporting. This drives greater improvements and efficiencies in the long run.

More Control

Most GPS asset tracking systems allow you to manage assets from a single management dashboard. These are often portable, meaning wherever you are you can get the latest real-time updates.

Cost Savings

GPS tracking supports managers to make decisions on when to retire unused assets. This results in greater long-term savings and procurement planning.

What Are Other Tagging Technologies?

GPS is the ideal way to track the location of assets. But it’s not the only way to do it. Here’s how it stacks up against the competition.

GPS compared to other asset tracking technologies

Barcode Asset Tracking

Barcode asset tracking may be a tried-and-tested method, but it struggles to match the complexities that GPS can offer. Overall, barcodes are cheaper to install, but they won’t allow the same real-time access to data. GPS give asset managers a more accurate and dynamic picture of vehicle and asset location.

RFID Asset Tracking

Using RFID tags for tracking workplace assets has several benefits. These include being able to read data from long distances and using multiple tags. RFID is, however, expensive and can’t offer real-time updates in the same way GPS trackers can. While GPS is a larger outlay for most businesses, it’s unmatched in the efficiencies it brings. Systems enable asset managers to keep a closer eye on assets and drive greater efficiencies.