In industries like logistics, banking, finance, and insurance, field assets play an extremely crucial role in the overall performance of the organization as the majority of the operations occur on the field, beyond the physical reach and control of the management sitting in the corporate office. The time, effort and monetary resources invested in field assets play a major role in deciding the pace of revenue generation, new customers coming on-board, customer retention, etc.
Asset tracking and vehicle tracking becomes a logical option for any company to observe and analyze the pattern of their service. This analysis can lead to the following benefits:
- Safekeeping of assets: Commercial vehicles are an expensive asset to operate. Ensuring that their location is always monitored ensures the safety of the asset.
- Optimum Route Planning: Both field assets and vehicles can lead to loss of time and increased fuel expenditures due to mismanagement of routes or simply, loitering around due to lack of supervision. Hence, asset tracking and vehicle tracking allow the gathering of data, analysis, and optimization of routes to minimize both time and financials.
- Asset Allocation: For both spontaneous demands and planned demands, allocation of assets should occur in a manner that nearest and the relatively less occupied asset is allocated for a task to ensure minimal time and effort.
- Quick response and service: The response time, especially in the case of Business-to-Customer businesses, becomes a crucial factor for any business to create a credible customer base. To ensure that minimum response time and quick service are offered to the customer, better asset planning is required which can happen only after due analysis.
These are a few of the many benefits of location-based software for vehicle and field force management. The software is able to help in the above-mentioned applications because of the following method of operation:
- A GPS tracker is placed in the vehicle. In the case of human field assets, the GPS location of their phones is tracked via the mobile application. This helps in tracking the location of the asset throughout the day, and the gathered data can be used for analytical purposes.
- The software gathers the data based upon co-ordinates and compiles them for visual analytics on a map
- Various defining parameters can be deduced as per the data gathered. This helps in route optimization and efficient working of assets.
The software can be customized as per the requirements of the industry of the client, and the personalized requirements of his company. A lot of companies-ranging from Banking, Finance, and Insurance to Logistic, have inculcated asset tracking and vehicle tracking into the integral technological structure of their organizations, as they understand the importance of location-based technology in the process of their growth plans.