Asset Tracking Fundamentals: Best Practices for 2024 Fleet Management

Strategic asset tracking is a vital component of effective fleet management. Simply defined, this is the method used by fleet managers to accurately monitor and record the location, status, value, ownership and maintenance history of the physical items being housed by a fleet. Whether physical inventory, equipment or the vehicle itself – businesses must always have visibility of these assets. This is the key to improving fleet utilization, ensuring productivity and managing costs.

Historically, asset tracking has been largely manual. Fleet managers would physically fill out paperwork, logging essential information for the business. Today, light commercial fleets benefit from automated asset-tracking technologies. While this advancement opened the door to scalability and productivity, there are best practices to keep in mind to leverage these tools as effectively as possible.

In this blog, MICHELIN Connected Fleet highlights the asset tracking best practices to adopt in your 2024 fleet management strategy.

1. Leverage real-time location tracking information

The heartbeat of efficient asset management lies in real-time location tracking. These tools help you understand which employee is closest to any new assignment and give you instant access to important vehicle information and driving behavior like speeding or harsh braking. When equipped with this knowledge, your business is better positioned to serve customers, make informed decisions about vehicles and drivers and identify areas where you can make savings by comparing trip history.

2. use data to improve asset utilization

Data is the unsung hero in fleet management. It holds the key to unlocking insights that can significantly improve asset utilization. By analyzing performance metrics, fuel consumption patterns and other relevant data points, fleet managers can make informed decisions. This data-driven approach enables proactive adjustments to optimize fleet efficiency, contributing to cost savings and improved overall performance.

Harnessing the power of data extends beyond reactive responses; it sets the stage for predictive analytics. Anticipating trends and potential issues allows for strategic planning, reducing downtime through predictive maintenance and optimizing routes based on historical data.

3. protect valuable assets

The protection of valuable assets is a top priority for fleet managers. While real-time location tracking is a fundamental aspect, additional measures are required, especially in the face of potential threats such as theft or unauthorized use. Geofences serve as a robust defense mechanism in such scenarios.

Imagine being able to draw a virtual perimeter around an area of concern, setting up alerts to be automatically notified if a trailer exits that defined boundary. This immediate response capability, facilitated by geofences, provides fleet managers with the tools needed to take swift action, enhancing the overall security of valuable assets.

4. operate more efficiently

Asset management and tracking tools allow you to assign jobs according to the type of vehicle, operation, load, route and nearest location of the vehicle. When you have access to better planning and execution solutions, you can maximize your fleet productivity, automate repetitive scheduling and dispatching tasks and stay ahead of any problems. The time saved from manual asset location tasks can be redirected towards more strategic endeavors, allowing fleet managers to focus on higher-value activities. This efficiency gain not only enhances daily operations but also contributes to the overall effectiveness of the fleet management strategy.

5. choose the right asset-tracking partner

Success in asset management hinges on choosing a reliable and capable industry partner. The market offers many solutions, but not all are created equal. Look for a partner that provides robust real-time tracking capabilities, sophisticated data analytics tools and understands your unique business challenges. The right partner should offer a scalable solution that can grow with the evolving needs of your fleet assets, ensuring a long-lasting, beneficial partnership.

asset tracking and management, powered by michelin connected fleet

The road to success in light commercial fleet asset management requires a strategic integration of technology and data-driven decision-making. By embracing real-time tracking, leveraging data for productivity and choosing the right partner, fleet managers can confidently and effectively navigate the challenges ahead.

MICHELIN Connected Fleet is here to support your asset-tracking goals in 2024. If you’re ready to learn how our jobs management tools can streamline your operations, contact us online or call 800-358-6178.