When speaking about GPS fleet tracking technology, a lot has been said about protecting your employees, your vehicles and your business reputation. But what about your revenue? For those businesses that rent out their equipment, asset management is every bit as important to your bottom line.
For example, a construction company rents out its bobcats for a few weeks to another business. They aren’t currently being utilized, so why not reap the profits? Unfortunately, when your assets aren’t on your site, you have no idea how they are being used. Are they being used beyond agreed-upon hours? That’s extra revenue you aren’t collecting.
With asset trackers, you can know exactly how and when your assets, in this example, bobcats are being used. This ensures for accurate billing and preventing loss of potential revenue. Additionally, it becomes a maintenance issue. Are your assets being used to the point that wear and tear will cause excessive repair costs?
And finally, tracking your assets while off site prevents theft. What would it cost you to replace a bobcat that was in perfectly good condition? All of these points should be taken into consideration if you are renting out your assets. The goal is extra revenue, not additional costs.