GPS Asset Tracking For Business
Monitor professional & personal valuables with GPS technology
An insurance policy can go a long way towards protecting a business's assets; however, even the best insurance can't tackle the issue of loss prevention. Theft of valuable assets is a major problem for businesses of all sizes, and GPS asset tracking has become a go-to solution for this issue. This tracking technology has a broad range of applications, from GPS vehicle tracking for large vehicles and heavy machinery to tiny tracking devices for smaller valuables. Let's take a closer look at the many uses of GPS asset tracking and see how it may offer the protection your business needs.
GPS: The Gold Standard for Tracking
GPS may not be the only tracking technology available for asset protection, but it's emerged as the standout solution due to its versatility and effectiveness. RFID tracking technology is another popular choice for many industries. From scanning toll fees on the highway to deterring shoplifting, RFID tags serve a wide variety of purposes. However, RFID technology has its limitations, and the need for specialized scanners restricts the scale of its applications. GPS has the advantage of relying on a global satellite system instead of specialized local scanners, so it can be used for tracking applications anywhere on the planet.
Tracking Small Assets
GPS vehicle tracking is a popular way for businesses to keep track of their larger machinery and other valuable equipment. But, as technology has advanced in recent years, GPS is being used to track smaller items as well. Many industries use GPS tracking to monitor the movement of high-value items. Hospitals, for example, spend a large amount of money on sophisticated medical equipment. Unfortunately, these assets are susceptible to theft, and some medical supplies may even be misplaced within a hospital's massive inventory. Using tracking devices on these assets can help hospitals reduce theft and better manage their inventory. Tracking medical supplies and equipment can also enable hospitals to figure out which ones get used most often and create a more efficient system for storage and access.
In addition to hospitals, phone stores and electronics retailers also deal with a high risk of theft. The inventory in these stores is lucrative, and thieves are often able to bypass typical security measures. Using GPS tracking for smartphones and other electronics is an easy way for retailers to protect their valuable inventory. With tracking technology in place, law enforcement officials can recover stolen goods and apprehend the thieves. Art galleries, museums, and auction houses often turn to GPS asset tracking to monitor their exhibits and ensure that no pieces leave the premises without permission.
Even the smallest-sized assets can benefit from GPS monitoring. Jewelry retailers use customized, miniature GPS trackers to protect their jewelry inventory. Not only can this technology let retailers know if jewelry leaves the store, but it can protect jewelry that travels to different locations for trade shows. GPS tracking has also been used successfully by law enforcement officials to combat the growing problem of prescription drug theft. The New York Police Department, for example, has asked multiple pharmacies throughout the city to plant tiny GPS devices in phony pill bottles. The "bait bottles" were placed among genuine supplies on pharmacy shelves: in the event of a robbery, GPS data from the bottles helped police track down culprits.
Tracking Larger Assets
Equipment theft is a serious problem in the agriculture and construction industries, especially in businesses that employ a high number of temporary employees or seasonal workers. A report by the National Insurance Crime Bureau states that nearly $1 billion of construction equipment is stolen each year. That statistic may be discouraging, but a solution is available: GPS vehicle tracking can provide the protection businesses need at a price they can afford. GPS asset tracking is especially valuable for monitoring vehicles and heavy machinery because it can be difficult to secure this equipment using other methods. Manufacturers are reluctant to add security to their products that may sacrifice the equipment's ease of use, and adding security guards and fences to a construction site can be too costly for many companies.
The transportation industry makes good use of GPS asset tracking to discourage cargo theft. According to a report by CargoNet, an estimated $30 billion in cargo is stolen annually; the problem is so pervasive that the Federal Bureau of Investigation runs seven different cargo task forces in the United States. GPS asset tracking can help the transportation industry combat this problem. Tracking trailers helps companies optimize their fleet and know the exact location of any trailer at any given time.
Not Just for Businesses
Although tracking devices and GPS vehicle tracking are frequently used to protect a business's assets, people are also making good use of this technology in their personal lives. In the event of a home invasion, stolen items that are equipped with GPS tracking can alert police to the location of the goods and help them make an arrest. In addition to tracking the valuables in their home, many people add tracking devices to their luggage for an extra measure of protection when they travel.
It's clear that GPS tracking technology can be used to monitor and protect just about anything. From GPS vehicle tracking for the largest machinery and equipment to micro devices for the smallest items, the real-time tracking information offered by GPS solutions can benefit a wide range of industries. The saying "knowledge is power" has more than a grain of truth to it, and GPS asset tracking puts that power in the hands of businesses and individuals.
Published March 5th, 2021