How to track equipment inventory

teletrack_tracking equipment inventory

Some businesses treat equipment management as an afterthought. However, those companies are usually surprised once they get around to adding up the costs of their equipment losses and operating inefficiencies. 

Improved asset tracking can help your organisation cut inefficiencies, reduce losses, and extend the lifecycle of each piece of equipment.

What does inventory tracking mean?

The process of tracking all products and equipment in your possession, in transit to and from your warehouse, and the quantities available at all locations is known as inventory tracking. 

The benefits of tracking inventory

Since your inventory levels directly affect your warehousing and management operations, there are many benefits to tracking it accurately.

1. First, you’ll be able to make an efficient schedule for your machine and equipment.

Creating a timetable, performing demand planning and forecasting are all made easier when you have insight into inventory levels and movement. This, in turn, leads to a greater ability to maximise profits.

2. Second, you’ll save money across the board.

When your inventory is under control, you don’t need to spend as much on storage, purchasing, salaries, and other related costs. With less money allocated for inventory, you can invest it in areas such as digital marketing to increase your exposure and grow your business.

3. Third, your staff will appreciate having insight into your inventory levels and locations.

The more information they have, the more productive and ready they can be. Order fulfilment speed is increased as your staff waste less time searching for missing machinery or sifting through an overwhelming amount of inventory. This also leads to higher customer satisfaction.

How to track equipment inventory

The best way to track your machinery is using a telematics tracking system – like Teletrack. In fact, Teletrack was originally developed as a software platform for the rental industry. Teletrack gives rental companies an extra edge when it comes to telematics, ensuring that although the equipment, vehicle or machine is out of sight, it’s not out of your control and care.

Here’s how Teletrack can help your business track your equipment:

  • Winning new supply agreements with the pre-start system.

Not only does the pre-start system ensure higher safety for your equipment, but it also means that job sites are safer for workers.

  • Detect rental leakage.

Do you ever think a machine might be being used outside of your rental agreement terms? Teletrack will tell you straight away. For example, if your machine is operating during a stand-down day.

  • Integrate your rental software to bring across asset hours.

Make the whole process of administrating your vehicles and equipment easier with Teletrack’s ability to let different software talk to each other seamlessly.

  • Keep track of asset usage and engine/motor hours.

Even if your equipment or vehicle is out of your sight, you still know what’s going on with Teletrack’s comprehensive tracking and telematic information.

  • Remote disabling.

If your lessors haven’t paid or have breached their rental terms, you can disable your machine from anywhere. This protects your vehicles and gives you greater control over your rental agreements.

Find the right GPS tracking for your business

Our telematics and tracking solutions can be tailored to your business needs. Talk to us today about your business and its specific telematic solution needs. Together we’ll find a custom option to suit, and you can try a demo for free.

This article was written by AS Digital – a full-service marketing agency.