Business Benefits of GPS Asset and Inventory Monitoring
Businesses often allocate up to 25 percent of their budgets to inventory—a quarter of their total outgoings. So imagine the consequences when inventory goes missing or gets stolen.
Fewer products to resell. Disgruntled customers. Lost profits.
The same goes for assets like vehicles, computer equipment, and office furniture. What happens when these items end up in the wrong hands?
That's why asset monitoring and inventory protection are critical. Tracking items as they move from one location to another isn't just a safety precaution but a necessity for business owners that rely on these items to execute day-to-day tasks.
Using a GPS device to monitor assets and inventory provides multiple business benefits. Here are some of them.
When you track assets and inventory, you can ascertain the location of your items at all times. If an item goes missing after you dispatch it from your warehouse, for example, you can determine its route and final destination by opening your computer or an app on your phone. You can then match this location data with the employee or logistics provider that transported the item and hold them responsible for the loss.
If an item goes missing from your warehouse or stock room, you can use GPS data to determine when it left that location and who was working there at the time. Again, you can use this information to hold the person responsible for the loss to account.
Protect Your Business
You might have thousands of dollars worth of assets and inventory that you want to protect. If any of these items are damaged, lost, or stolen, there could be serious ramifications for your business. Say you have an important client who has ordered large quantities of materials from your warehouse, but these items arrive two weeks after the intended delivery date. The client might not want to work with you again and leave you a negative review online.
When using GPS-enabled devices, you can track the client's order and determine why it took so long to arrive. (Perhaps there was a problem with the logistics provider you used.) Then you can explain what happened and quickly rectify the situation. Having access to the latest GPS data can protect your business relationships and result in better information-sharing.
Strengthen Insurance Claims
Some insurance companies might not honor a claim unless you have proof of stolen property. Investing in the latest GPS technologies provides insurers with the evidence they might require. For example, proof that valuables left their original location but didn't arrive at their destination. As a result, you can strengthen your claim for an insurance payout.
The best GPS-enabled tools track assets and inventory as they leave a location like an office or warehouse and monitor their movement in real-time. You have evidence of the date, time, and location an item went missing and can present this data to an insurer at any time.
Improve Customer Experiences
Customers are becoming increasingly impatient when ordering goods online. Research shows that 61 percent of consumers want items delivered within three hours of making an internet purchase, while 80 percent want same-day shipping. However, most customers just want to receive orders within the timeframes listed on your website. If an item arrives even a day after the date you promised, the experience can prove to be a negative one for these customers, even if a delay is out of your control.
You can manage delivery expectations and improve experiences by sharing GPS-tracking information with customers. This way, you can tell consumers when their order left the warehouse, the estimated delivery date of the item, and whether there are any delays because of a lost or stolen shipment. You can even adjust driver routes quickly so consumers can receive their packages in a quicker time frame. Customers might appreciate this transparency and be more willing to order products from you in the future.
GPS technology provides multiple benefits for asset and inventory protection. Investing in GPS devices can improve accountability, protect your business, strengthen any insurance claims, and enhance customer experiences. Location sharing systems also provide real-time insights into your shipment and delivery processes, making it easier to locate lost or stolen items.