Non-Powered Asset Tracking for Equipment Rental Companies

When your business is renting equipment, you know that you can’t afford to be regularly losing equipment. When a construction company loses assets like tools or other equipment, it may be an unwelcome expense to the company, but they can replace it and continue doing the work that is bringing in their revenue.

However, when an equipment rental company loses their assets, that means they lose the main sources of their revenue, and simply can’t afford that happening or for long. While a few things here or there may not seem like a big deal, a continuing trend of lost equipment could mean putting a serious dent in your bottom line. When your rental equipment is lost, misplaced, or stolen, you’re missing vital inventory, and you could potentially lose future opportunities, putting you in an even worse position. Plus, you’ll bear the burden of higher operational costs.

Moreover, renting equipment bears unique challenges, like renters who may use your equipment in unauthorized ways, forcing your company to face additional challenges.

Types of Asset Tracking

So what’s the obvious, effective answer? You guessed it, asset tracking. As you may have learned already, asset tracking is a great solution for equipment rental companies.

There are several types of asset tracking: one may be a better fit for your company.

• Bar codes and QR codes require someone to physically scan the asset, which may be good for logging and keeping an inventory, but won’t help you track down lost or stolen equipment.
• RFID is better at locating items, but only where RFID readers are installed. So if you’re trying to track down equipment a customer should have, you’re still out of luck.
• GPS tracking is a highly effective way of tracking down lost or stolen goods, but it’s traditionally associated with tracking large power assets like trucks or construction equipment. As an equipment rental company, you have a whole spectrum of equipment you may need to track, including nonpowered assets, assets that don’t have a battery or hook up to a device like a GPS tracker.

Non-Powered GPS Asset Tracking

Luckily, technology has advanced so that GPS tracking can be applied to just about any piece of equipment you have. No longer do your large powered assets, like vehicles and skid steers, have to be the only assets you have that you can track with GPS. With non-powered GPS asset tracking, you can track everything from shipping containers to hand saws. Non-powered GPS asset trackers come with their own rechargeable battery so they don’t have to be hooked up to a battery to work.

Equipping your entire inventory with GPS asset tracking will allow you to:

• Recover stolen and overdue equipment.
• Define a geofence where the equipment can be used per the rental contract.
• Improve inventory management.
• Monitor equipment run-time so you can better schedule maintenance.
• Gather data regarding which equipment is used most and least so you can make better-informed business decisions.

Take a look at GPS tracking products, and give us a call at 1-888-544-0494 to talk about the right solution for your equipment rental business.

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