Today, heavy equipment theft is rampant within North America as the construction industry is booming within Canada and the USA. Fixed assets are expensive, difficult to replace, and often, are not adequately protected. Insurance is available, but it usually does not cover the asset’s full amount, and the claim process can take weeks or sometimes months. Losing temporary access to your asset (assuming that you even recover it) means delays to your operation, stagnated profitability and upset customers. No business can afford such losses.

Fortunately, heavy equipment GPS tracking technology exists that can monitor your assets and can serve as equipment theft protection. Tracking technology has been around for a long time, and can help facilitate the job for those in charge of the company’s heavy equipment assets. Construction equipment tracking, for example, is one of the more commonly requested packages since construction equipment is omnipresent and is so expensive to replace.

The benefit of lowered insurance is the most common reason that companies opt to install GPS tracking technology unto their heavy equipment. Insurance companies feel (rightly so) that companies that take the extra step in protecting their equipment against theft deserve a lower monthly premium.

Setup of such devices is usually a breeze. All it takes it a physical wired connection, installed quickly and unobtrusively, to get your device running in minutes. Once operational, your asset becomes wirelessly monitored 24/7. If your equipment moves during an unauthorized time, the device sends an instant notification to the designated fleet manager, alerting them of the breach.

The GPS device needs to be paired with a reliable fleet management software solution. Many variations and packages exist, but ultimately you need to choose software that’s right for your company. Certain factors to consider when considering fleet management software are: price, company size, fleet size, optional features and coverage. Depending on whether or not your asset operates in an area with cell phone reception, you may need to opt for satellite coverage.

Most fleet management and telematics solutions come with many extra additional benefits, on top of theft protection. They can usually measure engine hour readings, fuel use, oil pressure, surface temperature, and many other similar useful readings. By using a GPS tracking device, overall efficiency increases resulting in savings on fuel—a very expensive commodity for any company that utilises heavy equipment—which reduces overall costs and decreases environmental emissions. There is a lot of long term ROI to be had by investing in such a device.

Certain rental companies lend out expensive generators and other heavy assets, and then bill the receiving company on an hours used basis. Rather than estimating how many hours were used on the rented equipment, the hardware solution could accurately track and report the figure. This way, there would be no miscommunication or disputes on billing between either party since there would be reliable data for reference.

This technology has served a number of diverse industries, including heavy equipment rental, farming, construction and large fleets. It’s a consensus among fleet management professionals that some sort of GPS tracking device is a necessity for business these days.

Buying a GPS tracking device is not a short-term purchase, but rather a long-term investment into the guaranteed security and preservation of your asset.