The term “GPS tracker” is widely associated with satellite navigation systems and so on, but beyond this is immense profit-making potential in the business world.
The advancement of these devices has, in short, provided businesses a fantastic profit-making tool. Sure, there are some initial costs involved as you purchase and install your GPS tracking device, but from that point on it’s all downhill.
Following on from the above, let’s now take a look at just how companies are taking advantage of this technology, and ultimately benefiting their bottom line considerably.
The security method
This first method isn’t necessarily related to generating more profit, but more about preserving it.
As we all know, all businesses can be victim to criminal activity. In the case of logistics, it can be trucks being stolen – or at least the goods within them going missing. In other fields, it might simply be items being stolen from a warehouse or other supposedly secure location.
If said items are expensive in value, it obvious hinders the company’s bottom line emphatically. Sure, they might have some form of insurance on the product, but this is still going to result in premiums rising in future years and ultimately, profits sinking.
This is where the GPS tracker comes into play. Whether it’s by placing a geofence around the item in question, or just tracking its every movement while it is transit, it provides an extra layer of protection. This could potentially save thousands in the worst case scenario, just by alerting the relevant people when it does happen to have moved from its rightful place.
The fuel efficiency method
Something that’s more based on immediate profit revolves around fuel efficiency. As we all know, this is on the tip of a lot of tongues right now, and it’s for good reason. While we won’t hone in on any specific statistics, it goes without saying that any logistics company is going to save significant amounts of money just by cutting their fuel consumption down by a fraction.
This is where tracking devices really come into their own. They are able to calculate the speed in which a vehicle is traveling, and from then on calculate just how much fuel is being wasted by not traveling at the optimum level.
The tracking method
This links similarly to the last point we have just made, as it is very much linked to the logistics trade. In short, the ability to track vehicles and their whereabouts is something that provides companies with invaluable information – which can in turn be used to generate a profit.
It immediately allows customers and businesses to understand where their goods are, and this is something that many are happy to pay a premium for. It’s something that can give everyone who utilizes it a competitive advantage and particularly now we are in an era where convenience is key, this is a benefit that should not be understated.
