Success in contemporary business competition relies heavily on the quality of a supply chain's maintenance and timely updating. Undoubtedly, one of the feasible tools for achieving such efficiency is GPS asset tracking. It enables businesses to transform how they manage supply chains and provides real-time insights into the locations and status of goods, vehicles, and equipment. 

This means that by incorporating GPS tracking solutions, organisations can improve efficiency, reduce costs, and increase customer satisfaction to completely revolutionise supply chain performance.

In this blog, we examine exactly how a GPS asset tracking device improves supply chain performance, its benefits, and some practical ways you could use these solutions in your operations.

What is GPS Asset Tracking?

GPS asset tracking refers to tracking any asset in real-time using the Global Positioning System. These include vehicles, shipping containers, individual items, or equipment. A GPS tracker is attached to such objects' log data, which is transmitted to a central system, thus enabling businesses to track their supply chains in real-time.

It provides information on the location and, more importantly, other information like the asset's speed, direction, and status. This information will help companies gain insights from the data about their supply chain operations to make informed decisions and solve issues.

Top 6 Ways to Improve Supply Chain Performance with GPS Asset Tracking

GPS asset tracking can significantly enhance supply chain performance by providing real-time visibility and improving operational efficiency. Here are some key ways businesses must adapt and embrace innovative solutions to stay competitive.

1. Enhancing Visibility Across the Supply Chain

One of the major advantages of GPS tracking for asset devices is that it gives unparalleled visibility across the supply chain. In a typical supply chain, the tracking of goods involves many manual processes; this can be very time-consuming and subject to numerous errors. GPS tracking solutions eliminate these problems by offering real-time data about the location and status of assets.

With GPS tracking, companies can locate their merchandise at all levels of the supply chain, right from the point of origin to the final destination. In this regard, the business has full visibility in pinpointing bottlenecks to streamline processes and ensure timely delivery of goods. Having real-time data equally helps to respond to unexpected delays or disruptions that minimise the impact on the overall supply chain.

2. Reducing Operational Costs

If there's anything most businesses are ever wary of, it is operational costs. And perhaps, there isn't a more costly area to manage than the supply chain. One way or another, GPS asset tracking may help reduce those costs.

First, real-time location allows the company to optimise routes and reduce fuel consumption. Suppose a delivery vehicle gets caught up in the traffic flow. With the help of GPS tracking, it is now easy for the managers to take the vehicle through other less congested paths and save both time and fuel.

GPS tracking reduces manual tracking and reporting, saving time and reducing human error. By automating tracking, fewer resources are tied up in supply chain monitoring, freeing a business to better utilize its workforce.

Finally, GPS tracking helps prevent theft and asset loss. Once there is a record of where expensive goods are at every moment, thefts tend to be low, and when something is lost or misplaced, it may be quickly recovered.

3. Improving Customer Satisfaction

If anything has become important in the market in modern times, it is customer satisfaction. This means timely deliveries and constant and proper information on the status of goods ordered by the consumer. With GPS asset tracking, one is sure to meet such expectations through proper representation of exact times and locations regarding deliveries.

Finally, contrary to delivery windows, GPS tracking allows companies to provide their clients with exact delivery time predictions and updates, removing much mystery from the process. 

Information compiled from GPS tracking can be analysed for delivery performance and areas of improvement, ensuring the service levels are continually met. By constantly refining operations, businesses can ensure customer satisfaction and loyalty over the long term.

4. Ensuring Compliance and Security

Adhering to industrial regulations and making certain provisions for asset security is another very important aspect of managing the supply chain. Asset tracking with GPS helps a business organisation achieve just that by maintaining detailed records of asset movement and handling.

For industries that deal in sensitive or regulated goods, pharmaceuticals or hazardous materials, tracking ensures that such items are transported according to regulatory standards. It also provides data that could be used to prove that the company is abiding by regulations and thus avoid fines or any other legal consequences.

GPS tracking excels in another area: security. By monitoring the location and status of certain assets in real time, businesses can identify potential security risks and act immediately. 

5. Optimising Inventory Management

Inventory management plays an important role in facilitating smoothness and efficiency in supply chains. Asset tracking using GPS helps optimise inventories through real-time data provided on goods movements.

GPS tracking guarantees that companies trace inventory levels along the chain for efficient stock management and to avoid shortages or overstock positions. This data-driven inventory management method reduces waste, decreases storage costs, and makes products available at the right time and location.

Also, GPS tracking will also allow companies to implement just-in-time inventory strategies. Because businesses will know where goods are and whether they are in stock, they can better schedule delivery times and reduce the level of inventories as large as before, thereby freeing capital for other uses in the enterprise.

6. Integrating GPS Tracking with Other Technologies

While already powerful, GPS tracking realises its fullest benefits when integrated with other technologies. Integrating GPS tracking technology with RFID or IoT solutions further expands asset monitoring to the minutest levels.

An IoT-enabled GPS tracking system will be able to provide not only its location data but also conditions of the asset in question, like temperature, humidity, or vibration. This is crucial for industries such as food and pharmaceuticals that constantly need to maintain very strict environmental controls.

Enhancing Efficiency with GPS Asset Tracking in Supply Chain Management

From better visibility and cost-cutting to increased customer satisfaction and the assurance of security, GPS asset tracking provides a multitude of benefits one could gain for supply chain operations. Moreover, supply chains have become increasingly complex, making real-time monitoring and managing of assets highly relevant.

If you want to enhance your supply chain performance, then look at the GPS tracking solution that best suits your specific needs. This will make your operations as fast as possible and give you insights that will help you stand the test of competition in a fast-changing market.

Ready to raise your supply chain to the next level? IoT-WorkS introduces innovative IoT solutions that perfectly integrate with GPS tracking technology to provide you with all you need to optimise your operations and ensure your assets are safe. Reach out to us today to show you how we can help achieve all of your supply chain goals.