How much does asset tracking cost? Asset tracking costs can be as low as around $15 to $35 per asset per month for limited functionality, and anywhere from $50 to $150 per asset per month for a feature-packed tracking system.
Ultimately, the exact price of an asset tracking system for your business will be unique. Costs are dependent on a variety of factors including the features that are supported, the number of assets tracked, the quality of support available from the vendor, and the price of that vendor's licensing and maintenance fees, which will be bundled into the total cost.
If you want to cut to the chase, you can easily compare the exact costs offered by a range of asset tracking companies for your specific business: just use our quick asset tracking price comparison form.
In this article, we'll explain how asset tracking prices might be calculated and we'll offer up a few examples, giving you a frame of reference that you can bring into discussions with vendors themselves.
Asset Tracking Cost Factors
Here's a more detailed rundown of the elements that can affect your asset tracking bill, along with a few notes on what general industry practices to expect when you start collecting quotes.
Number of Assets
The number of assets tracked will have the most basic affect on the costs. In general, the more assets you have, the higher your costs to track them all. Some vendors offer asset tracking per user rather than per asset (as explained below), but they'll still have a cap on the number of assets allowed, and will charge more if you surpass that cap.
Powered or Non-Powered
A powered asset is one that requires a power source like fuel or electricity in order to run. An excavator and a storage unit are both moveable assets, but the first is powered, while the second is not. Powered assets can be tracked with more specific features than non-powered assets: Managers might want to track engine use or maintenance schedules, which will require an asset tracking system designed for powered assets. You can learn more about the difference in our guide to RFID tags, which can be both active or passive.
Common high-value asset monitoring features include real-time geolocation, travel times, historical data, reporting and, for powered assets, engine hours, maintenance schedules and instances of unauthorized use. Mobile accessibility is another feature that many managers can't do without.
Check out our guide to asset tracking for a deeper explanation of the benefits these features offer.
The data reporting features of an asset tracking system allow managers to identify and remove any inefficencies in their processes. The greater the level of data offered and the greater the number of assets, the larger a financial impact any streamlining will have on the company's bottom line.
Level of Support
Does the asset tracking vendor you're considering offer a support team available by phone, email or live chat? What are the hours? Is 24/7 support available for a higher fee or is it bundled into the basic package? Conversely, do you anticipate needing support often? If your support needs are low or if your business has an in-house IT team, you may not need this perk.
Will the asset tracking system or hardware units require in-depth training? Does the vendor offer in-person training, live online training, or online training documents for self-starters? Limited online training options aren't uncommon, but you'll likely need to pay a hefty fee for a one- or two-day in-person training session, if they are even offered.
Per Asset or Per User
Some vendors will charge per user per month, meaning that each individual with access to the tracking system costs the company a set amount each month. Other services may charge a set amount per asset tracked, rather than per user.
Most asset tracking vendors opt for an annual bill, pre-paid up front. Two- and three-year contracts are also common. Though it's more rare, some vendors may offer six-month, three-month, or monthly billing cycles, even if their annual option is likely the most deeply discounted option.
Sometimes you just need a few examples of exactly how much your money can buy. Fortunately, there are some asset tracking companies offering set price plans rather than unique quotes, which can give you an idea of the rest of the industry's prices – although some companies, like Wasp, don't reveal their full pricing structure online. Larger businesses can likely still finagle a custom deal, even with a company that uses set plans, but the below prices will provide a window into what to expect.
Here's a table that covers the range of plans and costs that you might see from an asset tracking service.
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To understand how much asset tracking could cost for your business, we recommend comparing some quotes. Typically, the asset tracking companies will want to understand the scale and needs of your own operation, before serving you with a bespoke price for an asset tracking solution.
You can easily compare prices by clicking on our simple form, below – it only takes a minute to fill out with a few details about your business needs:
The point of an asset tracking system is to save money. Every feature that you shell out for should ideally help you recoup your costs in one way or another, and that's something to consider when figuring out how to budget for an asset tracking system. Here's a look at a few common ways to save money by tracking your assets.
Tracking your assets helps deter theft among employees (A full 79% of employees steal from their employers at least once, according to one tracking company), and it helps managers deal with insurance when theft does occur. A geofence feature can even let you know when any unauthorized use occurs, even when not theft.
With asset tracking, managers can keep not just the location of their assets, but all the data associated with their daily use, all in one central dashboard. All actions and tasks related to that data will be easier to accomplish, and the time-saving will keep everyone at their most productive.
With the right system, managers will be able to set alerts to notify them by email or SMS when a powered asset's engine hours indicate it may need maintenance. By staying on top of this chore, managers can ensure that their assets don't suffer a shortened lifespan, and can save on parts or replacements.
A detailed, granular system that tracks historical data can help managers remember the entire lifecycle of their assets, from their maintenance record to their average travel times to any past support tickets. All that data can help managers make informed decisions.
No Misplaced Assets
Finally, any asset tracking system will prevent misplaced assets, ensuring an operation will save funds on any replacements that would inevitably occur without tracking.
Once you know every feature you'll need and have a tentative budget planned out, there's just one step standing between you and the perfect asset tracking system for your business: Finding out what quotes each of the best asset tracking companies have to offer you.
Our handy quotes form is ready to help you with just that. With just a few clicks, you can find out the exact asset tracking cost for your business, from a variety of leading providers. Learn more about the top asset tracking companies available today and how much they'll offer you to the dollar.
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