A method for a tracking device affixed to an asset to maintain reachability by reducing power consumption based on measured wide area network, WAN, conditions, comprising: determining whether entry conditions for performing a power optimization algorithm are met by: determining whether the tracking device has been activated for a predefined period of time; determining whether the tracking device has experienced an out-of-network-service condition for at least a predefined duration; determining whether the tracking device is engaged in an ongoing communication session; and determining whether the tracking device has received an on-demand localization communication within a predefined period; generating, in response to determining the entry conditions are met, statistics characterizing out-of-network-service conditions experienced during a period of time; determining whether the generated statistics characterizing out-of-network-service conditions experienced during the period of time indicate a predefined out-of-network-service condition by comparing the generated statistics characterizing out-of-network-service conditions experienced during the period of time to a predefined threshold value; and operating in a power optimization mode by operating the tracking device in a power save state and an idle state for a number of cycles when the generated statistics characterizing out-of-network-service conditions experienced during the period of time indicate that the predefined out-of-network-service condition exists. determining whether entry conditions for performing a power optimization algorithm are met by: determining whether the tracking device has been activated for a predefined period of time; determining whether the tracking device has experienced an out-of-network-service condition for at least a predefined duration; determining whether the tracking device is engaged in an ongoing communication session; and determining whether the tracking device has received an on-demand localization communication within a predefined period; determining whether the tracking device has been activated for a predefined period of time; determining whether the tracking device has experienced an out-of-network-service condition for at least a predefined duration; determining whether the tracking device is engaged in an ongoing communication session; and determining whether the tracking device has received an on-demand localization communication within a predefined period; generating, in response to determining the entry conditions are met, statistics characterizing out-of-network-service conditions experienced during a period of time; determining whether the generated statistics characterizing out-of-network-service conditions experienced during the period of time indicate a predefined out-of-network-service condition by comparing the generated statistics characterizing out-of-network-service conditions experienced during the period of time to a predefined threshold value; and operating in a power optimization mode by operating the tracking device in a power save state and an idle state for a number of cycles when the generated statistics characterizing out-of-network-service conditions experienced during the period of time indicate that the predefined out-of-network-service condition exists.