High valued portable equipment, such as generators, lifts and excavators are critical in the success of a construction project. Equipment can move from one job site to the next making it difficult to understand and keep track of where assets are and how and if they are being used effectively.
Construction Asset Tracking has therefore become essential and can provide the following benefits:
1) Maximize Equipment Utilization Across Job Sites
With Asset Tracking technology, businesses can monitor the location of their assets on-demand and generate utilization reports to determine which are being under-utilized across job sites. With this information, they are better placed to determine how best the assets should be deployed, if any should be re-allocated, which types of equipment customers need most and compare owned to rented asset usage – streamlining the efficiency and profitability of their asset-dependent business.
2) Prevent the Loss or Misuse of Assets
A major challenge construction businesses face is the loss or theft of expensive assets due to them being abandoned, misplaced or stolen once they reach a customer site.
Many Asset Tracking solutions incorporate functionality that ensures that if an asset changes location or has been disconnected; an alert will be emitted and the equipment or branch manager will receive an exception notification. This helps them to minimize misuse and theft as they are able to locate the asset immediately and act quickly to retrieve it.
DID YOU KNOW: Over 10,000 high value construction assets are reported as stolen annually and only 23% of thefts are recoverable. The annual cost of construction equipment theft is $1 billion.
Proactively Manage Maintenance to Minimize Downtime
Having the means to understand when planned maintenance should be scheduled, based on the actual usage of an asset, can help keep equipment running reliably and mitigates the risk of unplanned outages. Utilization reports generated by asset tracking solutions provide this means.
If an asset breaks down, real-time intelligence into its location enables businesses to retrieve it for service immediately whilst a nearest available asset can be identified and reallocated, helping to minimize downtime.