Construction companies use and own hundreds of thousands of vehicles, heavy machinery, technology equipment, PPE equipment, and simple or miscellaneous tools: all assets vital to their business operations. It must keep track of these assets nationwide or just between a handful of locations, having several job sites often running at once. The integration of asset tracking and management technology into everyday systems and processes enable companies to gain real-time and deep insight into the complete picture of their business operations. This includes where each asset is, how it’s utilized, how safety can be increased and how each asset can be managed to maximize its return.
A lot can happen to a company’s tools and assets throughout a job. Wear and tear, missing or misplaced devices, and the breakdowns of heavy equipment can all slow down productivity and cost a business time and money. Such events are inevitable, but when they do, the following questions need to be asked: Who is aware? Are the correct steps being taken to solve these issues? What systems are in place to ensure that assets are tracked and visible?
Many construction companies try to keep track of their assets manually, mostly using spreadsheets. Frequently, the control of every asset is not given the proper priority it deserves. This may be due to outdated databases and infrastructure that are insufficient for adequately tracking assets, hesitancy to change, a lack of trust in automation, or simply not knowing how important it is to keep track of minor details.
Even forward-looking companies that have implemented sophisticated technology may question the accuracy and reliability of the sunk costs and dead inventory because the detail and granularity of what is happening in the field is not always reported, especially for small items. Construction companies have access to intuitive mobile apps that are easy to use in the field and that ensure reliable and accurate data reporting.
Asset managers, construction managers, and project supervisors can now make an impact by significantly reducing unexpected losses and breakdowns. They can plan with more confidence and deliver a more accurate forecast that is trusted by their superiors.
There is no excuse for not capitalizing on technology that manages every last asset a company has. Unfortunately, most businesses aren’t treating asset management as their own asset.
There are highly flexible and versatile asset tracking software that can be customized to track any asset and to capture most workflows. Regardless of how tools and equipment are being used, the asset tracking software can be configured to mimic specific business operations. Flexible cloud-based platforms are powerful tools to help the world work smarter. By allowing users to configure asset tracking technology to work the way the user does, platforms provide an easy way for companies in the construction industry to track the entire lifecycle of their assets.
By implementing asset tracking software, a company has a better view of the business landscape at its fingertips. Businesses can feel 100 percent confident in the data given thanks to real-time updates directly from teams in the field, ensuring accountability with what a company has, where it’s supposed to be, how it’s being used, and whether it made it back.
Benefits to asset-tracking systems include but are not limited to:
- Keeping jobs moving. Schedule maintenance for equipment and accelerate replacement and repair workflows.
- Custom reports. Detailed asset history and job costing reports to stay on top of reorders and avoid duplicate purchases.
- Manage assets from anywhere. Add mobile apps to the Android or iOS devices already in use.
- Support workflows. Enhance workflows with custom actions for faster and easier asset updates and management.
- Consolidate asset history. Full audit trails provide enhanced accountability and forecasting for every asset.
On average, Asset Panda customers see an 800 percent return on investment in saved time alone, based on hours saved multiplied by an average hourly wage of employees responsible for asset tracking.
