Hard Numbers Validate Importance of Asset Management Equipment Tracking

workers-in-construction-site-using-equipmentThe last thing any business owner wants to do is shell out money to replace a piece of equipment that could have remained in good working order for several more years – if it had only been properly maintained, that is. Asset management equipment tracking helps business owners keep up with maintenance schedules, decrease equipment maintenance costs across the board and reduce equipment theft and loss. Additionally, asset management equipment tracking facilitates communication with the field, which in turn can help companies more effectively schedule their workflows, determine needed repairs and generate work orders sooner. When companies have their asset-related data in one centralized location – and that data is both accurate and in real time – they can make more informed decisions and plan their budgets accordingly.

The Construction Industry

The construction industry is perhaps the most obvious example of how productivity is affected when equipment breaks down. If field workers are sitting idle while they wait for critical equipment to be repaired, that can have a ripple effect on other jobs, as well. Construction sites are also particularly susceptible to equipment theft. In a joint effort, the National Equipment Register (NER) and the National Insurance Crime Bureau (NICB) released a 2016 Equipment Theft Report which shares some eye-opening statistics, including the annual estimates of the cost of equipment theft, which vary from approximately $300 million to $1 billion, with most estimates in the range of $400 million. Only 21 percent of stolen equipment was recovered in 2016.

Taking the No. 1 position among the top 10 states for equipment theft in 2016 was Texas (by a long shot, with 2,375 reported thefts). North Carolina (796), Florida (763), California (694) and Georgia (577) took the No. 2, No. 3, No. 4 and No. 5 positions, respectively. Those top five states accounted for 45 percent of all equipment thefts in 2016. “Organized theft rings are likely to develop in areas with a high concentration of equipment and a large number of potential buyers of used equipment, stolen or otherwise,” the report says. Further, “It is not enough to focus solely on the security of premises and work sites. Equipment users should also secure the machines by disabling them using hydraulic cylinder locks or ignition or hydraulic system lockouts or simply by removing battery cables. Owners and users should also stage pieces of equipment to prevent them from being dragged onto a transport. Finally, equipment should also never be left on trailers.” The report adds that, as equipment owners move items between job sites, the risks and opportunities for theft increase.

A Powerful Tool for Reducing Theft and Loss

Asset management equipment tracking software is a highly effective tool that allows business owners to see the exact location of any asset using GPS. The tracking software also identifies the person currently responsible for the asset, as well as the asset’s condition and its complete maintenance history. When equipment and tools are properly identified and tracked, they no longer fall through the cracks and end up as costly ghost assets.

Additional Benefits

Equipment is the backbone not just of construction companies, but most businesses. In order to maximize your investment, need a reliable means to consolidate and manage your asset data. Asset management equipment tracking does just that, providing you with a single location to access everything from an item’s warranty, lease/purchase information, depreciation, maintenance history and much more. You can create work orders, generate customized reports, proactively schedule preventive maintenance, and bring all of your stakeholders – including your workers in the field – into the communication loop, increasing accountability and eliminating guesswork and frustration.

Asset Panda brings the entire lifecycle of your equipment, tools and other assets into the palm of your hand through our free mobile app. To learn more, visit assetpanda.com

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