Construction Inventory Management Software Cuts Down on Industry’s Staggering Losses

It may be more important than ever for construction companies to consider implementing construction inventory management software. In March, the construction industry saw a significant hike in costs due in large part to increased prices for building materials. Construction costs across the board are expected to rise an additional 2 percent to 3 percent in 2018. Overall material costs are forecasted to increase by 2 percent to 3 percent this year. The cost of labor also is increasing and is forecasted to increase between 3 percent and 4 percent this year. The industry is facing labor shortages due to “lack of skilled labor, stricter government policies around immigration and the inability to recruit the younger generation.”

At the same time, construction equipment theft remains a serious problem for companies. The National Equipment Register (NER) estimates that the value of construction equipment stolen each year is between $300 million to a staggering $1 billion. That figure represents equipment only – not building materials or tools, which are stolen with great frequency from construction sites, which often are unsecured. “Without a national database for construction equipment … it’s easier for thieves to sell stolen equipment to unsuspecting buyers with little fear of getting caught.” Less than 25 percent of stolen equipment is recovered each year.

 

"The National Equipment Register (NER) estimates that the value of construction equipment stolen each year is between $300 million to a staggering $1 billion. "

 

In 2016, LoJack Corporation issued its Study on Construction Equipment Theft. According to the report, wheeled and tracked loaders are the most commonly stolen pieces of equipment on construction sites, followed by towables, skid steer loaders, excavators and utility task vehicles. Theft is often local; stolen equipment is almost always recovered in the same state (97 percent). California, Texas, Florida, Georgia and Arizona were the top 5 states for construction equipment theft in 2016, and January and May were the top months for theft the same year.

Construction inventory management software allows construction companies to curb theft and loss through the barcode identification and tracking of their equipment, tools, and building materials. The software enables site crews to locate the exact location and condition of items, submit work orders and much more. Ultimately, companies save significant time because construction inventory management software eliminates the phone calls and wasted hours associated with hunting down available assets. Companies become better stewards of their respective bottom lines because they no longer base decisions off guesswork – for example, placing an order for tools they may already have sitting idle in another location.

Asset Panda's construction inventory management software effectively closes the communication loop among all stakeholders involved in any construction project. Its free iOS and Android apps sync with the cloud and include a mobile barcode scanner, so there’s no need for additional hardware – only the mobile phones and tablets employees already carry. From the palms of their hands, crew members can immediately access the location of an item, quantity, condition, warranty, lease/purchase information, check-in/check-out status, and much more. Users may create work orders and customizable reports, set up custom notifications, alerts, and security settings, and view assets and inventory across the organization. It’s easy to export and import data out of and into the tool, and the interface is intuitive, so anyone can use Asset Panda with confidence right from the start.

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If you’re a construction company owner or employee charged with asset and inventory management, Asset Panda can cut waste and allow you to focus your valuable resources on your priorities. Try it free for 14 days. To learn more, visit assetpanda.com.