Equipment Tracking System a Must for Construction
An equipment tracking system remains a necessity for any construction company, no matter the market conditions that surround it. That’s because the savings of time and money it delivers make it a sound investment. An equipment tracking system helps...
- Keep crews on schedule and clients satisfied
- Managers keep the myriad details of their equipment organized
- Extend the useful life of expensive equipment
- Companies remain in compliance with safety and tax regulations
- Keep crew members safe
The pandemic's impact on the industry
In its 2020 Engineering and Construction Industry Outlook, Deloitte described how the global COVID-19 pandemic is impacting construction companies. The report stated that most of them “are facing sustained cost pressures and ongoing labor shortages, negatively affecting industry momentum.” Perhaps most telling was the report’s outlook that “the path forward includes a focus on several bright spots in certain end markets and approaches like prefabrication and modularization, dialing up digital to ensure a safe and productive job site, and reinforcing ecosystems to build resilience.”
Employing digital technology to raise the bar on efficiencies can, in the long term, help construction companies remain competitive – even during these challenging times. An equipment tracking system is one of the most effective ways to do that.
Equipment theft and loss: draining the bottom line
Equipment theft and loss are a huge drain on construction companies’ bottom lines. The National Equipment Register has estimated the value of construction equipment stolen each year to be anywhere from $300 million to $1 billion – and that’s for equipment only, not tools or building materials, which are also hot targets for thieves. In some cases, an item is stolen, but records aren’t updated, so companies continue to pay insurance on equipment (or “ghost assets”) they don’t even have in their inventory anymore. Equipment tracking systems monitor the whereabouts and condition of equipment throughout its entire lifecycle, from initial acquisition to periodic maintenance to eventual retirement, which prevents fixed assets from falling through the cracks or otherwise being lost.
It’s also easy for construction companies to lose track of rental equipment out in the field, especially if a company’s tracking process is manual. An equipment tracking system helps track the location of rented equipment at every stage. Users are able to confirm receipt of the equipment, where it’s been assigned and to whom, and verify the length of agreements and the eventual return of the equipment so the company doesn’t continue to pay rent on an item no longer in its possession.
Another way that an equipment tracking system raises the bar on efficiency for construction companies is that it enables users to organize projects, identify the equipment needed for each project and determine where available equipment is located. As projects progress and evolve, sometimes additional equipment is needed that crew members didn’t foresee. Some systems allow them to locate within seconds what job site that equipment is assigned to, what condition it’s in and who currently has it – all with the mobile devices they already carry.
Asset Panda’s equipment tracking system, powered by a free mobile app that syncs with the cloud and includes a built-in barcode scanner, eliminates the need for additional hardware or software. Allowing for an unlimited number of users, Asset Panda closes the communication loop among stakeholders and allows construction companies to maximize the lifespan of their investments, reduce theft and loss, and keep projects running on schedule without unnecessary delays.