Tracking tools and equipment is vitally important on construction job sites because they’re prime targets for theft. A 2014 study commissioned by the National Insurance Crime Bureau (NICB) and National Equipment Register (NER) found that an estimated $300 million to $1 billion is lost nationwide due to construction theft, and only 23 percent of that total is ever recovered by law enforcement. Although the study’s findings indicate that the most common targets for theft are wheeled and tracked loaders (36 percent), towables (35 percent) and skid steer loaders (15 percent), smaller tools are not exempt from the threat of theft. In fact, Security Management states that tools and building supplies are frequently stolen by employees. The financial loss associated with theft of those items might seem to pale in comparison to heavy equipment; however, as with any theft situation, once you add up the loss over time, considering multiple employees and multiple tools and supplies, it’s not difficult to understand the negative impact to a construction company’s bottom line.
Typically, the task of tracking tools has been handled through an Excel spreadsheet or, perhaps even worse, pen and paper. Unfortunately, such manual processes are error-prone and extremely inefficient. Even the most detail-oriented employee is bound to make the occasional typo. If the job of logging data has been assigned to multiple employees, it’s straightforward to duplicate efforts or experience gaps due to oversight, busy schedules, staff reassignments and/or miscommunication. Your best bet to “outsource” tracking tools to a reliable platform that does the heavy lifting for you – and helps reduce theft, loss, wasted time and money at your organization.
Tracking tools through a powerful, yet intuitive asset tracking platform gives you peace of mind for several reasons. First, your data is accurate and in real time. Second, you can access details about the complete lifecycle of your tools – from their respective locations to their complete maintenance histories, values, warranties, lease/purchase information, check-in/check-out status, and more. You and your field workers no longer have to spin your wheels trying to track down assets. Nor do you discover that you’ve been paying insurance on ghost assets you don’t even have in your inventory anymore. You From every standpoint, a reliable platform for tracking tools makes good business sense.
Aside from implementing a formal system for tracking tools, there are other measures construction companies can take to reduce theft and loss on job sites.
The LoJack Corporation Study on Construction Equipment and Theft issued the following recommendations for companies seeking to protect their assets:
- Create inventory records
- Secure machine identifiers in various locations on the equipment
- Hire security over long weekends and holidays to watch the job site
- Properly vet and screen employees as well as verify authorized personnel, including drivers
- Lock up keys, perhaps even off site
- Control job site access points
- Circle larger equipment around smaller assets
- Chain pieces to each other
- Invest in lighting, fencing and cameras
Asset Panda can help construction companies curb theft and loss through its powerful, yet intuitive software. Powered by free mobile iOS and Android apps that sync with the cloud, Asset Panda offers you an easy way to access your comprehensive asset data in real time 24 hours a day – and no additional hardware is required. With Asset Panda, you can close the communication loop among all of your stakeholders, get the most out of your vital tools and equipment, and protect your bottom line.
The best way to get acquainted with Asset Panda is to begin your free 14-day trial. To learn more, go to assetpanda.com
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