It is not a secret anymore that a lack of adequate asset tracking solution impedes resource allocation and planning, ultimately increasing costs. And this is true, especially for mid-sized and large businesses. Unclear locations and usage statistics of movable assets result in delivery scheduling conflicts that may lead to asset losses. Tracking and managing of assets is the biggest concern for any construction company.
Most often, construction employees/supervisors will have no visibility or control over their assets which are dispersed from across vast construction sites. And also, unreported incidents of misuse or losses lead to lower Return on Assets (ROA). Moreover, due to the lack of a streamlined mobile asset tracking solution, some projects can come to a standstill. In these cases, there are greater losses as compared to the cost of buying a new equipment or, even repairing it.
The above-mentioned reasons compel construction companies to start adopting mobile asset tracking solutions through cloud platforms and mobile apps.
Asset Tracking and Industry 4.0
New technology in construction industry
Industry 4.0 has brought on success for the adopters of digitalization in the industrial sector, by saving time and resources in new projects. Asset tracking is the most useful and essential part of this digitalization, since we are dealing with physical goods in huge volumes.
Besides, asset tracking solutions provides several benefits in construction equipment tracking and maintaining activities related to transport and auditing. This includes maintenance of an inventory for all the physical assets, including not only equipment & materials but also employees. Construction companies are the greatest benefactors from these solutions.
Here are a few ways in which construction and production companies are using mobile asset tracking solutions to their advantage:
Digital tracking of physical assets using RFID, sensors, drones, geofencing and, QR-code assists in identifying and locating assets inside a project zone and track the asset’s location, information and even its condition.
Analysing and gathering data on the use of the equipment and generating alerts to help efficiency.
Monetizing on the data that has been gathered to provide future insights and predictions for better business targets.
These are primarily, some of the biggest reasons as to why construction companies, equipment leasing firms and equipment manufacturers are eyeing on the benefits of digital transformation through asset tracking and management solutions.
Key Reasons for Organizations to Adopt Asset Tracking Solutions
What is the importance of construction equipment tracking
Efficiency: From protecting equipment to streamlining daily operations, digital tracking enables easy monitoring of asset safety and use. Meanwhile, it also improves operational and business efficiency.
Tracking assets offers a clear picture on how materials are being used and moved. Getting regular updates, and real-time information on surplus resources provides insight into supply management and helps perform a balancing act in managing the stockpile.
Irrespective of cutting down on excessive or unnecessary stock resources or having backup resources, knowing exactly how much you need or use, can help your business take smart decisions and avoid cost overruns. Asset tracking informs us how durable the equipments are, and factors it in all the replacement and maintenance costs.
Productivity: By reducing the time spent in looking for equipment, maximizing the efforts and recovering from unexpected malfunctions, asset tracking can increase productivity dramatically. It is a known fact that the malfunctioning of a single piece of equipment can cause major loss in productive work hours, which delays production up to several days. These losses can be minimized with timely interventions by bringing a level of predictability to such incidents.
A high level of productivity can be maintained by knowing exactly when and how equipments are used. This, in turn, results in minimal equipment breakdowns that result in lesser downtime.
Accurate paperless inspections through a mobile asset tracking solution can make sure that equipments are in peak condition, which not only improves productivity and efficiency but also enhances on-the-floor safety.