Construction companies own the assets or the equipment worth millions and billions, and losing any of them may result in more significant financial loss. Vehicles, heavy machinery, and miscellaneous equipment are all the assets present on the construction site. All of the construction assets require protection as well. Numerous construction sites have multiple assets at a time, and the construction companies need to track and protect their assets at any cost. A recent report published by WCCTV indicates that heavy machinery is one of the most common assets that is stolen from the construction site, and less than 25% of these stolen construction item is recovered. This is alarming because construction managers are not quite aware of the technologies that can protect their assets. This indicates that equipment tracking is an important aspect for construction companies. In this regard, IoT solves the problem of construction equipment tracking and is here to make the life of construction managers easier. IoT-enabled asset tracking solution like TrackPro ensures that all the construction equipment are tracked simultaneously. The solution minimizes the worry of the construction managers about the asset location so that they can concentrate on the important aspects of the construction work.
The following article provides a detailed analysis of why asset management or equipment tracking is important for the construction sector and why construction companies must adopt this technology.
Real-time Construction Equipment Tracking
Thanks to the IoT technologies such as QR and RFID for enabling equipment tracking. Tracking software allows real-time tracking of the construction equipment. The software lets the construction managers always see where their assets are. The sensor is attached to the asset, and managers can get updates about their asset location on the software dashboard. This makes construction managers focus on important and critical tasks instead of worrying about where their equipment resides. Apart from tracking the location of the asset, the construction managers can also verify the number of equipment they have on a particular construction site. In this way, managers can analyze if the required equipment is present on the site or not. For instance, if there are three construction sites and each site requires two diggers, but one of them has only one digger, then the manager can clearly see the requirement of a digger on that particular site and send the available digger to that site. This tracking feature increases the productivity and efficiency of the overall construction project.
Lowered Risk of Theft
Vandalism and theft are the most critical problems on construction sites. On average, the construction industry faces a loss of about $800 million due to equipment theft. With equipment tracking, the incidents of vandalism and theft can be reduced significantly on the construction site. Theft also impacts the workflow and construction procedures as the construction managers require time to purchase or replace the misplaced equipment. This, in turn, can adversely impact productivity. By integrating the equipment tracking software in construction, managers do not need to worry about equipment theft; even if someone tries to steal a valuable asset, the manager is immediately notified and can track the real-time location of the equipment for future investigation.
Use of Historical Data
Data converted into a meaningful insight can help companies in making data-driven decisions. The construction companies can also collect data about each asset’s lifecycle using equipment tracking. The historical data collected from the monitoring can visualize asset usage, the time it was used and returned, and whether the asset has any issues or not. This indicates that the tracking software can build up historical data that can be used in the future.
With tracking software, construction managers can have useful insight into the asset lifecycle. For instance, too much use of a particular asset can show that the particular equipment might not have a long lifecycle. Considering this, the manager can purchase more equipment to divide multiple tasks, resulting in a good asset lifespan.
Apart from the aforementioned insight, tracking data can also show certain tools and equipment usage by a specific site. Usage frequency can tell managers whether they have the correct number of tools or not. Overall, the historical tracking data can facilitate managers in managing the construction assets and overcoming their weaknesses.
Identification of Profitable Assets
With construction equipment tracking, construction managers can quickly identify profitable assets. This means managers can see the performance of each asset and whether any equipment needs repair and maintenance to perform better. When the managers have this information beforehand with asset tracking, they can decide whether they want to sell or replace equipment. Similarly, the machine performing better can be used accordingly. Apart from identifying profitable assets, the manager may also have a clear idea of how the construction project is going and how fast the construction milestones are achieved. This can help in improving the construction lifecycles as well. Overall, the equipment enables managers to make an informed decision about the asset.
Elimination of Ghost Assets
When the construction assets are stolen or misplaced, their records are often not updated, and those assets become ghost assets. Having a record of ghost assets is not good for the company. This is because ghost assets are mentioned in the accounts but are physically unavailable for use. The company cannot use the ghost asset, but since it is in the reports, it is already shown to the auditor, and the organization may end up paying off huge penalties. With the tracking software, construction companies can have automatic and updated records about the equipment. New assets are added to the accounts while the ghost assets are deleted automatically, saving the construction company from significant lawsuits.
Report and Statistics
When the construction company has many assets, keeping track of each asset along with all the documentation becomes difficult. Proper reporting can help the managers in calculating the performance of each asset. For instance, managers can significantly control the operation and maintenance costs, resulting in less use of financial resources and increased asset performance. Reports and statistics generated from the tracking data can assist managers in monitoring every aspect of the construction equipment and making informed decisions. With reporting of asset utilization, construction companies can set their budget for maintenance and make future goals.
TrackPro for Construction Equipment Tracking
Construction assets are highly valuable, and no construction companies want to lose their assets at any cost. To ensure that the construction assets are protected and tracked in real-time, Conure has introduced TrackPro, which is an IoT-enabled asset tracking solution. With TrackPro, construction companies can keep track of their big and small assets on different construction sites along with real-time inventory updates when the asset moves from one location to another. The system also generates an alert whenever the equipment leaves a construction site. TrackPro is a viable solution for hassle-free asset tracking.
Equipment tracking has a lot of significance in the construction industry and all those industries that are also asset-intensive. IoT-enabled asset tracking systems help managers keep an eye on every asset and ensure that all the equipment gets proper maintenance on time. Tracking software eliminates equipment theft, extends the asset life, provides proper asset utilization, and improves the overall productivity of construction projects. Overall, it can be said that equipment tracking is the ultimate need of the construction industry.