Top Attributes of Asset Management Software for Construction Industry

The construction industry is an asset-based industry. Almost for every task you need equipment to complete it & each equipment is costly. However, it is undeniably turning into a significant wellspring of income for nations.

No country is untouched with the construction business. When any kind of construction work starts on a big level, then a lot of digging & drilling is done. For that, you need huge machines & equipment and these machines need regular maintenance. Therefore, an asset management software is required for effective maintenance management.

Needful Features for Asset Management Software for the Construction Industry

Asset Tracking

On a construction site, monitoring tools, devices, and equipment of all shapes and sizes can be hectic. Asset tracking can help prevent loss of equipment as well as ensures that all the assets & equipment can be found easily whenever required.

Asset tracking management software also offers other benefits such as improved upkeep in order to diminish unexpected breakdowns & Increased machine operator productivity.

It can be achieved using a barcode, QR Code, RFID (Radio-frequency Identification) to identify each asset and subsequently monitor them. It provides information such as assets requiring maintenance, physical location, etc.

Also Read: What Are the Requirements of the Asset Management System?

Inventory Tracking

A construction site has hundreds of inventories such as a hammer, drill machine, etc. Therefore, it is almost impossible to keep track of them manually.

Moreover, if some inventory is not returned when the job is done, then keeping track of them is more complicated. As a result, unnecessary purchasing of tools is done, and the project is delayed. In order to save yourself from all these messes, the construction industry must need asset management software.

It assists you in controlling & managing the complete construction inventory required at the worksite. The asset management software can be tailored & customized to your equipment management needs and implementation can be done accordingly.

Asset Maintenance

This is considered one of the most important features of the construction industry.

According to yourarticlelibrary, maintenance management is responsible for the smooth and efficient working and helps in improving productivity. Maintenance activities are related to repair, replacement and service of components.

Asset management software keeps the records of each asset maintenance and it sends a customized notification to your device for each asset maintenance. Therefore, it is very helpful in scheduling maintenance of the asset.

When upkeep is done on time it results in increased productivity, efficiency, fast daily operation and contributes to generating revenue.

Overall, the purpose of maintenance is to optimize the performance, extending the useful life and minimizing unexpected breakdown of assets. Minimizing production loss due to asset failure.

Data Reports

Through data, you can create a report about what assets are mostly used, which asset takes more maintenance, what is an average life of an asset in your organization, which assets are decreasing productivity, in which certain phases most time consumed, how to improve that particular phase.

In short, you can get reports about asset utilization & inventory utilization. Plus, you can create or customize the report as per your own criteria.

Through reports, you get a closer view of your operations. These reports assist in improvisation and in making strategical business decisions.

Easy Audit & Physical Verification

Gone are the days when the auditing was a long, time-consuming procedure. A construction business company owns thousands of assets. Therefore, auditing is very crucial for identifying and verifying what assets your organization owns.

Sometime you may face a question like, How many assets are on lease and where they're located? Then, auditing provides answers to all these questions.

The auditing part plays an important role while calculating taxation. According to the depreciation, it can provide you with tax relaxation. You can perform a quick audit with the software.

As it has the ability to capture geo-location of the asset. The organization can also track the asset's status. It streamlines compliance & generates automatic reporting of data variances.

Every company required to conduct an annual physical count of all fixed assets to verify actual assets they own. This procedure helps in calculating the overall worth value of an organization.

This process provides accuracy & ensures precise financial reports are generated. Asset management software plays an important role in the physical verification of an asset.

Also Read: How Asset Management Software Helps Manufacturing Organizations?

Incident Management

Incident occurrence is one of the most common events in the construction industry. Hence, the incident could lead to financial loss as well as productivity loss.

The process of managing the disruption of services, functions or operations in an organization is known as Incident Management. It is also popular by other names such as ticketing management, or request management or complaint ticketing system.

One of the main objectives of Incident management is to ensure daily operations run smoothly and if there is any problem, then solve it in minimum time. Incident management is a reactive activity.

Leased Equipment Tracking

A construction site has several assets, in which some of them owned and some of them are brought on lease by some other companies.

Hence, rather than purchasing, some companies prefer to take equipment on rent. There can be many possible reasons for not buying assets such as budget issues or a project which required specific equipment.

So, they can complete the project on time and after completing the project, equipment returned. Therefore, it is very important to keep track of them.

Asset management software not only keeps track of them, but it also tracks if any issues are arising in the rented asset. For instance, if the asset takes more maintenance than the average requirement. Then, you can reclaim your expenses from the lessor company.

Employee Safety

The construction industry is well-known for being one of the most dangerous fields to work in. According to the bigrentz collected data.

"One in five worker deaths annually is in construction."

That's shocking!

Workplace fatalities that were crane-related fell to their lowest level recorded in 2017 with 33 deaths.

These numbers are horrifying!

Thus, employee safety is a crucial concern for all construction companies. Accidents can happen anytime however precautions shall be taken as much as we can.

When assets are in good condition or assets are maintained then it reduces the probability of misfortune event occurrence.

A significant benefit of using asset management software is that it can help you to enhance the safety of your organization in terms of protecting your employees, your assets, and the community. It minimizes the risk of maximizes the employee's safety.

Also Read: RFID Technology: How RFID System Is Used on Roads

Conclusion

In today's world, every industry has a tough competition. Small mistakes can result in drastic consequences. If we speak about the construction industry, there are lots of assets & inventories to track. Therefore, the pen-paper or spreadsheet approach shall be avoided.

Nowadays all industries are technology-driven. Lots of organizations are utilizing asset management software for managing their assets and inventories especially the construction industry. There are applications that provide real-time information. These apps can be used via electrical, mechanical, plumbing and HVAC contractors & top management of a company.