Assets keep changing hands and location in the construction industry. The machines keep on working for long hours and these machines have lots of joints.
Moreover, there are several combinations of nuts and bolts! A little problem can create problems in operation that is why assets and pieces of equipment need to be maintained.
This is where equipment tracking software for the construction industry can be very helpful. But first, let us know what is equipment tracking software!
What Is Equipment Tracking Software?
Equipment tracking software is a holistic approach to keep track of assets and pieces of equipment. It is an automated process of managing and monitoring assets.
Equipment tracking software allows you to know where your assets are located, who is using them when they will be returned!
It is important for the construction industry because construction organizations work in different places and assets are moved from one place to another this is where chances of asset loss are maximum.
To avoid asset loss equipment maintenance software comes in handy.
Also Read: What Are the Benefits & Drawbacks of Equipment Tracking Software?
For the construction industry equipment tracking software helps in keeping equipment in good shape. You can schedule maintenance easily without any issue.
When assets are maintained, their performance is optimized and downtime is decreased.
Why Equipment Tracking Software for the Construction Industry Is Crucial?
Equipment tracking software is crucial for the construction industry in many ways:
1. Maximize Equipment Usage
With the equipment tracking software, you can know how many total assets are there in the organization, how many are used in daily operations, or how many are assets are not used at all.
When you have full knowledge of asset utilization you will be able to make better purchase decisions of assets.
In the construction industry, each piece of equipment is expensive when they are not used it's better to sell them or exchange them.
With the help of data, you can make improvements in assets for better utilization. Furthermore, asset performance can be maximized and productivity as well.
2. Complete Visibility of Assets
With the software, you can exactly know where your assets are kept. It also lets you know the exact location of an asset. It saves assets from theft and misplacement.
A lot of time is wasted on employees as they keep on looking for the asset when asset misplacement occurs. As a result, delay in operation occurs, and productivity decreases.
Check-in check-out features come in handy in avoiding misplacement of the asset. The software keeps a record of asset allotment and also alerts in advance when it will be returned!
So, asset misplacement can be minimized with equipment management software.
3. Automate Regular Maintenance
Maintenance is one of the important aspects as construction industry assets are very costly and complex.
Therefore, they need to be maintained because if a sudden breakdown occurs then it will be not only time-consuming but the daily operation will suffer as well.
A construction organization has lots of assets so this becomes hectic to keep track of the maintenance of each asset.
Equipment tracking software ensures that each asset gets maintenance as per the schedule. It alerts the maintenance team about the upcoming maintenance.
Also Read: Major Challenges for Manufacturing Industry & How Asset Management Assist?
4. Avoid Equipment Theft & Loss
One of the main reasons the bottom line gets drained is because of asset theft and misplacement. Construction Global quotes, “500 machines are stolen monthly from construction and rural sites, costing the industry £1 million a day.”
It is the result of theft thus assets need to be secured otherwise not only businesses will suffer employees will lose their jobs.
Thanks to equipment tracking software it keeps track and monitors every asset. It helps avoid theft and misplacement.
Theft creates problems in daily operation and that impacts the productivity of the organizations.
5. Eliminate Ghost Assets
When assets are misplaced or stolen their records are not updated. Ghost assets are lethal for business, these are assets that are physically not available but are mentioned in the account books.
So, you cannot use these assets but you have shown them in the accounts. If it is found in the audit then your organization might end up paying a huge penalty.
With equipment tracking software you can keep accurate tracking of equipment.
For this purpose, equipment tracking software use asset tracking technology such as Barcode, QR Code (Quick Response Code), RFID (Radio Frequency Identification).
6. Report & Statistics
When you have a lot of assets in the organization it becomes hectic to track them maintain them, keep their records.
Reports help calculate the performance of each asset. You can control maintenance expenses and save money & increase asset performance with calibration.
Furthermore, asset reports assist managers in making informed decisions. With the yearly reports, you can make future goals and set a budget for maintenance.
Reports are also helpful in the audit process. With the reports and equipment tracking software you can verify assets physically and know the location of assets as well.
For the construction industry, it is important to finish projects on time. For that, assets need to be working properly, employee coordination is important, information sharing is crucial.
If any of these is not done properly then the project will be not finished on time and due to this, business reputation hampers! That is why equipment tracking software is essential.
Equipment tracking software is not only essential for the construction industry but for all industries that are asset intensive.
This automated software enables managers to track every piece of equipment and ensures that every asset gets maintenance. It also results in extending asset life. It is helpful to employees as their productivity.
There are lots of organization who does not know how many assets they own in total. However, equipment tracking software provides all the information.
With this software, you can know not only about assets you own but also where they are located who is using them, complete information.
We can say that equipment tracking software for the construction industry is significant.
Also Read: Everything You Need to Know About Enterprise Asset Management
Frequently Asked Questions (FAQs)
1. Which type of maintenance is used in equipment tracking software?
Equipment tracking software emphasizes proactive maintenance that means providing maintenance to an asset before failure can occur.
This type of maintenance is very effective helpful in decreasing downtime & minimizes the chances of asset failure and boosts asset performance.
2. What are the benefits of equipment tracking software for the construction industry?
1. Reduced asset loss
2. Accountability of assets
3. Adding security to assets
4. Optimized performance
5. Increasing uptime
6. Scheduling maintenance, etc.
These are a few of the benefits of equipment tracking software for the construction industry.
3. How check-in check-out feature helps the organization with equipment tracking software?
Asset misplacement is the result of the negligence of employees. Check-in & check-out makes employees responsible for the asset. It is their responsibility not to lose them or misplacement.