4 Reasons to Invest in Asset Tracking Software for Your Next Construction Project

asset tracking software

Construction Companies and the Use of Technology: Facts and Figures

According to the Global Construction Survey carried out in 2016, US construction companies are slow to integrate the use of technology within their work projects. The study shows that around half of all construction companies use software programs which are manually controlled. While most companies have endorsed the use of mobile monitoring, 19% do not use mobile technology at all! Additionally, only 30% track equipment and materials on site. These results reflect the industry’s conservatism towards the adoption of new techniques for project management.

asset tracking software

                                     Source: Global Construction Survey 2016

In the next decade, construction companies are predicted to face challenges which would force these firms to adopt technology at a faster pace than they have done in the past. Real time analysis is completely absent, as 65% of the companies do not use data analysis for any of their projects. Similarly, integrated project reporting is also missing as a large number of companies are still using software programs which are manually maintained.

Did you know? Out of the 19 industries surveyed by Gartner, the construction sector allocates the least revenue for technology.  

What is Your Construction Company Missing Out On?

If you’re in the construction industry and still haven’t started using an automated asset management system for your business, you’re missing out on a lot! These technological advancements can come in handy when it comes to raising overall work performance and project efficiency. Here are a few goals you can achieve if you invest in an asset management solution for your business!

  • Increased savings: When you choose the right tools for your business, you will be able to integrate all business functions in one place. This increases efficiency and lowers overheads tremendously. Not just this, but you can also deal with crucial business aspects like timely equipment procurement and maintenance which further helps cut down on costs.
  • Streamlined workflows: With the help of a fully automated equipment management system, you will be able to avail features like project scheduling and conflict free bookings. A user-friendly UX and ease of access is far superior than the hassle and tedium of manual documentation. In addition, cloud service providers protect your data against unofficial access. They make sure all your information is encrypted and only authorized users have access to it. This strengthens data security and privacy.
  • Improved profits: A cloud based software suited to your business needs will ultimately raise profits by eliminating overhead costs, reducing inefficiencies and increasing economies of scale by implementing a robust equipment tracking system in place.  

Why Should You opt for Asset Tracking Software for your Construction Business?  

Asset tracking software comes with convenient features to effectively manage your construction projects. Let’s have a look at some of the benefits of the software which will definitely make your job a whole lot easier!

Optimize Performance of Your Assets

Manage your assets more strategically to overcome the risks involved with asset storage and utilization. To maximize the benefits you derive from your equipment, it is necessary to keep track of it at all times. With the asset stock and inventory modules, you can keep a record of where your assets are at any moment of the day. You can save time and resources by not having to look for missing equipment anymore. By getting alerts every instant an asset is checked in or out, you don’t have to worry about assets being misplaced or lost by employees.

Dealing with asset shortages can create an unpleasant situation and one which you probably don’t want to encounter again.  Running out of an asset while on-site working on a project can put you in a difficult position and waste hours while arranging for a replacement. Looking for ways to solve this issue? Asset tracking software helps in sending low stock alerts before you run out of time.  By using this feature, you can transfer assets across sites with ease! This will not only help you save money but also create a much more productive business workflow.

Read more: Here’s how you can organize business assets using asset tracking software  

Go Mobile – Manage Assets from Anywhere, Anytime

Engineering and construction companies face a rapid increase in workforce mobility as most of the workers tend to travel to different locations for various projects. A lot of your workers would be on the construction site, but you want to supervise everything from the office. Asset tracking mobile apps can allow you to remain in control of your business all the time. Be it updating employees about the arrival of assets on location or ensuring availability of all the items on your picklist through quick barcode scans, the mobile app allows you to do it all, right from the comfort of your office.  

asset tracking software

                                       Source: Global Construction Survey 2016

Stay Organized and Improve Team Collaboration

Employees of a construction company spend a lot of time on the field and may move to new locations daily. Rapid workforce mobility calls for streamlined workforce management. A cloud based asset management system comes with a user management module which makes it easier for you to supervise what your employees are up to. Keep track of which assets are checked out for use by employees and let your workers update asset information as soon as possible. This minimizes errors in logging asset data. Stay organized and schedule important tasks by creating work orders and assigning duties to your employees through the work order management module. This not only creates a more systematic business workflow but increases the efficiency of employees as well!

Read more: 3 Ways asset tracking software improves employee productivity

Increase Efficiency Through Real Time Project Reporting

The reluctance of some construction companies to adopt a cloud based software for workplace management causes them to miss out on some very important aspects. One of these aspects is real time project reporting. If you want to improve asset utilization and obtain custom reports about asset performance, then it’s time to invest in a digitally monitored asset management system. Customized reports suited to your specific business model make it easy to analyze the performance of assets used in a recent project. If you are not satisfied with the results, you can eliminate redundant assets or overstocked hardware to increase productivity!

Track Performance the Right Way for Your Construction Company

The transition from a manual monitoring software is a big step for your business, but is definitely one in the right direction. Being a part of the construction business, you realize the importance of time, equipment maintenance and asset performance. Asset tracking software provides you with features crucial for your construction projects. These features enable you to optimize asset performance, maintain your equipment the right way and prolong its use, improve team collaboration and get your hands on some real-time project reporting. All these points make a pretty strong case for your business to shift to cloud based asset tracking and reap its benefits!

Read more: Have a look at our white paper on the Construction Industry.

Have Questions about our Asset Tracking Software?

EZOfficeInventory is the leading asset tracking software used by SMBs and construction enterprises all around the world. Track and manage your assets effortlessly. Sign up today for our 15-day free trial and start improving your company’s inventory management.

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