5 Ways an Asset Tracking Software for Construction Can Help You Get Ahead of the Competition

asset tracking software for construction

The construction industry is expected to grow to $8 trillion by 2030. While these are promising numbers, this also means a rapidly expanding and highly competitive landscape. 

So how can you differentiate yourself? One way to get ahead of the competition is to automate and streamline your operations by investing in cloud-based technologies.  An asset tracking software for construction for example, enables you to track equipment in real time and gain a competitive advantage in the market.

Here are just a few roadblocks you can remove:

  • Low productivity and profitability: The labor productivity of the construction industry has remained stagnant over the last few years. This has caused the profitability of the firms to decrease and take a toll on the bottom line. 
  • Slow adoption of technology: Despite being one of the largest industries worldwide, the construction industry has been slow at adopting new technologies. Cloud technology has been effective at improving project performance and will become critical in the next few years. 
  • Poor project management: Without technology adoption, it is becomes increasingly difficult to improve project performance. This can eventually lead to failure of project delivery on time and within budget. 

How to use an asset tracking software for construction to outperform competition?

Automating equipment management can help improve project performance and labor productivity. A cloud based tracking system enables construction companies to monitor all assets through barcode tags. This ensures that all events are tracked whether in the office or the field. Let’s talk about 4 ways automation can help construction companies develop a competitive edge:

1. Automated equipment management

Using an asset tracking software for construction enables companies to document each and every piece of equipment they own on a single centralized system. This means easy access to updated asset information at all times. Having real time data is critical for construction companies as it allows them to quickly and accurately address equipment queries for projects. 

Instant access to accurate asset information enables seamless functionality both in the warehouse and on the field. As an example, say you have a customer or team member who needs an excavator on an urgent basis. You can book the client or project instantly by checking the item availability in real-time. No need to lose time scrambling in Excel sheets. Also, in case it is not available, you can look up the status of the excavator in the system and know exactly when it will become available again.  

Automated asset and inventory management boosts  productivity by allocating the right resources wherever needed. This ultimately helps you generate higher revenues to outperform industry competition.

asset tracking software for construction

2. Cost saving

According to research, the construction industry loses out on hefty amounts due to stolen or misplaced equipment. In order to prevent such incidents, construction companies need to implement strict security measures. One way is to create a transparent system by tracking equipment at all times. 

By using an asset tracking software for construction companies can monitor check-ins and checkouts for clients as well as staff members. Everytime machinery or equipment is checked out, you can record the user name against the order. This way supervisors can ensure that all items that were sent out are also returned. 

On the other hand, an asset tracking software for construction helps eliminate unbudgeted expenses. This includes last minute rentals to substitute for tools the team cannot locate in the warehouse. Such practices waste money and lower profit margins. 

Tracking equipment in real time can help construction companies save a lot of money in terms of reduced lost, stolen or misplaced equipment. Even if you are able to relocate smaller parts such as a lost excavator bucket, the total costs of recovering such items can add up to thousands of dollars. 

3. Reduced equipment downtime

Over the years the construction industry has experienced diminishing productivity levels. This is mainly the result of inadequate planning and communication between workers regarding equipment availability. Since the construction industry is a capital intensive industry, it follows a very rigorous maintenance process. There are strict maintenance timelines for every piece of machinery and any delays can disrupt the whole project. 

Small project delays can result in legal repercussions in case faulty equipment is suspected at the site. This can lead to long trials with large amounts of fine to clear the name of the company. To ensure equipment reliability at the field it is important to have it serviced at the correct time. 

Construction managers can automate this process by using a tracking software that offers recurring services. Through this feature, equipment is automatically checked in for maintenance and the relevant staff workers are alerted.

An asset tracking software for construction reduces equipment downtime that eventually improves overall productivity. 

Read more: Key Challenges in the Construction Industry and How to Solve Them?

4. Easily scale your business

Business growth can be challenging— especially for construction companies that use excel spreadsheets to manage equipment. There is a limit to the number of trucks or excavators you can track on paper. In such cases, an automated solution is definitely an excellent upgrade if you are looking to scale up. 

Before you start to add more equipment, migrate all your data to an asset tracking software for construction This way you can track new machines with improved planning and communication for daily functions. Having all asset data in the cloud makes it easier to integrate with other software as your company expands. 

Streamlined growth with a focus on automated management has a higher chance of success. Successful scaling  enables you to stay ahead of the competition while increasing revenue. 

5. Reports with data insights

Asset tracking software for construction enables companies to generate insightful data based on equipment utilization, maintenance and procurement. Access to real time information from the software allows equipment managers to make informed decisions about renting or purchasing new capital. 

In this way accurate reports help improve visibility and give contractors greater control over projects and equipment. Similarly, previous trends can help forecast future demands and base procurement decisions on facts instead of guesswork. Powerful decision making increases efficiency and boosts performance to level up to competition. 

Read more: Improve Construction Project Performance by Running 3 Actionable Asset Tracking Reports

About EZOfficeInventory

EZOfficeInventory is a leading asset tracking software. It allows you to track, maintain, and report on inventory from anywhere, at any time.  We offer a free 15-day trial – no credit card required!

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