Overcome the causes of business failure using a robust tracking software
The rising world population means an increase in the number of residential areas in cities. Such changes in the global demographics predict a greater demand for construction. Factual data supports this hypothesis and reveals that construction is by far one of the largest industry sectors worldwide. At present, the construction sector makes around 11% of the global GDP and is expected to advance to 13.2% till 2020. Despite this rapid rise in the number of construction companies, a substantial proportion fails to even survive the first few years.
In order to take full advantage of the economic situation, an organization should be able to surpass any challenges that come its way. To tackle any obstacles, it’s important to identify them first!
Research states the following to be the top 3 issues faced by contracting firms:
- Low productivity and revenue: A decrease in labor productivity occur when there is a lack of management system in place. If you are not able to track your progress, there is no way to control any malpractices. This slow rate of task completion inevitably affects revenues.
- Tracking progress on projects: When most of your work tasks involve off-site projects, it becomes critical to constantly monitor progress. Inability to do so results in incomplete and slow paced work operations.
- Outdated invoicing mechanism: The construction business revolves around the purchase of new tools and equipment regularly. Failure to do this in the correct manner may drastically impact your stock management.
If your company is struggling with similar problems, a construction tool tracking software has all the features you need.
Equipped with multiple features to help you achieve higher efficiency level, the software offers to do the following:
1. Lower risk of tool misplacement through strict checkout procedures
A construction company has hundreds of small tools and instruments which if not tracked properly have a chance of being misplaced. Such occurrences tend to have a negative impact on the business performance. Equipment loss can be directly converted to lost labor hours. Say, for instance, your team returns after a project, to find out that a particular toolkit is missing. You would not know where to start looking for it if you don’t record asset checkouts. For this purpose, construction tool tracking software allows you to label all your equipment with a barcode identification number.
The barcode can store relevant information about a product and can be scanned to enter it in the system when you check it out for use. Through this practice, you can access the last location of a product and help pinpoint lost tools. Create a detailed log of all your tools with the help of a barcode label to maintain data consistency.
Track your machines effectively for off-site projects
Read more: Make The Most of Asset Labels With Your New Tool Inventory System
2. Maximize equipment utilization with depreciation management
For tool intensive industries like construction, it becomes compulsory to record wear and tear of equipment. Doing this gives you an estimate of the useful life of a machine and how long it will be able to last. Such measures give you the opportunity to replace stock before it actually breaks down for good. In general terms, depreciation lets you achieve numerous benefits such as:
- Calculate the recovery cost of business assets
- Maintain an accurate depiction of investment in your finances
- Spread the cost of tools over their entire useful life
A construction tool tracking software allows you to utilize your assets at optimal levels through depreciation management. Run devaluation reports to improve asset lifecycle management.
3. Regulate repair and service sessions for reduced downtimes
Research shows that estimated downtime costs for construction firms can rise up to 23.9% of the total manufacturing cost ratio. While this number has the tendency to increase even further if you lag behind on your maintenance routines, it can be controlled. In order to do this, your organization needs to plan and execute vigorous service sessions for all your tools and machines. Cautionary practices like preventative maintenance can lower the chances of breakdowns and improve asset performance.
You can plan repair workshops for your equipment using construction tool tracking software. This way none of your tools get missed out and receive the repair they require. Run recurring service sessions through a software for increased asset efficiency and productivity.
Read more: How CMMS Helps Construction Enterprises Increase Profits
4. Buy new stock on time with automated purchase orders
Stock management can get quite complicated if your company doesn’t maintain a system to record inventory quantities. This means your construction business will be facing shortages of tools and machines and fail to cope with the daily workflows. Such situations can be easily tackled with a simple solution. A construction tool inventory software comes with multiple features to maintain equipment stock at optimal levels.
The software lets you configure the system to send out alerts upon reaching minimum threshold levels. Doing this lets you generate automated purchase orders for buying new tools and machines on time. Enable hassle-free construction projects with streamlined stock management for all your assets.
Order new stock on time to avoid stock outages
Systemize tool tracking for greater impact with EZOfficeInventory
Small companies dominate the construction industry, with only about 1% of the firms having 100 or more employees. When you operate on a comparatively smaller scale, you tend to have very few options to experiment. This is mainly because of limited resources. The smart move would be to invest in a high-performance construction tool tracking software. A similar kind of tool tracking software is EZOfficeInventory. It is designed to offer a diverse set of features for asset utilization to maximize outcomes.
Using advanced technology like RFID tracking, EZOfficeInventory lets you label all your equipment. This makes it easier to maintain usage history of tools over time. RFID tracking also lets you take mass actions at once which comes in extremely handy for construction projects. You workers simply have to scan their toolkits and all relevant asset information will be entered into the system. Such practices save time and reduce the chances of human error in data entry.
Since construction companies extensively use a wide range of tools and equipment over time it helps immensely to maintain data on usage history. EZOfficeInventory lets you generate actionable performance reports to conduct in-depth analysis. Invest in EZOfficeInventory today to gain a greater rate of return on your tools and assets.
Read more: Construction Equipment Tracking Software – EZOfficeInventory
Want to know how to use our construction tool tracking software?
EZOfficeInventory is the leading construction tool tracking software, popularly used by small companies and large construction businesses worldwide. The software allows firms to maximize tool utilization to achieve higher profits through improved performance.
For more assistance, drop us an email at support@ezo.io.
