Things You Probably Didn't Know About Asset Tracking And Management Software

Construction is considered one of the most active industries around, updates, with frequent changes, and movements of parts and people occurring every day of both on project sites across the world.

As tools and equipment break down after sustained use, new ones are bought and shipped to job sites as replacements. Asset tracking and management become a crucial element in helping your business both stay on top of all your projects and run them efficiently. Without an asset tracking method included in your day to day operations, you risk losing valuable equipment, precious work hours, and even whole projects.

How a Lack of Asset Management and Tracking Software Negatively Affects Construction Companies 

When organizations in the construction industry are not able to track correctly and manage their assets, they are at risk of not only losing funds but also dealing with other related issues. 

The various problems that they encounter are listed as follows:

• Equipment Misallocation - Companies which are not able to track assets run into the problem of equipment misallocation. As noted above, when project leaders aren’t able to quickly find the status of tools and equipment or to whom they are allocated to; it then affects the overall productivity and profits. Frequent misallocation of construction equipment results in a construction business losing jobs or shutting down.
• Decreased Efficiency - A major setback of not tracking assets in construction environments is the toll it has on efficiency.  When in the process of project management, the project manager is unable to assign the desired amount of tools and equipment to a job because he/she is unsure of the current status or availability of those items. That also percolates to the on-site workers being unable to complete their assignments efficiently and on time.
• Missing/Stolen Inventory - Tracking assets in any organization is crucial to preventing lost or stolen equipment. Talking about the construction industry, keeping track of your construction equipment, tools, and supplies can be the difference creator. As noted in the introduction,  when construction businesses fail to accurately catalog assets, this negligence increases the chance of employees stealing equipment from the company.
• Unexpected Equipment Maintenance - When it comes to maintenance of records and warranties of construction equipment such as cranes and skid steers, it becomes extremely difficult to track them without an asset management program. Also, the construction companies won’t be able to know when these equipment are due for repair, preventative maintenance, or even replacement. So, even an unexpected maintenance issue could set back a construction project not just by hours, but sometimes days.
  

How Asset Tracking and Management Helps Construction Businesses Avoid These Concerns

By implementing an asset tracking and management software which is flexible, easy-to-use, and efficient, businesses can reduce or eliminate the risks and problems mentioned above. Here’s how a robust, cutting-edge asset management solution can help construction companies.

• Streamlined Allocation - Asset management and tracking solutions help the construction teams regarding the allocation of workers, equipment, and materials to sites. Knowing exactly where your men and machine are, and who is available. This implies that you possess the power to allocate right men and tool for the right jobs.
• Makes Reporting/Tracking Easier - An easy-to-use, more streamlined tracking platform will simplify the process of transferring construction tools between job sites. It will provide the ability for the management to set notifications, up alerts, and automated reports about the status of equipment and materials.
• Enforces Accountability - When project teams actively track assets, there are fewer chances of your equipment getting stolen, if employees know it's appropriately cataloged. Asset tracking software also enforces accountability so that whoever touches the equipment last can be held responsible if in case anything goes wrong or it goes missing.
• Reduces Maintenance Concerns - When maintenance reports and schedules are updated correctly in an asset tracking system, management doesn't have to worry often about equipment break down. Alerts and reports can automatically let you know when maintenance is required, which minimizes the possibility of needing last-minute, costly repairs or replacements.
  

Conclusion:

This article talks about how a centralized way of asset tracking has become a boon for the construction industry.  Tracking of construction equipment increases customer satisfaction as well as optimizes cost for the company itself.