For businesses in the construction industry, being efficient is paramount to success. After all, profit margins are dependent on projects being completed on time and on budget. In recent years, cloud-connected asset tracking solutions have emerged that are changing the way businesses operate, helping them to become not only more efficient but also more productive and profitable.
Here are the top 5 ways that asset tracking solutions are improving efficiency on construction sites:
1. Real-time Visibility
Asset tracking solutions are made up of three components – a tracking device, cloud-connectivity, and a software portal. The robust tracking devices contain highly accurate GPS location and IoT sensor technology and can be attached to powered and unpowered assets and heavy equipment. Data collected by the devices is transmitted via the cloud, in near real-time, to a user portal. From there, companies are able to monitor the location of all construction assets on one screen as well as through Android or iOS mobile apps. This real-time visibility into the location of all assets enables businesses to better plan the use of important tools and equipment, react quickly to issues, and improve site productivity.
2. Asset Utilization
The saying “use it or lose it” could easily apply to tools and equipment on the construction site. Many construction companies have more than one project on the go, which involves a high level of coordination to ensure the proper equipment is on-site when it's needed. Asset tracking solutions make it easy to keep track of assets that are in use and those are sitting idle. With the ability to search for assets by name, type, and location, managers can quickly find the asset they are looking for and easily check an asset’s use status. This helps companies identify underused assets and enables them to be put to use on another job site.
3. Maintenance management
When heavy equipment or other powered assets stop working, projects can come to a halt until (often expensive) repairs are done or replacement equipment is brought in. With an asset tracking solution in place, maintenance needs can be proactively estimated based on the equipment’s average daily run time, engine status, downtime, and more. Tracking these metrics can help companies save time and money, as issues can be spotted early on and fixed accordingly.
4. Automated reporting
Asset tracking solutions make data easily accessible (and useable!) through automated reports. In the user portal, construction managers can easily view and customize the reports, which can be used to identify patterns, trends, and gaps in operating efficiencies. This enables businesses to make better planning decisions while monitoring asset activity. Automated reporting also saves valuable administration time by replacing manual reporting.
5. Alerts and notifications
Loss and theft on construction sites are a big issue that costs millions of dollars each year. An asset tracking solution enables businesses to know where assets are located at all times and to react quickly if an asset has gone missing or been left behind somewhere. In the portal, management can also set geo-fencing parameters that trigger an instant notification when an asset has gone outside the boundaries. Alerts can also be set up based on pre-defined conditions so that management always knows when an asset isn’t where it should be and can act quickly to keep projects on track.
Modern solutions for the modern construction site
Technological advancements are changing the way businesses in the construction industry operate. Asset tracking technologies, consisting of ruggedized hardware, cutting-edge software, and advanced cloud connectivity, are helping businesses take control of their important tools and equipment and ultimately become more efficient, productive, and profitable. When everything works together, better work gets done!