Dec 13, 2023

How Asset Tracking is Strengthening the Construction Industry

The construction industry constantly faces a range of challenges, from tight project deadlines to the efficient management of equipment inventories.

The logistics of ensuring the right equipment is available at the right time, and at the right site, can become a burdensome task. These challenges are only amplified further by equipment theft, unauthorised use of machinery, and the downtime that comes as a result, leading to project delays and cost overruns.

Fortunately, all of the challenges can be a thing of the past with advanced asset tracking at Fleetsmart.

What is Asset Tracking?

Asset tracking is a tool which allows you to track all of your construction equipment in real-time, delivering insightful data to help you improve your operations, from asset utilisation and efficiency to security.

Powered by advanced GPS technology, with Google Maps integration, you can get the full picture of your fleet of assets with invaluable data including:

Why the Construction Industry Needs Asset Tracking

Construction sites can be chaotic. Amid this chaos, several challenges emerge:

Theft and Unauthorised Use

Construction equipment theft is a rampant issue, with firms often waking up to find machinery worth thousands gone. The open nature of construction sites makes them vulnerable, and unauthorised use of machinery can further lead to wear and tear, reducing the equipment's lifespan.

Replacement Costs

Heavy machinery and even specialised tools come with a hefty price tag. Replacing them not only strains the project's budget but also its timeline, as procurement can be time-consuming.

Given these challenges, asset tracking emerges as a preventive solution. By keeping a vigilant eye on assets, construction businesses can deter theft, swiftly locate misplaced items, and ensure that their machinery is used optimally and responsibly.

Benefits of Implementing Asset Tracking

The adoption of asset tracking technologies in the construction industry brings with it a suite of significant benefits, addressing key operational challenges and enhancing overall efficiency.

Reducing Theft and Vandalism

Asset tracking systems serve as a deterrent to potential thieves and vandals. By outfitting valuable equipment with GPS tracking devices, construction firms can actively monitor the location of their assets in real-time. This constant surveillance makes it risky and difficult for unauthorised persons to tamper with or steal the equipment.

In the event of a theft or unauthorised use, real-time monitoring enables immediate response. The tracking system can swiftly pinpoint the exact location of the missing asset, allowing for quick recovery actions. This capability not only minimises losses due to theft but also sends a strong message to potential perpetrators about the company's robust security measures.

Maximising Equipment Utilisation

In the construction industry, the efficient use of equipment is pivotal. Every hour of machinery downtime can lead to significant delays and increased project costs. Asset tracking plays a crucial role in addressing this issue by providing in-depth analysis and data-driven insights into equipment usage and availability.

Analysis of Machinery Downtime

Asset tracking systems enable construction firms to closely monitor how and when machinery is used. This data helps identify patterns of downtime, whether due to logistical challenges, maintenance issues, or operational inefficiencies. By understanding these patterns, firms can develop strategies to reduce vehicle idle time and ensure that equipment is being used to its full potential.

Ensuring Maximum Efficiency

The key to maximising equipment utilisation lies in having the right machinery available at the right time. Asset tracking systems provide real-time visibility into the location and status of each piece of equipment. This information allows for more effective scheduling and deployment of machinery, ensuring that projects are not delayed due to equipment shortages or mismatches.

Streamlining Maintenance Schedules

Regular maintenance is essential to keep construction equipment running efficiently and to extend its lifespan. Asset tracking systems play a vital role in revolutionising how maintenance is scheduled and performed.

Predictive Maintenance

Traditional maintenance schedules are often based on fixed intervals or hours of operation. However, asset tracking enables a more sophisticated approach through predictive maintenance.

By monitoring usage hours, operating conditions, and other key performance indicators, these systems can predict when a piece of equipment is likely to need maintenance. This proactive approach helps prevent unexpected breakdowns and ensures that maintenance is performed only when necessary, thereby saving time and resources.

Reducing Costly Breakdowns

Breakdowns not only lead to immediate project delays but can also be costly in terms of repairs and replacements. Predictive maintenance, facilitated by asset tracking, significantly reduces the likelihood of such breakdowns.

By ensuring that equipment is maintained in optimal condition, construction firms can avoid the downtime and expense associated with major repairs, ultimately contributing to the longevity and reliability of their machinery.

Economic Advantages for Construction Firms

The implementation of asset tracking systems in the construction industry goes beyond just ensuring the security and efficient use of equipment. It brings with it significant economic benefits that can give construction firms a competitive edge. These advantages manifest in various forms, from direct cost savings to improved project timelines.

Cost Savings in Equipment Management

Asset tracking systems contribute significantly to cost savings for construction firms. The ability to accurately monitor equipment minimises the incidence of lost or misplaced items, leading to a direct reduction in the need for replacements. Furthermore, these systems can lead to lower insurance premiums, as insurers often offer better rates for businesses that take proactive steps to secure their assets.

Another major economic advantage comes in the form of avoiding unplanned expenses. By tracking the usage and condition of equipment, construction firms can better plan for maintenance and replacements, avoiding the costly downtime and rush orders that come with unexpected equipment failures.

Improving Project Timeline Adherence

One of the key contributors to project delays in construction is the unavailability of necessary equipment at critical times. Asset tracking systems ensure that machinery and tools are available and functional when needed. By having a real-time view of asset locations and statuses, project managers can effectively plan and allocate resources, avoiding bottlenecks caused by equipment shortages.

Additionally, the use of these systems can lead to faster project completion. With minimised downtime, efficient allocation, and the ability to preemptively address maintenance issues, projects can stay on track or even ahead of schedule. This not only boosts the firm's profitability by allowing for more projects in a given timeframe but also enhances its reputation for reliability and efficiency in project management.

Asset Tracking at Fleetsmart

Our asset tracking solution at Fleetsmart has the capability to link to our remote immobilisation add-on giving you the complete capability to remotely disable the asset from anywhere on earth via any device!

Track your assets in real-time and receive alerts on Asset Tow-Away and alerts on unauthorised out of hours usage and entering and exiting geo-fenced areas.

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