As the pandemic has left numerous industries, including construction, in a period of economic uncertainty, it is important for construction managers to recognize the value technology—like asset tracking—can bring to their business. Due to a revenue dip across various industries, construction experienced several project changes that resulted in tightened budgets and abandoned construction sites.

Given the unknown future of the industry, construction managers need to be extra mindful of the costs associated with business operations—ensuring they are minimizing risk of incurring any additional costs. As managers step up to navigate the disruption in the industry, many are reconsidering their operations and exploring new technological tools to assist them on the road to economic recovery. When looking into various technological offerings, it is crucial construction managers consider an asset tracking solution as it offers them unparalleled 24/7 access into their operations, including the utilization and location of valuable assets, saving them money and time.

Managing Assets

With individual hardware connected to each asset, tracking solutions allow managers to examine the run time, idle time and stop time of each piece of equipment. As construction budgets remain tight, this utilization data can provide managers with cost-saving insights that will ultimately lead them to better understand their operations and adjust the amount of equipment on each site based on need. Having access to this data frequently leads managers, in construction and beyond, to right-size their fleet—the concept of perfecting the quantity of assets on each site based on the frequency and total time they are in use on the job. For example, if a manager notices there are two bulldozers on the same site only being used 40% of the time, right-sizing would lead them to sell or repurpose one of the bulldozers.

With construction managers overseeing several different sites or projects, it is important for them to incorporate these technologies into their operations and gain access to insights across all the projects. By providing a comprehensive view of construction assets across sites, managers can more effectively manage workers, budgets and equipment. Having access to all this data on one dashboard—anytime and anywhere—provides actionable takeaways to improve business effectiveness as a whole and easily plan projects.

Additionally, asset tracking solutions alert managers when the equipment is due for maintenance. Rather than time-based maintenance schedules, data from asset tracking solutions allows for usage-based maintenance, monitoring run-time for a more accurate and proactive approach to maintaining asset health.

Tracking Assets

Beyond valuable insights, asset tracking technology also prevents theft—allowing managers to create geo-fences and monitor the whereabouts of each asset. Certain technology providers arm each piece of equipment with hardware that can detect its location, meaning managers will be alerted if it unexpectedly moves on or leaves a construction site, or if the hardware has been tampered with. Additionally, in the unfortunate event that an asset is stolen, managers can quickly track down and recover the equipment in the dashboard. With the average stolen equipment value costing construction managers nearly $30,000 and estimated annual loss due to theft being nearly $400 million, asset tracking technology is critical to the success of the business.

As economic recovery remains in flux, it is key for managers to examine and select technological offerings, such as asset tracking solutions, that will ultimately save them time and money. With only 13% of contractors currently using equipment tagging, according to the USG Corporation + U.S. Chamber of Commerce Commercial Construction Index, it’s clear construction managers have not yet realized the significant value offered by these solutions. Beyond saving money and time, investing in these solutions will allow construction companies and their employees to readjust to increasing demand in work and provide them a competitive advantage as they take on additional projects.