Building the Case for Construction Asset Tracking

In the construction industry, businesses are using GPS tracking devices for more than keeping an eye on the vehicles used to transfer materials, crews and other goods. Construction companies, equipment leasing firms and equipment manufacturers can also benefit from installing GPS devices on non-powered and powered assets, which can range from tools to generators to heavy machinery.

Implementing GPS tracking devices to track construction assets makes management easier and can offer a greater depth of data—and security—than barcodes and RFID tags. Through the simple and quick installation of small, mountable asset-tracking hardware, construction companies can easily monitor and track equipment via a laptop or mobile device. Let’s take a closer look at the top five benefits of GPS tracking for construction equipment.

Consolidate all your construction equipment data in one place

Construction companies own and operate thousands of powered and non-powered assets of various makes, models and manufacturers. And while many may be equipped with an OEM-installed telematics system, some older or non-powered assets are not. These various telematics systems are independent, meaning construction site or equipment managers must access several different sources to pull the asset data they need.

By using a single, complete GPS equipment tracking software system, construction firms can consolidate and centralize all the data from their powered and non-powered assets, regardless of make, model or manufacturer. These equipment tracking devices also allow for the deployment of Association of Equipment Management Professionals (AEMP) telematics standards integration, which alerts construction teams to equipment issues before they become dangerous and costly safety hazards.

Get the most out of your assets with utilization reports

With a centralized solution for all construction asset data in place, construction firms can start to make sense of their data and take steps to improve equipment utilization. For example, with access to utilization reports, construction equipment managers can view which pieces of equipment are being used (both when and how often) across various geographic locations. With this information in hand, managers can make better informed decisions regarding whether it’s necessary to rent additional equipment or simply retrieve underutilized, owned equipment from another job site and deploy it elsewhere. 

Utilization reports can also be used to review how often and how long a piece of equipment was running on a particular day or during a certain period of time. That data can be matched against the progress of work accomplished and identify discrepancies or inefficiencies.

Keep your most important assets healthy with maintenance management

Construction equipment tracking can also be used to improve the accuracy and efficiency of equipment maintenance by reporting mechanical health and status (e.g., engine hours). Verified, paperless inspections ensure all equipment is in optimum condition, which improves on-the-job safety, equipment productivity and overall job efficiency. For powered equipment that requires preventative maintenance or routine fixes, a consolidated asset tracking solution provides a holistic view of maintenance alerts, regardless of manufacturer.

Reduce operating costs and improve the bidding process

With typical margins for construction companies in the U.S ranging from 2% to 8%,² completing jobs on time and under budget is critical for any construction company, which all depends heavily on the accuracy of job costing. By monitoring asset information such as engine hours, idle time, employee usage and maintenance dates, GPS tracking devices make it possible to reduce or eliminate unnecessary fuel and labor costs that eat away at that margin. Likewise, construction equipment location tracking and performance data can be pulled from the asset tracking system into the firm’s bidding system to build more accurate budgets and more realistic bids.

Combat the high cost of theft and unauthorized asset use

Estimates from the National Equipment Register put the value of construction equipment stolen each year somewhere between $300 million and $1 billion, which doesn’t include the costs of stolen tools or building materials.¹ Given the purchase cost and the risk of theft, it’s no surprise that a company that leases or owns construction equipment would want to keep a close eye on its assets. With a GPS asset tracking solution in place, construction firms can receive notifications when a piece of equipment is operated during an unauthorized time period or even if a piece of equipment is being moved or towed during off-hours or outside an approved area. This feature is particularly critical for smaller construction firms that may lack extensive job site security resources or security technology.

Get started on the road to better asset management

With the right GPS-based asset-tracking solution, your construction jobs can run more efficiently. Verizon Connect has extensive experience helping businesses in the construction industry improve productivity, safety and security both on the job site and on the road. Verizon Connect’s asset tracking solution allows construction businesses to better monitor heavy equipment, improve asset utilization, manage job costing and reduce the risk of theft and unauthorized usage. Learn more here.

Sources

¹ https://www.constructconnect.com

² https://www.digitalistmag.com/future-of-work/2016/08/15/top-4-challenges-facing-construction-industry-04388065