Every business has its share of valuable items and assets. This is especially true for the construction industry since it has plenty of moving parts between blueprints and building turnover.
A construction asset management software solution is essential in managing your assets. With the right management software, operations proceed more smoothly, and companies can save more time and money.
How Do Asset Tracking and Management Systems Work?
Asset management, in a nutshell, refers to managing valuable items to achieve specific goals. In construction, this is working and monitoring everything necessary for completing projects.
Other industries might refer to this as plant asset management, which consists of services, software, and hardware for managing company assets.
Effective asset management can help companies handle the following:
• Asset tracking – Tracking the status and location of assets and maintaining a database for assigning them to projects once they become available
• Documentation – Ensuring that usage records are accurate and complete for regular maintenance
• Analysis and solutions – Providing recommendations for equipment and personnel required to complete jobs and projects
How a Construction Management and Mobile Asset Tracking System Can Improve Construction Businesses
You can use many strategies to make the most out of your assets, such as tracking life cycles and conducting regular asset reviews. However, these can be tedious when done by hand or with different Excel spreadsheets in multiple Google Drive folders.
You can streamline and automate these tedious processes with the right software solutions. Mobile asset tracking and management software are a few tools that can do a lot for your business, such as:
1. Manage maintenance, service, and repairs reports for assets and equipment
Scheduled maintenance and repairs can cut profits but are still necessary to ensure assets' long shelf life. Asset management software solutions can streamline logging and documentation, especially for heavy equipment. They can help notify you of upcoming repairs or replacement dates and decrease unexpected downtime.
2. Assess the profitability of assets
Heavy equipment like bulldozers and backhoe diggers are huge investments but won’t always be used for every project. In some cases, certain pieces of equipment aren’t used or are unusable and are better off sold and replaced.
Construction asset management software can help you identify which tools and equipment are worth keeping and which ones to sell.
3. Ensure safe working environments for employees
Asset management solutions also reduce safety hazards, resulting in a much safer work environment.
When equipment is regularly maintained, serviced, or repaired, construction workers aren’t as likely to risk injuries from faulty tools. Aside from extending your tools’ life cycle, you can also quickly meet safety requirements.
4. Asset safety and security
Theft and vandalism are among the biggest challenges in the construction industry worldwide. An asset tracking system can reduce these instances to prevent potential losses or destruction of expensive heavy equipment.
Many tracking tools today no longer require a line of sight for additional convenience and security in asset monitoring. As a result, managers can secure inventory even when off-site.
What Are the Different Types of Assets in Construction?
Construction assets are generally non-consumable, meaning they can be used more than once. While they can come in different forms, they all require regular maintenance to ensure optimal performance and project completion.
These are the different types of assets used in construction:
Wheeled assets may appear similar to other construction equipment; cars and trucks are pretty different from backhoes and bulldozers. The main difference is that the former are generally used for transportation and errands.
Screwdrivers, hammers, hand drills, and saws don’t appear necessary until workers need them. Because the lack of tools can cost work hours, keeping an accurate and up-to-date tool inventory is always good.
Office computers, tablets, and mobile phones should be managed carefully with the help of an asset-tracking system. Aside from cybersecurity concerns, these devices are essential for every project.
4. Heavy equipment
The most familiar and expensive equipment is easily visible on any construction site. Cranes, excavators, backhoes, and bulldozers are specialized equipment that needs extra attention and maintenance.
Asset management system offers many benefits for businesses across all industries, including the construction sector. The construction industry can be overwhelming since it is fast-paced and highly stressful for employees.
Investing in a reliable asset management system for your company is an excellent opportunity to improve productivity and efficiency while streamlining processes to achieve your bottom line.