February 11, 2022

Tools, machinery, and vehicles are necessary investments for your company. Being able to track and measure where these investments are, how often they’re used and by whom is essential to jobsite productivity, efficiency, and cost control. Whether you’re looking to gain greater visibility of your equipment usage, see where your tools are located jobsite to jobsite, or monitor and improve how assets are being used, then asset tracking technology is your answer.

By strategically implementing asset management and resource tracking technology, businesses can streamline operations, ensure assets retain value and make more informed business decisions with better data.

Here are the top potential benefits of asset tracking for construction companies.

Equipment Utilization Insight

Have you ever needed a piece of equipment for a project only to realize someone was using it across town at a different jobsite? With an asset tracking software, businesses can see where tools are in the field, how often it’s being used and by who. This data provides a deep understanding of equipment utilization, helping companies determine which assets are over or underutilized, if they can be better used elsewhere in the field, and ultimately improve inventory control.

Utilization reports identify metrics on underperforming assets, as well as productive use of assets, such as how long a piece of equipment was being used during a specific period of time. Comparing this data against work in progress reports can pinpoint inefficiencies on jobsites, help improve project productivity and even help managers make effective decisions in real-time.

Extended Asset Lifecycle

Knowing the status of tools and equipment is important but knowing the mechanical health of these assets extends the lifecycles which in turn extends the investment made. Regularly reporting on the health of tools and machinery keeps assets in optimum condition, makes it easy to present inspection data, prevents costly down time caused by breakdowns and improves jobsite safety.

Adhering to regular maintenance schedules can be tedious for managers, especially when heavy machinery and tools tend to have anywhere from ten to twenty-year lifecycles. Asset management makes it easy to track maintenance schedules, providing a holistic view of the health of a tool library. This added insight equips businesses with the information to proactively monitor the condition of equipment and make repairs or replacements before it’s needed.

Increased Accountability & Greater Security

Improper use, poor handling and potential theft of assets are risks businesses take every time they hand over tools, machinery, and vehicles to employees. Because of the significant investment that is made to own or lease equipment, businesses need to protect them.

Proper asset tracking makes it simple to know exactly where assets are and the employee or department currently responsible for it. The next generation of asset tracking technology even eliminates the need to scan tools and equipment in and out. Using the latest Bluetooth technology, asset tracking applications collect resource location data, relaying that information to an ERP in real-time, without the need for human interaction. So even if an employee forgets to check-in or out piece of expensive machinery, the location is still cataloged.

Additionally, geofencing features and virtual perimeters can be set, which will alert managers when assets make their way off jobsites. The features of the latest asset and resource tracking technology make it easier and faster to recover lost assets and increases overall accountability of these expensive investments.

Improved Project Expectations

Asset tracking technology improves the expectations businesses set for themselves and their clients. As a result of thorough asset tracking, business can see improved inventory management, more efficient operations, and better-equipped employees. When employees have insight into the status of tool or machine, they can better gauge the progress of a project by knowing when the necessary equipment will be available and where it’s located.

Choosing the Right Asset & Resource Tracking Solution

When choosing the appropriate asset tracking solution for your business, it’s important to consider functionality and features that will meet your needs. Businesses will also need to ensure they have a reliable network for devices to run on, as well as meet antenna performance specifications for GPS tracking signals.

The cutting-edge asset tracking applications of today incorporate the latest technology, integrations, and personalization that businesses desire. That’s why Business Information Group developed BigTrax, a next-gen asset and resource tracking application that simplifies the tracking process for businesses.