No matter what business you run, asset management is an integral part. And the construction business is no different. It incorporates the management of assets, such as trucks, equipment, tools, and machines.
If you are a business owner, you would agree that there are several times when your assets are misused or misplaced. And it results in heavy repair and replacement costs. You can solve these issues with the help of asset trackers.
Investing in an asset tracker is a big question for your fleet. And coming to a decision may not be easy for you. So here is a detailed guide for you. Stay with us till the end and understand what an asset tracker can dispense to your business.
Asset Management- Why Is It Important In Construction Business?
Asset management, in general, refers to the process of managing and maintaining the assets of a business. In a construction business, there are different assets without which it cannot operate smoothly. These include:
- construction equipment like cranes, bulldozers, excavators, and backhoes.
- vehicles such as cars and trucks
- computers, tablets, smartphones
- tools such as a hammer, screwdriver, and more
Assets are not only a significant part of the business but are also expensive. If they are lost or misplaced, the organization incurs high costs. Apart from this, asset management holds numerous benefits for a construction business. You can save money, improve efficiency, generate profit and increase customer satisfaction.
In a construction business, we can divide asset management into two broad categories:
- Asset Procurement
- Asset Tracking
Asset procurement is the process of obtaining an asset. To simplify, it is a systematic observation and planning in a company before purchasing any equipment.
For example, company A has to rent a truck to deliver materials to the construction site. If it is a repetitive task, they might consider buying a vehicle to save additional costs.
After a company has obtained an asset, it has to look over them. If they do not monitor it closely, there is a high chance of theft or breakdowns.
Asset theft is a common problem among construction businesses. They have to rent their equipment or tools to a remote place for a long time.
Another problem with assets is unexpected breakdowns. A construction business can own several assets. Each one has different maintenance dates and remembering them is a difficult job. Additionally, sometimes a fault can occur. If not addressed on time, it can become a big problem causing breakdowns.
Common Challenges Faced By Construction Business
Even though asset management is an unbreakable part of your business, there are several challenges you have to face without proper management software:
- Equipment Theft
Construction sites are one of the unsafest places to leave your expensive assets alone. But still, construction businesses have to lend their equipment. It increases the chances of theft. And it can again directly impact the organization in different ways.
For instance, you have to spend a whopping amount upwards of thousands of dollars to buy another one or wait till backup equipment arrives to carry out your activities.
- Safety Challenges
Lots of accidents happen at construction sites. Tragedies often occur due to various reasons, such as communication breakdowns, inadequate technology, and carelessness in safety practices. An unexpected failure can also lead to unfortunate events.
- Inaccurate Information
A construction company can have different vehicles for its service. Each truck leaves and enters the yard at their time. Managing and keeping records of them is a difficult job, sometimes even impossible. Even if you may guesstimate the arrival timings, there are high chances that you will fail to meet the demand at that time. How?
For example, you assume truck A will arrive in the yard by 5’0 clock in the morning. So you decide to send it to another site by 10’0 clock. But when you check in your yard, you find out that the truck is stuck somewhere in the traffic. What will you do? Wait, right. But time is precious, and you cannot let such things happen repeatedly.
- Unexpected Breakdown
A construction company has numerous pieces of equipment. Ensuring their good condition is a challenging task. If someone fails to certify regular maintenance, unexpected breakdowns happen. It hinders the whole activity and harms the business’s productivity.
How Can Asset Tracker Help To Improve Construction Fleet Asset Management?
You can mitigate the above challenges and streamline your business’s activity with the help of an efficient asset tracker. Doubtful? Here is a fact for you.
According to the report of fleet technology trends 2021, around 72% of business owners consider GPS trackers helpful in carrying out their operations. Good telematics software can help you to reduce unnecessary fuel consumption, accidents, liabilities, and many more.
Telematics technology allows you to use the power of data and streamline your operations. In fact, with the use of an asset tracker, you can expect dramatic improvement in your productivity, efficiency, and cost management.
Before we jump into several benefits of an asset tracker, let us understand how it helps your business.
An asset GPS tracker improves the visibility of your assets. And help you to stay updated on their location and condition 24/7. It can even help you to locate the resource across the construction sites. It can also assist you in bills by tracking engine hours during equipment rentals.
Benefits of An Asset Tracker
Asset trackers have several benefits for your construction business. Let us list them one by one:
The most notable benefit of an asset tracker is security. Construction sites are the most dangerous place to live with your million-dollar equipment alone. s
Do you know?
According to the National Equipment Register, construction owners face losses of around $300 million to $1 billion every year due to theft? The most surprising fact is that this estimate does not include lost tools and other materials. It is highly destructive for a business.
To avoid it and secure your assets, you can rely on asset trackers. It can help you to monitor your assets both onsite and offsite.
- Cost Management
One of the primary benefits of an asset tracker is cost management. With the help of an effective telematics solution, you can keep excess costs in control. Here is how it can help you with different aspects of cost management:
- Fuel Consumption:
An asset tracker can help you to monitor driving behavior in your fleet. Reckless driving behaviors such as harsh acceleration and sudden braking contribute to excess fuel consumption.
With the help of GPS trackers, you can spot reckless drivers and rectify the problem. You can also restrict unauthorized use and vehicle idling.
- Maintenance Cost:
With the help of an asset tracker, you can easily spot any small fault codes in your equipment or vehicle beforehand. You will have enough time to rectify it before it becomes big and cause unexpected breakdown and heavy maintenance costs.
- Operational Efficiency
Asset tracking technology helps you to have better visibility over your assets. In this way, you can know the whereabouts of your assets and allocate jobs accordingly. On top of that, in case of emergency, you can use this technology to send immediate backup.
It helps you with different aspects of operations, such as-
- Resource optimization
- Route management
- Employee management
- Billing and Invoices
- And many more.
- Better Utilization
An asset tracker provides you with insights into the whereabouts of your vehicles, equipment, and tools. You can know where your asset is across the country.
It will help you use your resources efficiently by soundly allocating tasks. Hence, you can complete your project on time and increase customer satisfaction.
- Regular Maintenance
An efficient telematics solution will keep your hands on the vehicle’s maintenance dates. You won’t have to mug up different dates or block your calendar manually. It can help you to increase the lifetime of the vehicles and equipment.
Moreover, it will also remove the possibility of unexpected breakdowns in the middle of operations.
- Informed Decisions
Telematics solutions help you to harness the power of data. It stores various data of your business in its cloud storage. And let you access it whenever you want to make a decision. How?
You can get detailed driver’s safety score report cards. You can use these reports as a reference to give training or appraisal to your employees. You can use similar data to check fuel consumption in control.
The data can also help you estimate the cost of carrying out a project. In these ways, you can use this data to make informed decisions for your business.
Matrack Asset GPS Tracker
Matrack offers an affordable yet powerful GPS asset tracker to help you keep track of your assets. You can use these user-friendly and economical solutions to meet your different needs. They offer three options for you to choose:
- MA-Asset Classic GPS Tracker:
Matrack asset tracker is a simple and sturdy device with enormous battery life. You can use this tracker to track almost any asset of your company.
- MA-Hardwire Classic GPS Tracker:
Matrack hardwired classic is a discrete and durable device that can track vehicles or monitor your asset. It is a compact device and therefore facilitates discrete tracking. It offers you several benefits such as blink roadside assistance, IFTA tax report, etc.
- MA-Hardwire Silver GPS Tracker:
MA-Hardwire silver asset tracker is one of the most versatile pieces of Matrack. It is an asset tracking device and a telematics system as well.
How Can Matrack Help You?
You can enjoy several benefits of a Matrack asset tracker with a minimal investment. You can use this solution to pinpoint the exact location of your assets in real-time. Moreover, you can use these trackers to track trailers, heavy machinery, lawnmowers, construction equipment, etc.
Here are some highlighting features of Matrack:
- Real-time GPS Tracking
Matrack helps you to connect with your assets in real-time. It uses 4G connectivity, and hence, you can rely on it to know the whereabouts of your resources in remote locations.
- Aggressive Tracking Mode
Even after several precautions, an asset gets stolen, you can switch to aggressive tracking mode. In this mode, you can increase the frequency of updates from 2-3 per day to 2-4 per hour. Hence you can help recover your asset fast.
Geofence is a worthy feature for a construction business. Since you have to rent your equipment and vehicles to a remote construction site, you lose access to them. But most of the theft takes place on such sites. So to protect it, you can use a geofencing feature.
You can set a virtual fence over the site. As soon as the asset crosses the defined parameter, you will get an instant email or text alert.
- Detailed Report
Matrack provides detailed safety score reports. Hence you can access information, such as total distance covered, late-night driving, driving behavior, etc.
- Exceptional Customer Service
If you encounter any difficulty or issue with the Matrack solutions, you can reach the customer service via email. They will assist you in solving your queries or problems.
Asset tracker can prove to be a worthy investment for your construction business. It can help your organization in several ways. And this is why choosing an effective asset tracker becomes vital for you.
Matrack asset tracker is a reliable and economical solution for you. It can help you to streamline various jobs in your organization. You can rely on it to organize, schedule, appoint tasks, and optimize the use of resources.
You can visit the website for more details. Additionally, do share your queries in the comment section below.