Real-Time Asset Tracking: Benefits for Construction Site Management
Oded Ran, CEO and Co-Founder of Clue since 2019, expertly integrates AI and data tools to revolutionize construction equipment management and maintenance, positioning Clue as a premier software choice in the construction industry.
Real-time asset tracking, especially in heavy-weight industries like the construction industry, is beneficial in helping construction managers overseeing fleet vehicles, construction equipment, and heavy machinery.
Implementing a real-time asset-tracking system is one of the most effective ways of handling construction operations and equipment tracking.
To better understand how you and your site can benefit from real-time asset tracking, let’s look at the process and how it can be beneficial.
Real-time Asset Tracking: Why it is Needed in Construction
Real-time asset tracking refers to getting detailed information about an asset, its usage, and its location through monitoring of the asset.
Some of the areas in which this type of tracking works are as follows:
- Identifying where the equipment is being used
- Monitoring how the asset is performing
- Pinpointing the location of equipment
Asset trackers use GPS data to provide up-to-date information on the location, usage, and historical data of any tagged resource you have.
Asset tracking over time has been seen to benefit the construction industry. The cast study compiled by Ganesan Arjunan found that by implementing an asset tracking system, companies can free up to 40% of the time otherwise spent on looking for missed assets and reduce safety risks by 30%.
The case study also highlighted using asset tracking software to help track equipment accurately and efficiently.
Construction companies can save up to $1,600 per employee using great equipment management software. Clue can help track assets and reduce the risks of safety hazards due to misplaced equipment.
Here are a few more reasons why asset-tracking solutions are needed at a construction site.
Eliminate Redundancy and Data Loss
Manual data collection is prone to human errors and loss, so a carefully created real-time asset-tracking system benefits construction companies.
Project managers can use the system to efficiently compile and safely store construction data without worrying about data loss.
Aide Proper Resource Allocation
You can easily schedule equipment maintenance and operations when you have the appropriate information about construction equipment, its location, and usage. This helps project managers save significant costs for the project.
A real-time asset tracking system can help reduce up to 15% fuel costs and about 25% reduction on construction maintenance tasks.
Better Decision-making
Asset tracking is an essential tool for project and equipment managers, enabling them to lead more effectively and efficiently. It streamlines operations, ensuring better oversight and utilization of resources.
By gathering and organizing essential data, you can leverage this information to improve your business. With asset tracking, you gain insights into when tools should be relocated to different construction sites and can make informed decisions regarding underutilized assets.
Reduce Loss of Property
Another major challenge for construction sites is theft. A real-time asset tracking solution reduces theft and prevents unauthorized use by tagging and monitoring machinery, vehicles, and equipment.
Asset trackers assist in the following ways:
- Notify with immediate alerts when vehicles enter restricted areas.
- Send notifications when a vehicle is operated outside regular hours.
- Help in quickly locating missing or stolen assets.
Reduce Waste
You can correctly forecast your construction equipment's life cycle by keeping accurate records of how each is used with time.
Knowing the lifespan of each asset helps you avoid delays in starting projects. This foresight ensures that you can schedule maintenance, replacements, and relocations without interrupting your workflow.
Furthermore, carrying out preventive maintenance utilizing this information will minimize cases of equipment breakdown, ensuring that your project is completed with time to spare.
Benefits of Real-time Asset Tracking
Real-time asset tracking optimizes operational processes and enhances overall organizational efficiency and effectiveness across various facets of asset management.
Inventory Management
Project managers can ensure they have accurate inventory records through real-time asset tracking, which continuously updates the location and the status of the assets. This process overall prevents overstocking and stockouts.
Safety and Compliance
Monitoring assets in real-time helps equipment managers ensure compliance with safety regulations and industry standards. This allows businesses to track the condition of assets, schedule maintenance, and mitigate any potential risks preventing workplace issues.
Theft Prevention
Using real-time asset tracking, you can locate data on the equipment to help deter theft and unauthorized usage of company assets. Project managers can set up alerts and notifications to immediately notify stakeholders of any suspicious activity.
Equipment Utilization
Real-time asset tracking RFID tracks asset usage patterns and operational hours enabling businesses to optimize equipment utilization. This information helps identify underutilized assets, schedule maintenance based on actual usage, and make informed decisions about equipment deployment.
Cost Management
RFID asset tracking data on asset usage, maintenance needs, and lifecycle management assists in effective cost management. Businesses can allocate resources more efficiently. This helps reduce unnecessary expenditures on maintenance and repairs and extend the lifespan of assets through proactive management.
Decision-Making
Access to accurate, up-to-date information allows decision-makers to make informed choices. Real-time insights into asset performance, availability, and location enable timely adjustments to operations, resource allocation, and strategic planning.
What to Look for in a Real-time Asset Tracking System?
Understanding the importance and advantages of asset tracking is the first step. This knowledge will guide you in selecting the best software for your company. Consider the following questions:
- Are there features that let me monitor where all my company’s property is at all times? Knowing where your business’ assets are located has become a must these days.
- What is its user-friendliness like? When looking into asset monitoring systems, consider how easy they are for your team members.
Considerations should include someone’s level of ICT literacy and technical support, among others.
Conclusion
Construction primarily consists of heavy equipment and machinery. These are crucial for ensuring a business's steady operation.
A real-time asset tracking system can eliminate the risk of losing these assets. The details on where the equipment is located offer immediate feedback on what is happening.
At Clue, we aim to ensure that all entrepreneurs in the construction industry fully benefit from using our tools to monitor their assets.
FAQs
What are the tracking methods?
Tracking methods refer to the techniques and approaches used to monitor and document changes in something's status. Some of the methods utilized in this process include:
- GPS Tracking
- RFID Tracking
- Barcoding
- QR Code Tracking
- Asset Tracking
- Biometric Tracking
- Satellite Imaging
- Financial Tracking
- Time Tracking
- Health Tracking
- Social Media Tracking
- Inventory Tracking
What is the difference between asset and inventory tracking?
Asset tracking manages high-value, durable items critical to operations, ensuring efficient use and maintenance using technologies like RFID or GPS. Inventory tracking monitors goods for sale or use, optimizing stock levels and supply chain efficiency through barcode scanning or inventory software. Both methods employ tracking to enhance resource management and operational efficiency.
What assets should be tracked in Construction?
In construction, critical assets that should be tracked include heavy equipment (like excavators and cranes), vehicles (trucks, bulldozers), tools (power tools, scaffolding), materials (concrete, steel), and safety gear (helmets, harnesses).
How does IoT asset tracking work?
IoT asset tracking uses devices that send real-time data (like location and condition) over the internet. This data is analyzed on a central platform, allowing businesses to monitor and manage assets efficiently for better maintenance and utilization planning.
How do you keep track of construction equipment?
Real-time asset tracking construction equipment requires several methods and techniques. Some of these include:
- Asset Tags
- GPS Tracking
- Inventory Management Software
- Maintenance Logs
- Physical Checks
- Digital Documentation
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