Completing projects on time and within budget is always a top priority for construction companies. Yet, experienced contractors know that achieving these goals can be a real challenge, especially without a modern asset tracking system.
For example, if you can’t locate vehicles or large equipment when you need them, you may need to rent additional equipment to complete the job on time. Or, suppose your tractors or loaders break down due to poor maintenance. The cost of repairs and equipment downtime can easily exceed what you budgeted.
If you’re still trying to manage your fleet of construction vehicles and equipment with paper and spreadsheets, you’re working a lot harder than you need to. You’re probably hurting margins on every job. And you could be losing jobs to competitors who can underbid your company because of the time and resource savings they get from using asset management software.
If you’re looking for a more efficient way to manage your construction assets, Tenna specializes in providing easy-to-use, cost-effective solutions for the construction industry. Our asset tracking devices and software save you time and money by making it easy to manage your entire fleet with one integrated asset management tracking system. With our diverse QR code, RFID tracking, cellular and LoRa GPS asset tracking solutions, you can monitor and manage every kind of tool, machine or vehicle you own – all on one convenient asset tracker dashboard.
Benefits of Asset Tracking for the Construction Industry
Digital asset tracking has wide application for many different industries, and offers numerous advantages to construction companies looking to build a competitive edge.
- Reduce operating costs. For construction companies, saving time and resources starts with lowering operating costs. This includes reducing or eliminating unnecessary costs, such as excessive idle time, unauthorized use of vehicles, breakdowns due to missed maintenance dates and more. With remote asset tracking, you can monitor vehicle location and usage 24/7 while making employees more accountable for using them properly. This can lead to significant savings on fuel, labor, repairs and other overhead costs.
- Improve budgeting accuracy. Estimating job costs is one of the most important activities for construction companies. It’s also one of the most challenging. No two jobs are exactly alike, and fuel and material costs can vary widely from one project to the next. Digital asset tracking provides accurate, detailed information about the location and performance of your tools and equipment, making it easier to track costs and build realistic budgets for upcoming projects.
- Maximize vehicle and equipment ROI. Every piece of large equipment represents a significant capital investment for construction companies. Tenna GPS tracking can improve the return on investment of every asset by monitoring engine run time. Tracking engine usage alerts you to important preventive maintenance milestones that can extend the life of your vehicles and prevent costly breakdowns. Keeping your engines running smoothly can also reduce fuel and labor costs.
- Deter theft and prevent vehicle misuse. Theft of vehicles and equipment costs the construction industry millions of dollars every year. While no system can prevent theft 100% of the time, asset tracking can significantly reduce it by monitoring unauthorized movement by time and location. Tenna’s sophisticated tracking features include setting up geofences – virtual boundaries of your choosing – that automatically alert you any time an asset moves outside the established boundary. The system can also monitor and report unauthorized off-hours movement.
- Locate stolen equipment. If one of your vehicles gets stolen, GPS tracking can identify its previous location before it was stolen. More important, it can also indicate the current location, making it easy to track and recover the equipment.
- Optimize routing and vehicle utilization. It’s common practice in the construction industry for vehicles to work at several different sites in one day. However, you don’t make money when driving from one job site to another. And poor planning and routing can result in unwanted downtime when vehicles don’t arrive on schedule. Tenna fleet management software eliminates these problems by automatically scheduling the most efficient route to the next job site. Faster routing also saves money by reducing fuel costs and driver time.
- Improve inventory accuracy. Construction companies tend to maintain large inventories of tools, equipment, vehicles and more. With so many assets deployed in the field and constantly moving to different jobs, keeping an accurate inventory can be a nightmare without an asset tracking system. With Tenna software’s “search and scan” capabilities, you can accurately determine your entire inventory in real time for better decisions on when and where to deploy each asset.
- Reduce insurance premiums. Expensive vehicles and heavy equipment typically require higher insurance premiums. Insurance providers will often offer discounts when you implement a GPS tracking system because they know your vehicles will be taken care of and will be easier to recover if stolen.
The Tenna Advantage: One-Platform Asset Management
Early-generation asset tracking systems often lack the capabilities to meet the complex and varied asset management needs of construction companies, especially large ones. As a result, they may require the use of multiple equipment tracking systems to get the data needed for effective asset management.
With Tenna’s diverse array of asset tracking solutions, which range from QR code and RFID tracking to cellular and LoRa GPS asset tracking, you get all the capabilities you need in one integrated system. Our robust system saves time and resources by enabling you to:
- Know the precise location of every asset 24/7
- Schedule preventive maintenance more efficiently
- Keep a detailed history on all maintenance performed on every asset
- Know the status and availability of all assets
- Gain insights based on current and past asset usage
- Improve costing and billing accuracy
- Determine if you have excess equipment or insufficient inventory for upcoming jobs
- Identify inefficient or underused equipment
- Reduce unnecessary equipment purchases or rentals
With Tenna’s convenient Marketplace, you can unload surplus or non-essential construction vehicles and equipment by selling or renting them to other Tenna users.
You also get another big advantage with Tenna asset tracking – a flexible system that can be tailored to meet your specific asset tracking needs. For example, you may want to monitor your high-value assets, such as pavers, rock trucks and excavators more closely than smaller equipment or tools and attachments. Or you may prefer to use tracking technology that automatically sends out data regarding location and usage (rather than having employees scan the data).
Regardless of the level of visibility you want, we have the right tracking technologies to meet your needs. It’s hard enough making money in the construction industry without the added headaches of asset mismanagement. Tenna asset tracking can save time, help protect your resources, and make it easier to finish every job on time and within budget.
About Adam Moreschi