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How Cloud-based Asset Tracking Solutions Improve Construction Business Revenues

By Innominds,

Keep track of assets, raw materials and inventory with construction asset tracking and management solutions that leverage IoT and connected devices

Construction equipment tracking and management solution

It is not a secret anymore that a lack of adequate asset tracking solution impedes resource allocation and planning, ultimately increasing costs. And this is true, especially for mid-sized and large businesses. Unclear locations and usage statistics of movable assets result in delivery scheduling conflicts that may lead to asset losses. Tracking and managing of assets is the biggest concern for any construction company.

Most often, construction employees/supervisors will have no visibility or control over their assets which are dispersed from across vast construction sites. And also, unreported incidents of misuse or losses lead to lower Return on Assets (ROA). Moreover, due to the lack of a streamlined mobile asset tracking solution, some projects can come to a standstill. In these cases, there are greater losses as compared to the cost of buying a new equipment or, even repairing it.

The above-mentioned reasons compel construction companies to start adopting mobile asset tracking solutions through cloud platforms and mobile apps.

Asset Tracking and Industry 4.0

New technology in construction industry

Industry 4.0 has brought on success for the adopters of digitalization in the industrial sector, by saving time and resources in new projects. Asset tracking is the most useful and essential part of this digitalization, since we are dealing with physical goods in huge volumes.

Besides, asset tracking solutions provides several benefits in construction equipment tracking and maintaining activities related to transport and auditing. This includes maintenance of an inventory for all the physical assets, including not only equipment & materials but also employees. Construction companies are the greatest benefactors from these solutions.

Here are a few ways in which construction and production companies are using mobile asset tracking solutions to their advantage:

  1. Digital tracking of physical assets using RFID, sensors, drones, geofencing and, QR-code assists in identifying and locating assets inside a project zone and track the asset’s location, information and even its condition.
  2. Analysing and gathering data on the use of the equipment and generating alerts to help efficiency.
  3. Monetizing on the data that has been gathered to provide future insights and predictions for better business targets.

These are primarily, some of the biggest reasons as to why construction companies, equipment leasing firms and equipment manufacturers are eyeing on the benefits of digital transformation through asset tracking and management solutions.

Key Reasons for Organizations to Adopt Asset Tracking Solutions

What is the importance of construction equipment tracking

Efficiency: From protecting equipment to streamlining daily operations, digital tracking enables easy monitoring of asset safety and use. Meanwhile, it also improves operational and business efficiency.

Tracking assets offers a clear picture on how materials are being used and moved. Getting regular updates, and real-time information on surplus resources provides insight into supply management and helps perform a balancing act in managing the stock pile.

Irrespective of cutting down on excessive or unnecessary stock resources or having backup resources, knowing exactly how much you need or use, can help your business take smart decisions and avoid cost overruns. Asset tracking informs us how durable the equipments are, and factors it in all the replacement and maintenance costs.

Productivity: By reducing the time spent in looking for equipment, maximizing the efforts and recovering from unexpected malfunctions, asset tracking can increase productivity dramatically. It is a known fact that the malfunctioning of a single piece of equipment can cause major loss in productive work hours, which delays production up to several days. These losses can be minimized with timely interventions by bringing a level of predictability to such incidents.

A high level of productivity can be maintained by knowing exactly when and how equipments are used. This, in turn, results in minimal equipment breakdowns that result in lesser downtime.

Accurate paperless inspections through a mobile asset tracking solution can make sure that equipments are in peak condition, which not only improves productivity and efficiency but also enhances on-the-floor safety.

Data and Analytics: Construction companies own and operate a huge number of assets. By pressing into services using a smart asset tracking systems and mobility applications for construction sites, they can consolidate and centralize the data concerning all assets.

With centralization, we bring construction assets data into one place, where utilization can be tracked better and take steps towards improving it. Access to utilization reports helps construction equipment managers understand which equipments are being used, how, and across what locations, to make informed decisions regarding the purchase, rent, or movement of equipments. Such data can also point out equipment issues to construction engineers before they become serious threats.

Cloud-based asset tracking through mobile application tools

Asset tracking software

Cloud-based asset tracking and monitoring mobile application tools save tremendous efforts and the time taken in locating and tracking assets. These solutions increase efficiency at construction sites with continuous, real-time location and condition tracking and assessment of commodities.

For large sites and operations under a construction organization, the need for a robust asset tracking solution with the right IoT technology prowess, leads business leaders to choose solution providers like Innominds. Having built end-to-end visibility platforms for large manufacturing plants and construction sites, Innominds has the technical credibility to build IoT devices and software solutions for asset tracking and management.

The construction asset tracking software built for web and mobile devices provided real-time insights into operations with key metrics data, such as location, shock and vibration alerts, Geo-fencing and more. Embedded computing & emerging technologies are leveraged to provide Industrial Internet (devices, sensors, and software)/M2M, machine-to-people communications and services delivery.

Learn more about how Innominds asset tracking solution capabilities can help your business improve operational efficiency and business growth by contacting us at marketing@innominds.com.

Topics: Cloud & DevOps

Innominds

Innominds

Innominds is an AI-first, platform-led digital transformation and full cycle product engineering services company headquartered in San Jose, CA. Innominds powers the Digital Next initiatives of global enterprises, software product companies, OEMs and ODMs with integrated expertise in devices & embedded engineering, software apps & product engineering, analytics & data engineering, quality engineering, and cloud & devops, security. It works with ISVs to build next-generation products, SaaSify, transform total experience, and add cognitive analytics to applications.

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