The global construction equipment market is likely to reach more than $288 billion in the next few years. This approach will be influenced by Government initiatives, infrastructure investments, and rising non-residential private building constructions. Whereas, the construction and equipment industries will be able to get as many benefits as possible with this golden opportunity. However, the major challenge they will likely experience is managing assets and equipment in their fleet. The strategic and smart move in tackling the situation will be the only solution to stay ahead of the competitors in the market.
Major Challenges To be Faced by Construction Companies
- Consolidating Equipment Data
No matter how big they are, construction companies must manage a variety of assets with varied makes, models, and ages of the equipment including the bulldozers, cranes, and motor graders for sale. In this situation, they might get in trouble in consolidating the equipment data often. Without a centralized system, crucial details like the location, condition, and maintenance history of equipment may be overlooked.
Solution:
Adopting centralized GPS equipment tracking software helps streamline the management of huge equipment assets through a web-based dashboard. It also helps to integrate AEMP telematics standards, provides real-time alerts for equipment issues, and collects data from all assets into a single central source.
Improving Equipment Utilization
When a construction company works on multiple projects simultaneously, it finds it hard to improve equipment utilization efficiently. This may drain them due to the mismanagement of assets and project delays. Because one piece of equipment that is being utilized in a project might be needed for another project.
Solution:
Purchasing an integrated GPS asset tracking system is essential to resolving this. With the use of such technology, companies can keep an eye on asset usage to make sure it is being used as planned. It also offers a single location for thorough data analysis that improves equipment utilization.
Less Downtime Via Proactive Maintenance
For productivity and profitability, it is essential to effectively manage maintenance for construction equipment, but this can be difficult given the volume of assets and reliance on human recordkeeping. Keeping track of all the equipment and their general optimal condition becomes a hassle when the companies have a large fleet.
Solution:
To solve the issue, proactive maintenance works best to avoid equipment breakdowns that can delay projects and result in labour and expense difficulties. It gives a thorough overview of all equipment maintenance alerts, interacts with current systems, and finally assures that the equipment is in optimal condition
Accuracy in Cost Management and Construction Bidding
When estimating job expenses, construction companies frequently ignore idle time and fuel usage in favour of goods and labour. Accurate cost estimation of every project expense is important for profitability and exact bidding in the construction business. One wrong bid and budget calculation may push the company into revenue loss.
Solution:
By keeping track of vital data like engine hours, idle time, and maintenance dates, GPS asset tracking systems can assist in better managing expenses. Construction companies can increase profitability and competitiveness in the market by embracing technology-driven precision.
Keeping Construction Assets Safe
Asset security is given great consideration by construction organizations because of the large investments they make in tools and equipment. Whereas, significant financial losses and operational interruptions can result from stolen equipment.
Solution:
Modern tracking solutions that integrate GPS and RFID technologies will help to improve asset protection. This makes it possible to track the whereabouts of equipment in real time, making it simpler to recover stolen goods and discourage potential theft.