Construction equipment worth $300 million to $1 billion is thought to be stolen annually, according to the National Equipment Registers (NER). Less than 25% of the stolen goods are recovered or given back. Many building firms around the world are concerned about this issue. Heavy machinery is a target for thieves due to the low risk and big return.
Thankfully, there is a solution. Asset tracking and monitoring systems are recent, affordable innovations that can aid in preventing this problem. These systems offer real-time information about things like the location, use, and state of the equipment.
What is equipment tracking software?
Equipment tracking software is a comprehensive method of managing assets and equipment. It is an automated process for asset management and monitoring. You can find out where your assets are, who is using them, and when they will be returned, thanks to equipment tracking software! Truck satellite tracking allows you to know where your truck is and with who.
Reasons for tracking heavy equipment
Each piece of heavy machinery has to have an asset tracking tag for a number of reasons. Asset tracking systems can increase efficiency while saving businesses a lot of money. Heavy machinery tracking enhances workplace security, productivity, and equipment management while preventing theft.
1. Decrease Theft
Asset tracking systems are essential for heavy equipment users and owners for the reasons already noted, including theft. Unlike tiny equipment, larger equipment is typically not moved very frequently or stored away. Until the project is finished, construction equipment is frequently stored overnight at job sites. Because of this monitoring gap, thieves target big machinery. Asset trackers’ real-time location systems can stop this. If the equipment is moved, these systems will notify the site managers.
2. Boost workplace safety
On the job sites, accidents sometimes happen, but the majority of them may be avoided. According to EHS Today, 99% of incidents can be avoided. That indicates that human mistake is the primary cause of most accidents. By keeping track of workers, trucks, and other machinery, asset tags can help decrease the incidence of accidents at construction sites. End users can receive warnings when a piece of equipment departs a designated region by setting up safety zones inside an asset tracking and monitoring User Interface (UI), alerting them of a potential threat.
3. Enhanced efficiency
Businesses constantly strive to increase worker productivity. More goods and better services are offered thanks to increased efficiency. These two advantages lead to increased revenue and business expansion. Asset trackers can keep tabs on the productivity and use of large pieces of machinery. Employers can increase productivity while also improving overall efficiency by having the capacity to monitor worker output and equipment utilization.
4. Better equipment management
Equipment management is one of a company’s primary operating expenses. Production stops if the equipment malfunctions, costing money. If equipment had a routine maintenance schedule, most problems wouldn’t arise. The issue is that it can be difficult to determine how frequently specific equipment is used. Asset tracking software enables users to monitor the usage patterns of particular equipment. Additionally, it informs employers of the equipment’s state so that damage and failures can be avoided.
Location tracking is a fundamental component of equipment tracking, particularly for heavy equipment. Managers, however, are interested in far more information about a machine than just its location. End users are empowered to enable systems to suit the needs of particular use cases through asset tracking solutions.
5. Reports and statistics
When an organization has a lot of assets, keeping track of them, maintaining them, and maintaining their records can be difficult. Reports aid in calculating each asset’s performance. With calibration, you can reduce maintenance costs, save money, and improve asset performance. Additionally, asset reports help managers make wise decisions. You can build up a maintenance budget and determine future goals using the yearly reports. Reports are useful in the auditing process as well. You can verify assets physically and learn the whereabouts of assets through reports and equipment tracking software.
6. Dispose of ghost assets
Assets’ records are not updated when they are lost or stolen. Ghost assets are dangerous for business; these are assets that are listed in the account books but are not actually present. Therefore, despite having listed these assets in your accounts, you cannot use them. Your business could face a steep fine if it is discovered during the audit. You can maintain reliable equipment tracking with equipment tracking software. Equipment tracking software achieves this goal by utilizing asset tracking technologies like Barcode, QR Code, and RFID (Radio Frequency Identification).