The question that’s on many construction industry leaders’ minds is whether IoT asset management devices and software are a costly novelty or an efficiency-oriented investment. The answer depends on whether your site requires real-time asset tracking visibility. Let’s break down what that means.
Scheduled Maintenance Improves Machine ROI
Keeping a machine in working shape is an investment that prevents costly breakdowns and wasted machine life. But keeping track of every machine’s maintenance schedules with a clipboard or Excel sheet is fraught with error and time-consuming. If you assume you can bite the bullet and accept the cost of repairs when they’re needed, read on.
Maintenance on any kind of construction equipment is an unavoidable cost, and generally makes up a small percentage of the cost of ownership and maintenance. And, because most of the construction equipment for a project is rented, getting optimal ROI on each piece of equipment should be a priority.
Without preventative maintenance, breakdowns or other performance issues essentially schedule the maintenance for you. This leads to lost ROI on rented machinery. When you’re planning a project, you need to ensure every piece of equipment never faces unplanned downtime.
With an IoT asset management solution, you prevent breakdowns and the wasted ROI and work hours that come with them.
On-Site Location Data Prevents Inefficiency
In addition to maintenance losses, lack of visibility causes wasted time on the construction site from not knowing where equipment is. A crane, for instance, could be on the wrong side of a large site, and not moving it to its designated location on the site could cause massive delays. Staying on target for time plays a huge role in staying under budget. An increasingly popular solution is tagging these items with IoT devices that can let you know (in up to real time) exactly where each machine asset is on your site.
Preventing Loss Due to Shrinkage
Other losses that can happen without real-time visibility take the form of shrinkage through workplace theft. Engine-powered, large-sized machinery can be sold for tens of thousands of dollars. Attached sensors can make sure these never leave a predefined geofence around the site gates, saving you potentially tens of thousands in equipment losses.
What This Means for You
Based on the data provided, having an accurate, real-time picture of the status of your machine assets can prevent huge losses. Specifically, this is by making sure that every project is completed under budget by not deceiving yourself about the real costs of reactive maintenance. This means that the right asset management solution can pay for itself.
The Apptricity Difference
Apptricity I-Connect Hardware: Providing Real-Time Tracking and Much More.
Apptricity brings your organization secure, universal platform solutions. Our software
- Optimizes tracking processes for your inventory, assets, and expenses.
- Easily integrates with existing systems.
- Provides real-time visibility that global corporations and governments have become to rely on.
With Apptricity’s real-time visibility in asset management and a focus on automating supply chain execution logistics and spend processes, your assets are protected and visible.
Apptricity’s mission is to continue to be the leading global provider of innovative industrial IoT, logistics automation, and industrial technology. We combine a state-of-the-art user experience with forward-thinking designs. Our innovative technologies can be quickly deployed across multiple platforms. Above all, we ensure our customers are at the forefront of all we do.
Your ERP may do asset management, but not like we do. Offering unparalleled real-time visibility unlocks new insight into areas where efficiency can be increased, and waste can be eliminated. Contact us or visit our website at www.apptricity.com to learn more.