As the economy booms back from the recession, the need to execute flawless construction projects has never been greater – but we all know what a long shot that is. The reality is every major project witnesses at least one black swan event.

With the construction industry just getting back to its feet, your company simply can’t afford that kind of negative exposure. Street-smart construction business owners know they need to be vigilant against any underlying threats to their various projects. That’s because recent studies have shown that when reconsidering failed projects, 100% of the issues and failures were attributed as avoidable. Despite this staggering fact, when surveyed, all parties involved said the problem came at them out of left field.

Why asset management tools are your savior.

Recent studies by Frost and Sullivan, a global market research firm, show that construction asset management tools can increase productivity by 15% and asset utilization by 20%. But the real value of equipment management solutions lies in their ability to gather volumes of data from which you can draw actionable insights.

This means that firms who want to remain competitive in today’s unsteady climate will use effectively manage the data at their disposal to make sure all their projects stay on course and mitigate the risk of failure. Take a look at the top reasons why construction projects fail, and how effective an construction asset management can spot them from far away.

1) Insufficient resources

This one is a no-brainer, but a very easy trap to fall into. With the construction sector on the rise and projects abound, it’s very easy to overbook and stretch your resources thin. With your equipment being sent to different job-sites, it can become difficult to retain information regarding the exact whereabouts of an asset and when it’s available for use.

asset management tools construction site

Once you have GPS monitoring on your construction equipment, management can become so much easier. You’ll always know what’s on-site and what’s sitting in your lot, making it much easier to plan your projects.

2) Faulty estimates of cost and schedule

With operating margins growing increasingly razor-thin, it’s important to stay on top of your costs and expenses with no room for error. That can be difficult with fluctuating gas prices, maintenance downtimes, and idle times for each equipment – with a fleet of 100 or more, forget about pinpoint accuracy. All managers have to rely on are previous trends and hopes that the outlying factors will remain the same.

asset management tools construction site

Construction asset management tools eliminate the need for guesswork. You will know exactly how many hours a machine was active, how much fuel it consumed, how much of that was reducible idle time, and whether it needs any preventative maintenance downtime. You can even optimize your worker’s schedules to prevent over-bookings, while again saving yourself 30 minutes in labor costs per worker, per day. Arming yourself with the exact costs and schedules can help you make much better project management decisions.

3) Poor communication

No communication and miscommunication can be a huge barrier to project completion. Even if one message goes unheard or unreported, it can derail your entire timeline. But with multiple projects, each with their own timelines and requirements, it can be difficult to monitor all the noise to determine which messages require immediate actions.

The key to making sure your important messages get heard, it’s important to set alarms for when a piece of equipment is in need of repair. But in large fleets, that can easily get looked over. Construction equipment tracking allows you to keep tabs on all your items at all times.

Telematics can be a great tool in helping you get the most of this rebounding economy.

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BSM Technologies – A leading player in the M2M industry for 20 years, BSM continues to grow and has proven its sustainability in the GPS asset tracking and telematics industry. Our location-smart platform is ideal for managing the health and compliance of assets vital to your organization. Covering a wide range of industries from construction and rail to tanks and even HOS, BSM is your committed partner in assisting with all your fleet management solutions.

Today, our solutions are used to optimize and manage over 70,000 assets across 40 countries by some of the largest rail, construction, and commercial fleet organizations in the world. Experience our enterprise-focused solutions, robust capabilities, and customer-oriented culture.

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