Construction companies around the world are implementing asset tracking to record the movement of tools and equipment from one site to another. When properly implemented, asset tracking can dramatically reduce costs, improve productivity, and enable optimization.
This is important because construction companies face operational and managerial challenges on a daily basis. According to KPMG, around 50% of construction professionals report at least one or more underperforming projects each year. The solution lies in your asset management system. Use the actionable data available in the system to run a relevant asset tracking report. You will instantly get valuable information for important business decisions.
How can an effective asset tracking reporting policy benefit your construction business?
A cloud-based tracking system offers a variety of features to record the use of equipment and materials. It also allows construction engineers to generate custom performance reports. This is important for the success of the business because regular reporting allows companies to set goals and develop strategies to achieve them in a timely manner.
This is especially crucial for construction companies, as delayed projects lead to increased overhead costs. Here's how a relevant asset tracking report can help:
- Real-time information on equipment life cycle and costs
- Ability to regulate inventory cycles
- Implement enhanced asset security and accountability
- Run scheduled preventive maintenance events
- Set long-term operational efficiency goals
3 Tracking reports of assets important to your construction business
The main goal of construction companies is to deliver projects and services under tight deadlines without sacrificing quality. However, the scope of construction projects is so great that even a tiny disruption can lead to delays of several days. To overcome these obstacles, construction professionals break down their operational efficiency goals into smaller, easier-to-accomplish tasks.
Once you clearly understand your goals, you can generate project reports to analyze progress. Let's see how a specific asset tracking report can benefit your next construction project:
1. Equipment life cycle and depreciation report
Several types of tools and assets are recorded and retrieved on a construction site. These include smaller items that have a higher risk of wasted space and large machines that must be handled with care. Due to the large volume involved, it is difficult to monitor asset movements individually. A simpler solution is to run asset tracking reports using cloud-based software.
Suppose you want to check the condition of equipment at a schoolyard in Boston. You must run an asset usage and depreciation report. By running this report you will be able to access the current useful value of all assets on the job site.
Pro tip: schedule these reports before and after every project. This will help managers remove old equipment at salvage value. These reports also show overdue assets that can be found in the event of theft or lost items.
Running asset tracking reports for depreciation is also useful when dealing with leased equipment. This is quite common in the construction industry as many companies end up renting or renting machinery due to budget constraints. Regular reports allow you to plan streamlined projects and work with reliable equipment.
2. Inventory purchases and supplier report
Construction inventory includes building materials such as cement, metal, sand, bricks, and glass. All of these items are categorized as consumables and are purchased based on business / project demand. In order to set up a robust inventory management system, it is important to monitor consumption and replenishment. One way to do this is to run an asset tracking report for your construction project.
Depending on your needs, you can analyze purchase orders, inventory, and supplier information. Let's say you want to make sure the correct quantities are ordered for cement, clay, and bricks. You can do this by extracting the inventory records with the associated purchase order data.
These reports are complete and include details such as name of the requester, place of delivery and order quantities. Using this information, you can then filter inventory allocations based on project demand. This ensures the availability of stocks and reduces the risk of breakdowns.
A well-managed inventory and stock of assets means a greater chance of profitability and an increase in turnover. This is possible because a quick scan allows you to control costs and avoid unnecessary delays.
3. Work order report
Labor productivity is essential to the success of construction projects. The proposal for an estimated cost of the project depends on the number of working hours invested. If employees allocate work hours efficiently, there is a greater chance of realizing profits for the company. In order to improve work productivity and eliminate redundancies, it is essential to keep track of work orders. This can be done by running an asset tracking report through asset management software.
Work Order Reports are a comprehensive compilation of different types of related projects, work logs and inventory modules. A hospital construction project work order report shows the number of hours allocated by employees. Apart from this, the report can also be customized to include the status of the project such as In Progress, Planned, or Completed.
As an added benefit, managers can also find out which inventory items are used for a certain work order. All this information is very useful in calculating the success rate of the project; a critical key performance indicator for the construction sector.
A thorough analysis of work order reports reveals whether workers need additional training to use certain equipment or more efficient tools to do the job.
Improve operational efficiency by running real-time monitoring reports
Construction companies have extensive Key Performance Indicators (KPIs) that need to be addressed on a daily basis. An ideal solution to achieve this is to invest in equipment tracking software. Cloud-based, the software keeps a record of all tools and assets saved and checked out for various projects.
In order to measure progress against KPIs, it is important to analyze projects. This is where asset tracking reports come in. Say, for example, you need a cost predictability analysis for a small grocery store project. You can just look at previous reports for similar projects and give a cost estimate. You can even negotiate prices with vendors to fit a smaller budget to maximize profits.
Asset tracking reports allow construction companies to forecast demand and adjust based on customer needs. In addition, companies can also gain internal efficiency by improving labor productivity and optimizing the use of equipment.
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