The National Equipment Registers (NER) estimates that $300 million to 1 billion dollars worth of construction equipment is stolen every year. Less than 25% of the stolen equipment is found or returned. This problem concerns many construction companies around the world. Low risk and high reward make heavy equipment a target for thieves.
Fortunately, there is a solution. New, inexpensive technology is available to help prevent this issue: asset tracking and monitoring systems. These systems provide real-time data such as the location, usage, and condition of their equipment.
There are various reasons why each piece of heavy equipment should have an asset tracking tag. Asset trackers can save companies large amounts of money while increasing productivity. Tracking heavy equipment prevents theft and improves workplace safety, efficiency, and equipment management.
As mentioned earlier, theft is a major reason that asset tracking systems are vital for heavy equipment users and owners. Usually, this equipment is not transported daily or locked away somewhere like small equipment. Construction equipment is often left at job sites overnight until the construction project is completed. This lack of oversight makes heavy equipment a target for theft. Asset trackers can prevent this with their real-time location systems. These systems will update site managers if the equipment is moved.
Accidents happen on job sites, but most accidents are preventable. EHS Today reports that 99% of accidents are preventable. That means that most accidents occur as a result of human error. Asset tags can help reduce the number of accidents at a job site by tracking people, vehicles, and other equipment. By establishing safety zones within an asset tracking and monitoring User Interface (UI), end users can receive notification alerts when a piece of machinery leaves a designated area, thus notifying of a potential hazard.
The never-ending goal of businesses is to improve workplace efficiency. Improved efficiency provides more products and better services. These two benefits result in more money and growth for the business. Asset trackers can monitor the usage and productivity of heavy equipment. The ability to oversee the productivity and usage of equipment can help employers improve overall efficiency, whilst boosting productivity.
A major business expense of companies is equipment management. Whenever equipment breaks, production comes to a halt, and money is lost. Most equipment would not experience issues if they had a regular maintenance routine. The problem is that it is hard to know how often some equipment is being used. Asset trackers give the ability to know when and how much specific equipment is being used. It also notifies employers on the condition of the equipment which can prevent damage and malfunctions.
When equipment tracking is mentioned, specifically heavy equipment, location tracking is a base function. However, managers want to know much more about a machine than just its location. Through asset tracking solutions, end users are empowered to enable systems to meet use case specific needs.
Multiple asset tracking systems are on the market today, and you are probably wondering which asset tracker is best for heavy equipment? When researching different systems, there are a few requirements it should meet in order to make sure it fully provides everything you need, including:
Link Labs has developed an asset tracking system, AirFinder, that meets all of the requirements above, and then some. Can your company benefit from an asset tracker? If you’re interested in learning more about how the Link Labs AirFinder solution can help, book a demo today.