For companies in sectors like construction, as well as in field-oriented industries like telecom and utilities, the scope and complexity of in-house and field operations mean they’re often just squeaking by: for example, construction general contractors average a mere 4% profit margin (versus an average of 15.5% across all industries). In addition, keeping costs contained is critical for highly regulated telecoms and utilities that are subject to much scrutiny regarding profits, and, in the case of utilities, usually require government approval to raise rates.
While it makes intuitive sense to grow bottom lines by reaching out to potential new clients, a driving reason for lagging margins is much closer to home: consistent losses incurred by the inability to properly manage or optimize assets, resulting in theft, equipment malfunction, and excessive downtime – all of which cause major delays and budget overruns.
Thankfully, the solution is already in your hands: if you’re already collecting data for field inspections and field operations, then it can also be used to keep track of expensive equipment.
With today’s technology, there’s no reason to let losses caused by asset mismanagement cut into your already razor-thin margins. Field inspection software excels at location-based GIS asset management and can easily track your equipment in real-time, streamline the maintenance process, and cut down on the time your crew is waiting for equipment or tools to be delivered to a job site.
To understand how field inspection management software leverages location-based data for GIS asset management, we’ll first need to consider the scope of the problem.
The scope of loss
The National Equipment Registrar estimates that construction job site theft amounts to at least $1 billion every year, with less than 25% recovered – and that’s from their last full-scale study from 2016. Since then, we’ve seen a dramatic price increase fueled by lagging supply chains and consistent over-demand.
Overall loss should also be defined by time. A 50-person construction company wastes an average of 18,000 hours per year looking for equipment and tools, which adds up fast when the average hourly wage of construction employees in the U.S is $34.67.
You also need to consider the 20-30% average equipment downtime rates. Whether it hasn’t received scheduled maintenance or is sitting unused at another project site, when the right equipment isn’t ready on-site, you’re first paying your workers to sit around and then paying overtime to make up for lost productivity.
It is unsurprising, then, that 90% of global infrastructure projects are either delayed or over-budget and that the estimated labor costs of non-optimal activities to the construction industry in 2018 were $177 billion.
The scope of the solution
Field inspection management software naturally integrates geolocation intelligence during field operations. It avoids the need for a separate process. This innovative mobile technology optimizes GIS asset management, leveraging location-based data for minimal loss and maximum profit.
Asset management is like 3d chess with a thousand pieces. Equipment, workers, projects, sites, and tasks must align correctly in the right place and time for efficient operations.
Digital field operation tools auto-geotag every record, showing real-time equipment location as it’s checked across sites. Full asset visibility prevents loss, streamlines movement, and optimizes productivity.
Leading field inspection software like Fulcrum lets anyone scan barcodes to immediately report any equipment problems.
Workers can use their mobile devices to upload photos, videos, or audio recordings to share with supervisors. Features like barcodes and multimedia engage the workforce in issue reporting. This accelerates inspections, helping remote equipment managers detect problems and prioritize maintenance, reducing downtime and preventing losses.
Automation and analytics
Cloud-connected platforms with digital SOPs have all your teams working from the same data, synced and connected in real time. This forms the backbone of intelligent automation, ensuring that everyone essential remains in the loop.
Automated workflows help streamline asset management by initiating next actions based on inspection data. For example, if a worker notices an asset malfunctioning, his input will trigger your service department to schedule maintenance. There’s no need for phone calls, delays, or downtime.
With all your inspection and maintenance data in one place, you get higher-level insights to understand and predict longer-term equipment life cycles, making better data-driven decisions about the timing of new asset purchases.
Keeping track to stay on track
Companies grapple with challenging external factors, but asset tracking shouldn’t be one of them. Location-aware field inspection software simplifies GIS asset management.
You’re already collecting data for field inspections and field ops. Why not use that same data to keep track of your assets? Fulcrum delivers real-time data to maximize construction equipment usage while preventing losses incurred from theft and downtime.
Start your free trial today!