Construction equipment tracking via global positioning satellite (GPS) technology has made a significant impact in the construction industry. In addition to enabling fleet and asset managers to use vehicle and heavy equipment tracking to monitor the locations and physical conditions of their expensive assets, GPS construction equipment tracking also helps them optimize their operations by streamlining processes by providing access to actionable data.
All of these advantages, along with others, can positively affect your business financially. Here are a few of the ways that GPS construction equipment tracking can improve your bottom line.
Financial Benefits of GPS Construction Equipment Tracking
Using a heavy equipment tracking device for each asset helps you stay in-the-know about the locations and conditions of your assets and enhance your asset management capabilities. More than that, it helps you to reduce fleet costs, saving money, time, and labor, as well as contributing to increasing profits.
1. Increase Operational Efficiency, Productivity, and Safety with Asset Tracking
Efficient fleet operations help to increase overall productivity and improve safety. Some of the best ways to make operations more efficient with GPS for construction include:
- Streamlining processes,
- Strategically assigning heavy equipment and vehicle assets to optimize use,
- Increasing the safety of your equipment and employees.
Increase Fleet Productivity with GPS Construction Equipment Tracking
When your fleet is more efficient through vehicle and heavy equipment tracking, it helps to increase productivity by making the best use of your equipment and employee resources and keeping them safe. This drives down costs and can contribute to increasing profits.
Improve Driver Safety with GPS for Construction
GPS construction equipment tracking for vehicles can help you to increase the safety of your fleet, equipment, and employees in the field. Alert notifications and data reports can help you identify and curb aggressive driving or other unsafe driving behaviors and hold your employees accountable.
2. Decrease Overhead Costs by Optimizing Equipment and Fuel Use
Building on the previous point: Using heavy equipment tracking devices and asset tracking software to know where your equipment is at all times can help you to reduce costs by eliminating or reducing unauthorized vehicle and construction equipment use. It also benefits your asset management responsibilities by helping you keep a more accurate cost calculation by being able to rely on automated reports rather than relying on manually-reported data from employees. However, there is more to GPS for construction than just location alerts.
Reduce Repair Costs with Preventative Maintenance Scheduling
Construction equipment managers use GPS construction asset tracking software to monitor the conditions of their assets and stay on top of preventative maintenance. Preventative maintenance scheduling helps to reduce the costs of breakdowns and other expensive repairs by addressing maintenance issues ahead of time.
With GPS for construction and heavy equipment tracking, you can monitor a variety of information, including hours of operation, mileage, engine idle time, and rates of acceleration and deceleration.
Reduce Fuel Consumption Costs by Monitoring Equipment
Fuel is one of the biggest expenses for many fleet management and construction businesses. GPS construction vehicle tracking enables you to track where your construction vehicles are when they travel between job sites, helping you mitigate unauthorized use of your vehicles and hold your employees accountable.
Some employees may be tempted to use a company vehicle to run personal errands or make other unauthorized detours that increase your fuel costs. However, if they know you’re tracking the vehicles’ movements, they are less likely to make side trips.
3. Mitigate Risk of Theft with Construction Equipment Tracking
Unsurprisingly, construction equipment theft is a significant ongoing concern for construction equipment fleet managers and business owners. According to the 2016 Annual Theft Report from the National Equipment Register (NER) and the National Insurance Crime Bureau (NICB), construction equipment theft from companies and job sites is estimated to reach up to $1 billion annually. This estimate doesn’t include costs associated with additional losses from the theft, such as business interruptions, financial penalties from delayed projects, and wasted labor and workforce costs.
Geofencing is a tool that can be used for vehicle and heavy equipment tracking to notify you whenever an asset enters or leaves a specified area. This virtual boundary corresponds to a real-world geographic location and can help to minimize theft and aid law enforcement in the asset tracking recovery.
Rastrac is a trusted provider of GPS fleet tracking and asset management solutions for organizations worldwide. Our project consultants are here to answer your questions about asset management and GPS construction equipment tracking solutions.
To learn more about the potential return on investment (ROI) you could achieve with a GPS construction asset tracking system, download our complimentary resource by clicking on the link below.