The benefits of asset management for construction

One of the biggest challenges in the construction industry is the cost of the fuel (usually diesel) that is used to run the machinery. In addition, achieving high asset utilisation represents a major challenge, all whilst trying to mitigate the theft of machinery and improve the safety of the team on-site, and the equipment they are operating.

According to a recent study, engine idling is a significant operating cost, revealing that: “on average, equipment on construction sites are idle around 25% of the time. Trucks are idle up to 50% of the time. In addition to unnecessary fuel consumption, this increases maintenance needs.” (1). So addressing this challenge should be a priority for any business. 

Furthermore, machinery thefts are common and costly in Europe, and more businesses are choosing to implement GPS asset management solutions to help mitigate thefts and address other key challenges to help their fleet and equipment stay efficient and profitable.

Our latest Fleet Technology Trends Report revealed some key insights from businesses that use GPS fleet asset tracking for their daily operations. This report is based on a survey conducted by Verizon Connect in collaboration with ABI Research. Over 1,538 fleet managers, executives and other mobile-business professionals in Europe in 8 countries - The UK, Ireland, France, Germany, Austria, Italy, Spain and Portugal - ranked the benefits and results they achieved after implementing fleet management technologies like GPS asset tracking. 

Top 3 asset management trends in the construction industry 

Construction industry leaders shared 3 great insights that show the impact that GPS asset management solutions have on their businesses:

• 74% of survey respondents across all industries consider asset management solutions “extremely” or “very beneficial” to their businesses.

• 71% of respondents in the construction industry rated asset management solutions “extremely” or “very beneficial” to their businesses. 

• 92% of those surveyed in the construction sector who have an asset management solution achieved a positive ROI in one year or less.

Download your Fleet Technology Trends Report Europe and learn more about the benefits of GPS asset tracking and fleet management technologies across European countries.

One of the first improvements that asset managers noticed after implementing GPS asset tracking is in areas considered crucial for sustainability, efficiency and cost reduction in their daily operations. 

Let’s dive into the top 5 goals achieved in the construction industry since implementing an asset management solution:  

• 72% improved equipment/trailer utilisation.

• 62% improved equipment/trailer security.

• 60% improved efficiency/productivity for drivers/workers.

• 54% improved fleet efficiency. 

• 41% reduced insurance costs.

Download your Fleet Technology Trends Report Europe and learn more about the goals achieved by fleet-reliant businesses using GPS asset tracking and fleet management technologies across all European countries.

Embracing the benefits of tracking for asset management 

• Locate your assets easily and quickly: Use GPS asset tracking to easily find equipment and help you get to the job site when you need it. Quickly view location data, history, usage details and asset tracker battery life on a live map.

• Boost your assets and equipment utilisation: See where assets are being used, reallocate unproductive equipment and monitor engine hours. Our GPS asset management solutions can help you avoid renting equipment unnecessarily as well as bid on jobs effectively.

• Protect your assets with proactive maintenance and service: Track engine hours based on usage metrics. Create reminders for scheduled maintenance and part replacement. Log service for historical data and work to promote efficiency. 

• Protect against unauthorised use: Contribute to the security of your equipment by programming geofence alerts that create a virtual perimeter around your assets. You can: 

• Set geographic boundaries with geofences
• Establish allowable operating hours for each job
• Get instant alerts for any unauthorised movement day or night
• Track utilisation with customisable dashboards.

If an asset moves, you’ll know about it. When theft occurs, near real-time movement alerts can help you recover your valuable assets quickly.

Proper asset management can help you and your business

Asset tracking technology is key in helping to deliver results, and can help boost competitiveness and build resilience across industries. In the construction industry, it can make a huge difference for asset and equipment utilisation, productivity, efficiency and reducing operation costs. 

To learn more about how your peers view and value asset tracking technology, download the full 2024 Fleet Technology Trends Report Europe. 

Sources: 

1. https://www.energy.gov.au/business/industry-sector-guides/construction