7 reasons to manage large and small equipment with an asset management solution

Many construction & infrastructure companies monitor and schedule vehicles such as trucks, vans or cars with a Fleet Management solution, ranging from simple trackers to comprehensive total solutions. However, machines, trailers, tools or other equipment without their own power supply often fall outside of this. While tracking and managing these business assets is just so valuable. Managing large and/or small equipment is a daily, manual and time-consuming activity. And still too often there is insufficient insight into all the equipment. Every year, therefore, millions of euros are written off for loss and theft. Significant savings can be made on these costs, as well as on the administrative burden involved. Here are seven more reasons why you should consider an automated asset management system.

1) Increase productivity with data
Accurate information of all your assets is the key to efficient decision-making. The automatic localization and registration of large and small equipment alone prevents a considerable amount of administrative work. Having all assets, i.e. vehicles as well as equipment, clearly organized in one system makes planning and assigning them to different projects much easier. The time saved by not having to search for equipment is considerable. It also reduces misplacement and the risk of theft.

2) Simplify maintenance
The operational life cycle of an asset, such as a saw table or vibrating plate is easier to keep track of by tracking machine hours. Machine hours data and an accurate understanding of asset location makes maintenance management less time-intensive. Maintenance can also be scheduled automatically and thus more easily performed because the location of the asset is known. Predicting any disruptions becomes easier which prevents prolonged downtime.

3) Managing mandatory inspections
Insight into the location of electronic tools also saves an enormous amount of time regarding annual NEN inspections. Not only the locating of tools can be automated, also the planning of these inspections can be done per asset in an asset management system.

4) Link manuals to device
Adding documentation such as maintenance booklets or manuals with NFC to a device, and therefore easy to read via a cell phone, simplifies commissioning. It also reduces the risk of misuse and simplifies maintenance management.

5) Create your own safe zone with geofencing
Within the management platform, for example, geofencing allows you to specify an action radius within which the equipment in question is allowed to move. If the object moves outside this area, an alert is automatically generated on which faster action can be taken. Geofencing also makes scheduling tools and annual inspections easier. Knowing where an asset is located makes scheduling a simple task. Only the assets that are deployable can be scheduled easily.

6) Instant access to management information
Access to real-time data gives management a complete picture of the business and helps them develop informed strategies. Data from tracking solutions helps operational managers make informed decisions, identify bottlenecks in the network and even predict and prevent future blockages.

7) Save costs
Last, but not least... Overview of all assets means simplified administration, less searching, faster scheduling of projects, more efficient maintenance, less downtime, life extension, less replacement and less theft. The time, frustration and costs that can be saved are significant. Market researchers* indicate that billions of dollars are lost worldwide alone due to loss, theft or destruction of assets. Using simple asset tracking is already calculating a 30% reduction on tools and machinery. More advanced techniques with longer range and accurate location tracking are also saving significant costs in simplifying administration and increasing productivity.

Therefore, when choosing an asset management system, not only the cost of the tracking devices should be considered, but the focus should be on the total return that an advanced asset management system, combining vehicles and equipment, provides.

* Fleet Management in Europe, M2M Research Series 2020, Berg Insight