The construction industry has been lagging behind other industries when it comes to technology. However, this is all starting to change as construction companies are now beginning to adopt new technologies such as AI security and the Internet of Things (IoT) for asset tracking. The IoT is a system that uses small, low-cost devices to track the location and status of important assets. This technology can provide real time visibility of your assets and their status.
Here are the 6 top benefits of asset tracking in the construction industry:
- Reduce loss and theft of construction materials and equipments
According to a study by Navigant Research, 5% of all material stolen from construction sites is due to employee theft, 10% is due to equipment rental fraud, 25% is lost via supplier fraud or poor management, 30% is due to crimes such as vandalism or robbery, and 30% is lost via waste or mismanagement. Construction companies can use asset tracking to reduce these losses by knowing exactly where their materials and equipment are at all times. - Improve safety and security on construction sites
Construction sites are often dangerous places where accidents can happen at any time. By using asset tracking, companies can know the location of their workers at all times and can quickly respond in case of an accident. In addition, since many accidents are caused by missing or damaged equipment, asset tracking can help reduce the number of accidents by making sure that all of these are accounted for. - Enhance communication and coordination between workers
One of the biggest challenges in managing a construction project is coordinating between different teams of workers who are often working in different parts of the site or at different sites altogether. With asset tracking, project managers can monitor the location of each team at all times and this makes it easier to coordinate between them. - Increase efficiency and productivity of construction projects
By tracking assets, companies can ensure that they are always aware of the location of their equipment and materials, which can help to avoid delays caused by lost or stolen items. In addition, asset tracking can also help to reduce costs by preventing the need to purchase replacement items. In many cases, it also provides valuable data that can be used to improve the overall efficiency of construction projects. - Provide real-time data for better decision making
One of the advantages of using asset tracking is that it provides managers with real-time data of the work progress of each team. This information can be used to make better decisions about the allocation of resources, workers and the scheduling of tasks. - Improve customer satisfaction
Another benefit of using asset tracking in construction is that it can help improve customer satisfaction by providing them with real-time updates about the progress of their projects. This way, they know exactly when their project will be completed and they will not have to worry about delays. In addition, if there are any changes with the schedule, they are immediately informed so that they can plan accordingly. Now you know the top six benefits of adding AI security and asset tracking to your construction company. Keep in mind that there are many more useful advantages. From reducing losses to increasing efficiency and productivity, this technology offers a wide range of benefits that can make any construction project run more smoothly and on time. If you’re thinking about implementing asset tracking on your next project, keep these top 6 benefits in mind to make sure that you get the most out of this technology.
