Equipment, small or large, is one of the most important assets of a construction company but is often overlooked. Too often, contractors exclusively focus on projects and labor, whereas good construction equipment management is also an important key to the success of the construction business.
In this article, we outline a few effective ways that can be implemented into your construction equipment management process for better visibility and profitability.
1. Manage Equipment Requests & Delivery Centrally
When you have many work sites and each of them requires different equipment and tools every day, it is important for you to have a centralized system that can handle requests for the distribution and allocation of equipment. An inventory management system can handle these tasks.
Inventory management system is one of the most important software systems for construction companies. It helps construction managers to monitor equipment availability, handle equipment requests, and allocate them to each work site.
HashMicro’s Inventory Management Software is available on mobile devices, making it easier for construction managers to track equipments. With the integrated software, they can easily find out how long it takes to send equipment to every work location.
Read the related article: 5 Important Software Systems for Construction Companies
2. Determine the Cost of Equipment Use
You need to realize that every work location has its own challenges and unique needs. This should be taken into consideration when you’re manage bills and equipment requests as well.
For example, you might want to set a different rate for each job site and project. You may have a standard rate for an excavator, but due to remote work locations or project densities in certain areas, rates may be higher. They must be controlled based on various variables, including hours, days, weeks, months, excess hours, or duration.
3. Get Your Construction Equipment Inspected Regularly
It’s inevitable that your equipment return damaged sometimes. And, of course, you shouldn’t let this continue.
Therefore, your pickup and return process must include an inspection to assess the physical repair of assets before loading onto the truck. If you require each work location to sign off on the condition of the equipment at the time of delivery, then there should be no argument as to who had ownership when the damage took place.
You can charge your work sites for loss of revenue during the equipment’s down time just like some other construction companies do, but this depends on the policies and procedures of your company.
In order to make the inspection process for your construction equipment easier, consider using an automated asset management solution. HashMicro’s Asset & Fleet Management System makes it easy for you to record various problems related to your equipment and determine whether or not the equipment requires maintenance.
4. Schedule Periodic Construction Equipment Maintenance
Throughout the life of your equipment, routine maintenance and checks are critical. Maintenance scheduling is very important for for the longevity of your equipment.
With the right asset management system, you can schedule maintenance of your equipment on a regular basis, depending on the type of equipment. The system provides notifications when approaching maintenance time, ensuring that your equipment and tools are maintained well.
5. Calculate Your Equipment ROI
Know which tools are most often used and profitable for your company and which ones are rarely used and less profitable. This way, you can control the procurement of tools and materials for each of your projects more wisely.
With HashMicro’s Asset & Fleet Management System, you can analyze the value of your construction equipment through real-time analytics reports. You can easily compare the costs incurred to maintain equipment with the revenue you generate from the use of the equipment.