Over the past recent years, the construction industry has significantly changed. Legacy systems were replaced with a new tailored solution, file cabinets have been replaced with cloud storage, and email has replaced fax machines.
But as the adage goes, “As the more things change, the more they stay same.” In order to succeed the market, construction companies must still be able to monitor assets efficiently, not only to mitigate financial risks due to loss and theft, but also to achieve proactive maintenance and ensure compliance with crucial insurance regulations and legal requirements.
While managing the assets of your construction business can be quite challenges, there are some strategies that you can implement to make the process easier and simpler. Read on as we detail in this infographic the five ways you can streamline the asset management of your construction company.
Regularly Track Your Assets
Much of the success of an asset management program in any business relies on effective regular asset tracking. If you do not track the assets you have in your business, then you might be incurring costs for the taxes, insurance, and maintenance of the equipment you don’t really need, or that have already depreciated (or disposed of).
When you keep track of the assets you have in your business, you can ensure that you have enough resources to meet the requirements of your clients and that you are not paying for the maintenance and insurance of the assets you no longer have.
Assign a Key Person or Team to Be Responsible For Asset Management
Running a construction business will require you wear many hats – salesperson, financial analysts, operations manager, and more. However, you cannot just control every single aspect of your business that’s why you need to assign the management of your key assets to an employee or a team that you can trust and rely on.
If you have a small construction firm, you only need just one person to handle this task. However, if you are running a large-scale organization, you will likely need to delegate the task to a team of people who understand and have sufficient asset management knowledge and skills.
Conduct Periodic Asset Reviews
It is crucial that you periodically evaluate your assets in order to identify and resolve issues that could derail your operations or reduce your efficiency. One of the important aspects that you keep a close eye on when evaluating your assets is their lifespan.
After the manufacturer’s suggested equipment lifespan is identified, you need to compare it versus how your equipment performs on site. In order to do so, you need an asset management system that can capture the required data about the equipment – starting from the date they were first deployed up to the most recent projects they were used.
Sharing the detailed asset-related reports will provide you and other decision makers a regularly updated snapshot of your asset’s current condition. These quantitative asset reports can help you and other executives in your business to prepare for audits and create financial budgets more accurately.
Use an Industry-Specific Construction Management Software
The best way for any fast-growing small, medium, and large construction firms to manage its assets more efficiently is to utilize an industry-specific construction management software equipped with a specialised asset management feature.
Using Bizprac, you will not only be able to track your assets, like excavators and trucks, but also schedule them to future projects. Moreover, this software also allows for proactive maintenance, since it automatically lets you know when each asset needs servicing. That means there’s less chance of costly breakdowns, and you can fully take advantage of the free maintenance service supplied by the vendor.
In today’s rapidly advancing business industry, there’s no reason for construction company owners to stick on an obsolete pencil, paper, and spreadsheets to manage their assets. With Bizprac, your construction company can track and control its assets more closely. As a result, you can ensure your high-value assets are maximised and are always maintained on-time.