Asset managers are assigned the responsibility of governing assets from acquisition to disposal. However, asset managers aren’t the sole members that call all the shots. There are various teams with unique roles to supervise assets – from asset acquisition to disposal. For example, maintenance teams and accounting teams. All of them can benefit from one effective solution – the construction asset tracking software.

Collectively, all the teams in the asset management division of a construction company share a list of common goals. The objectives are as follows:

• Maintenance of accurate asset records
• Ensure efficient asset utilization
• Operate cost-effectively
• Ensure asset maintenance
• Timely disposal of obsolete assets
• Ensure asset safety

Construction asset management software helps everyone in your construction company achieve those objectives efficiently. In this article, we take a look at what construction asset tracking software is and the positive impacts it can have on your organization. Let’s get started.

What is construction asset management software?

Construction equipment tracking software is a type of software designed to help manage and track the assets of a construction project. It allows asset managers to easily record, track, and manage all of the assets associated with a project, from the materials and equipment to the personnel. The software can also track project progress, identify potential problems, and ensure that the project is completed on time and within budget. 

Construction asset management software can also help to improve safety and compliance with local regulations, as it can help to ensure following safety protocols. By providing an easy way to manage and track all aspects of a project, construction asset management software is a must-have for any company that provides construction services.

How construction asset is advantageous to everyone in your team

Let’s take a closer look at the various members of your asset management team that can benefit from using an asset tracking solution.

Finance & accounting

Keeping tabs on asset expenses relating to purchase, maintenance, and utilization is crucial. The finance & accounting team also ensures the cost of assets is within budget. Construction asset management software can help with accounting in a variety of ways. 

It can automate tedious tasks such as data entry and provide real-time insights into the financial health of your organization, allowing for faster decision-making and more accurate budgeting. Asset management software can also provide forecasting and analytics capabilities, which can help with planning and predicting future costs.

Audit

The audit team operates to validate assets in the inventory against the assets in the database. It helps comply with the asset regulation norms and also evaluates the financial standing of your company. Asset management software can integrate with tracking technologies such as RFID and NFC tags. They provide the audit team with accurate asset details like location and stock in real time. Furthermore, comprehensive asset reports and analytics indicate the compliance status of each asset in your company.

Maintenance

Maintenance is a crucial task of asset management, which aims to keep assets in working condition at all times. Asset management software can help with the management of maintenance activities by providing visibility into the maintenance schedules, tracking the progress of maintenance tasks, and providing automated reports to monitor the performance of the maintenance team. 

The maintenance team can use the software to create and modify proactive maintenance schedules and service checklists.

Operations

When a new construction project arrives, the operations team is responsible for acquiring and providing the requisite assets for completion. Asset management software helps gather assets for a project by providing an easy way to track and manage all the assets associated with a project. 

With just a few clicks of a button, your operations team can transfer and allocate assets to departments, teams, and individuals that need them. Furthermore, the software enables the operations team to control asset requests through a comprehensive approval system.

Summing up

Easing the responsibilities of your asset management team with a construction asset management solution boosts productivity, caps expenses, improves asset longevity, and increases returns. Are you looking to purchase a world-class construction asset-tracking application? Get SmartAMS. It is feature-rich, cloud-based, and user-friendly. Reach out to us to learn more.