construction asset tracking

Construction asset tracking is a system or process that enables the monitoring and management of construction equipment, tools, vehicles, and materials throughout a construction project. It involves using technology such as GPS (Global Positioning System), RFID (Radio-Frequency Identification), or barcode scanning to track each asset’s location, status, and usage. 

By implementing construction asset tracking, construction companies and project managers can gain real-time visibility into their assets, which helps improve operational efficiency, reduce costs, prevent theft or loss, and enhance overall project productivity. 

Tracking the Evolution of Construction Asset Tracking 

Construction asset tracking has witnessed significant growth and adoption over the years, improving operational efficiency and transforming the way construction projects are managed. Here are some key ways in which the usage of construction asset tracking has evolved: 

Enhanced Equipment Visibility 

In the past, construction companies relied on manual methods like paper-based logs or spreadsheets to track their assets. These methods were prone to errors and lacked real-time visibility.  

With the advent of technology, construction asset tracking has become more streamlined and automated. GPS tracking, RFID tags, and barcode scanning have provided accurate and instant asset visibility, allowing project managers to locate equipment in real time and optimise their utilisation. 

Remote Monitoring and Control 

With the advancement of cloud-based platforms and mobile applications, construction asset tracking has become more accessible and flexible.  

Project managers and stakeholders can remotely monitor and control assets from anywhere, using their smartphones or laptops. This capability has greatly improved project coordination and decision-making, as managers can quickly respond to issues, assign assets to specific tasks, and optimise workflows without being physically present on-site. 

Integration with IoT and Telematics 

The Internet of Things (IoT) has revolutionised construction asset tracking by enabling seamless connectivity between assets, sensors, and control systems.  

IoT devices embedded in construction equipment can collect and transmit data on asset performance, fuel consumption, maintenance requirements, and more.  

Telematics systems utilise this data to provide valuable insights and predictive analytics, helping construction companies optimise their asset management strategies, reduce costs, and improve operational efficiency. 

Preventive Maintenance and Asset Health Monitoring 

One of the key benefits of construction asset tracking is its ability to facilitate preventive maintenance.  

By tracking asset usage hours, monitoring performance data, and setting up automated alerts, construction companies can proactively schedule maintenance activities, reducing the risk of unexpected breakdowns and costly repairs.  

Asset health monitoring capabilities have also improved, allowing for the early detection of issues and the implementation of corrective actions before they escalate. 

Integration with Enterprise Resource Planning (ERP) Systems 

Construction asset tracking has evolved to integrate seamlessly with ERP systems, enabling end-to-end visibility and streamlined workflows.  

Asset tracking data can be directly linked to inventory management, project scheduling, and procurement systems, providing a holistic view of asset utilisation, costs, and availability. This integration improves overall project planning, resource allocation, and financial management. 

5 Construction Asset Tracking Tools to Explore for Your Business 

A Merit expert says, “When choosing a construction asset tracking tool for your business, consider your specific requirements, scalability, ease of use, integration capabilities, tracking technologies, and reporting features.” 

For example, ensure the tool aligns with your asset management processes, can accommodate your asset types and locations, and offers customisation options. Look for a user-friendly interface and mobile accessibility.  

Check if it integrates with other systems you use, such as ERP or project management software. Lastly, evaluate its tracking technologies for accuracy and real-time updates, and assess its reporting and analytics capabilities for actionable insights. 

With that said, let’s look at five tools you can explore for your construction business; 

  1. Procore  

A popular construction project management platform that also offers asset tracking capabilities. It enables users to track equipment, tools, and materials on the job site, providing real-time visibility and reducing the risk of loss or theft. Procore integrates with other Procore modules, allowing for a centralised system for project management and asset tracking. 

  1. Asset Panda  

A flexible asset tracking and management software that can be customised to suit the needs of construction projects. It offers a user-friendly interface, barcode scanning capabilities, and real-time tracking of assets. Asset Panda allows users to create customised fields, generate reports, and track maintenance schedules, helping construction teams streamline asset management processes. 

  1. Verizon Connect  

An asset tracking software provides construction businesses with real-time visibility and control over their assets. With features such as GPS tracking, maintenance scheduling, and reporting, it helps optimise asset utilisation, minimise downtime, and enhance operational efficiency for construction projects. 

  1. ManageEngine AssetExplorer  

A versatile asset tracking software with robust tracking and management features, including barcode or RFID asset tracking, maintenance scheduling, and comprehensive reporting, AssetExplorer helps construction businesses streamline their asset management processes, improve utilisation, and ensure efficient operations across their projects. 

  1. InvGate Assets  

This software comes with a user-friendly interface and comprehensive features, including asset tracking, maintenance management, custom reporting, and integration capabilities. It enables construction companies to efficiently track and manage their assets throughout the project lifecycle. It helps optimise asset utilisation, minimise downtime, and improve overall operational efficiency in the construction industry. 

Merit’s Expertise in Data Harvesting & Data Analysis in Construction 

Our state-of-the-art data harvesting engine collects high-volume, industry-specific data at 4 times the speed, with 30% more accuracy than normal scrapers, at a lower cost and with the quality control from seasoned data experts.  

Our solutions help some of the world’s largest construction intelligence brands seamlessly deliver data and insights to their end customers, including:  

  • Delivering curated content from thousands of online documents or PDFs  
  • Aggregating millions of specialised, industry-specific data points  

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