If you use the best tools and equipment available, you’re likely to be interested in knowing where those jobs are, what they’re missing, and how they’re maximizing the use and return on investment from those assets.
That’s where property control comes in: trail, assign, transfer, and keep your assets effectively to getting projects done and get the highest utilization and ROI. Sounds easy, straight? The issue is that companies frequently have trouble understanding which measures to record once they begin using their tools and equipment. Well do n’t worry, we’re here to help!
We’ve worked with thousands of design companies over the years to compile a list of the most important asset management measures you should be tracking and how to launch calculating them right away.
Top 7 Indicators for the Tracking of Construction Tools and Equipment
The property metrics that contractors may monitor based on your business objectives. What are the most popular measures being used by development companies now to get things started:
1. Availability Price
Availability rates indicate how frequently you use your resources, and whether specific resources are just sitting idle in a jobsite or collecting dust in a warehouse. Your team is: When you know your availability level;
- Avoid over- and under-stocking stock
- Find resources that are under-utilized
- Reduce inactive time for equipment and tools on job sites
How to determine application and equipment utilization?
To determine asset usage, you should look at:
- Time used: the amount of time an advantage was constantly in use on the jobsite
- Full time that was accessible on the job site: the amount of time that an advantage was available.
2. Interruption Percentage
How long does it take for an advantage to be offline according to maintenance and repairs? You could end up paying more for a machine than you can get from them if they are accessible for very long. Understanding interruption for your high-value resources helps companies:
- Identify procedure problems
- Better program for application and tools utilization
How to determine application and equipment downtime?
To calculate quiet, you should look at:
- Time that has n’t been used: how long an asset has n’t been used actively.
- Full time that was spent on the job site: how long an resource was there.
3. Lost Rate
It’s common to find that tools and equipment “walked off the jobsite” at the end of a job. However, this rule has hidden fees linked to decreased efficiency, increased labor costs, and delayed job supply. The decline rate helps you determine how frequently resources are lost, misplaced, or stolen. With this knowledge, you may:
- Decide whether assets may be tracked more quickly using BLE trackers or GPS.
- Understand the costs associated with alternatives
- By keeping stock on hand to reduce project delays
How are resource and gear loss rates calculated?
To estimate the loss level, you should look at:
- Missing things: the number of goods lost, misplaced, or stolen
- Planned maintenance time: the amount of time the property should have been used before according to repair.
4. Beneficial Life
Over time, tools and equipment lose price. How long an asset’s useful existence will be in use for a reason. This is different from an asset’s real life. Utilizeful lifestyle measures how long it takes for an asset to be replaced economically rather than repaired. Understanding valuable life helps companies:
- Decide whether to make significant upgrades to an outdated piece of equipment.
- Plan for future assets
- Better maintenance schedules
- Better financial forecasting
How do you determine how long a piece of equipment or equipment will last?
To determine important living, you should look at:
- Asset value: the amount of money used to buy an property
- Restore price: the value of an asset at the end of its existence. For instance: this could be the price of selling or scrapping an advantage.
- Monthly loss: the quarterly loss in resource value
5. Return on Investment ( ROI )
The best way to decide the ROI of assets is to work value them and examine the billable hours to the sum you pay each month, including mortgage payments, maintenance, and repairs, safe-keeping if applicable, and any other costs immediately associated with that asset. This info will let you know whether the property you possess are earning money from them or if they are costing you more than they are bringing in. This may provide you with information on the billing prices for these assets and/or upcoming buying and renting decisions.
How do I determine the ROI of tools and equipment?
To determine maintenance fees, you should look at:
- Net profit: the total amount of money made from tools and equipment ( monthly or annually )
- Full investment: the total amount of money paid to purchase and maintain the property ( monthly or annually )
6. Inventory Turnover Rate
Tools and equipment are n’t a one-time order. Over time, goods get worn over or misplaced. How frequently are your possessions replaced or cycled out of use is determined by the supply attrition rate. This knowledge helps companies:
- Suggest problems with security or application longevity.
- Notice if inventory is overpriced or underutilized
How do you figure out the turnover rate for your products?
You should look at:
- Full tools: the overall number of tools in your products
- Tools replaced: the overall number of tools replaced
7. Tool and Equipment Location Accuracy
Every day, resources move between different work sites and warehouses. And it’s your player’s responsibility to ensure that those resources are present at the right time, so that your team is complete the task. With area accuracy, you can find out how frequently your tools are placed exactly where at the correct jobsite. This data enables you to:
- Reduce the amount of day that is spent searching for equipment
- Limit lost
- Improve operating efficiency
How to determine place accuracy
To determine device and technology location precision, you should look at:
- Full devices located effectively: the total number of tools in your products at the right place
- Total tools: the total number of tools in your inventory
How to Track Tool and Equipment Management Performance
As you probably already know, it is not very practical to manually calculate these metrics and track this information. You really need an asset management system that stores and synthesizes this information for you. For example, here are some of the reports that come pre-configured with Align:
| Asset Management Reports for Align | |
| Tool Reports |
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| Transfer Reports |
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| List Reports |
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| Barcode Label and Badges Report |
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| Purchasing Report |
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| Service Report |
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| Billing Report |
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| Fuel Report |
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| Count Report | |
The platform you choose should also allow you to schedule reports so you can frequently follow up on your asset performance without having to do the math yourself and set reminders.
Start Using Align to Monitor Your Tools and Equipment
Although you do need a digital system, managing your assets does n’t have to be complicated. Platforms like Align give contractors visibility and control over asset operations if you want to centralize your asset management, eliminating the need to manually calculate asset metrics.
Book a demo today with our team to find out how Align simplifies asset management for contractors.
