Outsider of warehouse, it may be difficult to track all important and costly equipment and materials, while construction workers are often on the move. To be able to form an effective and instant reaction to an y changes that may take place in the inventory, it is important to enable real-time tracking and reporting for field inventory in construction. Field inventory management also poses as a challenge in construction, so how important are the latest field inventory tracking systems for contractors.
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Between 300 Million and 1 Billion Equipment is Stolen Every Year
According to the latest research, an average contractor manages around 1,333 pieces of construction equipment. Out of this number, the research draws a line of value for that number of equipment pieces, listing 157 million dollars in construction assets. Furthermore, according to the report by the National Insurance Crime Bureau, between 300 million and 1 billion dollars is stolen in construction equipment every year, while at least 1,000 pieces of stolen equipment is reported every month in the US.
The Missing Equipment Causing Costly Delays
Deadlines and finishing the job in time and within the budget is extremely important for the industry of construction as delays usually mean more unpredicted costs for contractors. These costs may even cause small and medium construction companies to close, which is how using the latest field inventory tracking systems can pay off in many ways.
The Dangers of Paper-based Tracking in the Industry of Construction
Con tractors and construction companies that rely on paper-based tracking of expensive equipment are in great risk of losing, misplacing or having their equipment and important assets stolen. To prevent costly delays and similar scenarios, tech tracking systems can be used in an efficient and cost-effective way. Tech adoption of cloud-based and mobile field inventory tracking systems appears to be the best answer for contractors.
