What is Asset Tracking and How Does it Benefit Construction Projects?

With the rising cost of construction projects, construction managers are always looking for ways to reduce risk and save money. One such way is through asset tracking. It’s a process that helps ensure their project remains on budget and on time. But what exactly is asset tracking, and how can it benefit construction projects? Let’s take a look.

Asset tracking is an automated system that helps keep track of items, materials, and other resources involved with a construction project. This includes tools, machinery, vehicles, safety equipment, supplies, etc. Asset tracking systems provide real-time information about where each item is located in relation to the project site and its condition or status (e.g., checked out or in stock). The system also allows for more straightforward task assignments by assigning tasks to specific people based on their availability and skillset.

Some of the main benefits of asset tracking for construction projects include increased visibility into the progress of a project, improved accuracy in terms of material management and supply chain management, better control over costs associated with materials and labour costs, reduced risk of theft or damage to assets during transportation or handling processes, improved compliance with safety regulations and industry standards, greater efficiency in terms of workflow management and communication between teams involved with the project.

Additionally, asset tracking helps managers easily monitor labour hours worked on any given job while ensuring they are being tracked accurately—helping to eliminate discrepancies related to pay rates and overtime payments when needed. All these benefits combine together to make asset tracking an invaluable tool for any construction manager trying to maximise their savings while reducing risks associated with running a successful building project.

Companies like TopHat are leveraging softwares like Matrak to enable their warehouse and logistics teams to track, manage, and gain visibility into their assets as they revolutionise the way homes are built to scale in the UK.

TopHat’s Logistics team recently hit their first major milestone, receipting their first delivery by applying Matrak QR codes to their modular built homes prior to being sent to the site.

When picking items for a production order (POs), TopHat’s logistics and warehouse team use Matrak’s mobile app to easily find production orders and update the statuses and details of the PO’s. They are able to assign picks to specific workers which allow team leads to allocate POs to individual employees, with further ability to report on the completion of picks per employee. You can read more about how they are doing that here.

Asset tracking is an invaluable tool that has helped countless construction projects remain within budget while improving accuracy across many facets, including material management and labour costs. Providing real-time visibility into each item’s location as well as its condition or status at any given time throughout the duration of a building project can help improve efficiencies related to workflow management and communication between teams involved with the build process while also reducing risks related to theft or damage incurred during transportation or handling processes—ultimately making it possible for even tighter control over costs associated with materials as well as labour costs for any building job site.

If you are looking for ways to reduce your risk factors while making sure your building projects stay on track then consider using asset-tracking technology today!