Success depends on meticulous planning and accurate equipment monitoring. Furthermore, plant and equipment must be kept in good working order and ready for use when necessary.
So how do you keep track of costs and ensure projects run to schedule? And how do you maximize your return on investment and equipment usage and minimize downtime and costs?
Implementing the right tools and processes can improve visibility across your projects and your business.
Table of Contents
Precise project planning
Resource planning tools allow you to define and allocate construction equipment, employees, vehicles, and subcontractors so that you have a complete overview of your team. So you will know how to calculate project costs! A centrally managed system makes it easier to track all your equipment and plan for future growth. The right system can help you manage your assets efficiently.
How to calculate project costs?
How to calculate project costs in the construction equipment business? Asset management software allows you to allocate expenses to appropriate sites or departments for better project cost visibility. With MCS Asset Management Software, you can accurately track equipment usage and costs by assigning them to single projects or contracts.
With reporting and dashboards, you can quickly get a snapshot of how much you've spent so far, and use real-time data to understand how your spending decisions affect profit.
Improve Quality and Safety
It's easier to minimize risks and avoid expensive mistakes if you keep a central record of all site and workshop activities, including inspections, safety certificates, and maintenance schedules. Process automation improves efficiency and control. Applying a rental model to your asset management business can help you track construction equipment performance by project, optimize utilization rates, and ensure tools and equipment are fit for use. You'll also need to factor in transportation and operator costs to understand the project costs accurately. Also, check other blog post about technology in traffic management!
So, whilst your construction business may not fit the classic 'rental' criteria, managing your assets is a very similar process except with internal stakeholders. Running your business at higher utilization and profitability saves you money in the short term and makes you more money in the long term.