Asset management is an important aspect of running a construction business. It’s well-known that small tools, items, and equipment can easily go missing from construction sites. But it’s not uncommon for larger tools, even heavy equipment, like excavators, to be stolen.
This article addresses how to prevent theft with construction asset management strategies.
Why It’s Important to Prevent Theft of Construction Equipment
At best, theft is an annoyance. At worst it causes delays and impacts project costs. Even the theft of smaller items adds up to impact your profit margins. Learning how to secure and manage assets makes your business more profitable.
The Costs of Theft
For a single project, minor theft does not always come with a high cost. But spread out over multiple projects, it adds up, even when smaller items go missing. The NICB estimates that as much as $1 billion worth of equipment is stolen annually.
With large or expensive items, the impact is more obvious and is noticed much sooner. This can make the theft of small items more of an issue because it is harder to detect. If you’re unaware of equipment going missing, it’s hard to tighten up holes in your process and prevent ongoing theft.
Delay in Construction
When equipment goes missing, it can cause delays. When this happens, it sets back completion dates. It also means paying workers for waiting around until the missing equipment and materials are replaced or recovered.
Construction Asset Management Strategies
Construction software can include asset tracking features. This allows users to know where equipment is and who it’s used by. It’s the fastest way to identify missing equipment.
Often, companies won’t even know when items go missing. One of our earliest customers story began when the police gave them a call, notifying them of items stolen from their business were at a pawn shop. The items had gone missing months before. It exposed holes in their process that cost unknown amounts to that date.
By tracking assets, it’s easier to know when they go missing for a better chance at recovery. Most importantly, it helps tighten up existing strategies to prevent future theft.
The simple truth is most theft is preventable. One of the simplest methods for construction asset management is proper storage.
A fence or gate keeps most people out of the construction site. But these are easy obstacles for a thief to overcome. At the end of the workday, any equipment left out is at risk. Ensure workers clean up properly, removing any easy-to-steal tools.
If possible, a storage unit or container is a good way to prevent easy theft. Roundup any items that can easily be carried off and lock them away when unattended. For smaller jobs, a trailer is a good, mobile option.
The easier an item is to move, the easier it is to steal. People are often overconfident with security, resulting in the theft of large items. For example, it’s not uncommon for people to leave the keys in construction vehicles while they are unattended. That makes it easy for a would-be thief to drive it off the lot. Even bigger vehicles, like cranes, get stolen.
Make sure the keys are secured, vehicles are locked, and immovable.
Sometimes, there simply isn’t a handy storage option for easy-to-move smaller items like generators. In this case, it’s best to keep them out of sight and make them difficult to take. A good option can be to surround the equipment with larger vehicles. This makes it difficult to spot or carry off the surrounded items.
Prevent Theft with Construction Software
Taskflow Pro is an all-in-one field service software. With tools like construction scheduling software and asset management, it’s easier than ever to increase efficiency and profitability for your business.
Call Taskflow Pro now to see your potential savings.