Asset tracking helps strengthen the construction industry

The potential of GPS asset tracking in the construction industry

The construction sector in New Zealand is a significant contributor to the country's economy, employing over 295,000 people and representing the third largest industry. With a share of 6.7% in the Gross Domestic Product (GDP), it generates over $18.1 billion annually as of 2022, and supports more than 70,000 enterprises. (1)

This year, 300 fleet managers and mobility professionals participated in the Verizon Connect 2023 Fleet Technology Report for Australia and New Zealand. They shared powerful insights of their business. Our Advanced Fleet Management Technology for the Construction Industry 2023 eBrief contains crucial information that can help transform the construction industry. By leveraging the latest fleet management technologies, you can learn how GPS asset tracking can help improve efficiency and profitability in your operations.

How can a GPS asset tracking solution help the construction industry?

#1 Boost equipment and trailer utilisation for construction

Businesses in the construction industry encounter a host of daily challenges, such as selecting the right type of machinery, which can significantly impact the success of a project. Equipment costs are also a crucial factor, making it imperative to optimise their usage for greater cost-effectiveness. This technology can help construction companies to achieve an efficient utilisation of their equipment, and can help achieve profitability.

According to our latest Fleet Technology Trends Report in Australia and New Zealand, fleets improved equipment and trailer utilisation. In fact, 68% of survey respondents that implemented an asset tracking solution improved equipment and trailer utilisation. 

Equipment and trailer thefts are a common and costly problem for fleets, making it essential to take a thoughtful approach to addressing this issue. Fortunately, fleet technology provides a powerful solution. By utilising GPS asset tracking software, fleets can significantly reduce the risk of theft and loss:

• Monitor equipment hours and utilisation reports
• Reduce downtime of your equipment and assets
• Find your assets and reallocate when needed
• Enhance workflows to promote getting more out of every workday

#2:  Improve the security of your businesses in the construction industry

Construction plant machinery and equipment theft is a real problem in the construction industry.

GPS fleet tracking solutions offer significant benefits for businesses looking to improve key areas of their operations. By gaining near real-time insights into your fleet's performance, you can make data-driven decisions and address daily challenges with confidence. Using smart data and powerful business intelligence tools like GPS vehicle tracking, you can help optimise your business.

Among GPS users in the construction industry, 25% improved the security of assets and equipment. GPS asset tracking technology can help improve security in the construction industry:

• Monitor near real-time asset locations and stay in control of your valuable assets
• Program geofence alerts that create a virtual perimeter around your assets and know when they move
• Receive near real-time movement alerts that can help recover your valuable assets quickly

Discover the full range of benefits achieved by construction businesses who have implemented a GPS asset tracking solution by downloading our Advanced Fleet Management Technology for the Construction Industry 2023 eBrief.

#3: The green transition of the construction industry

GPS asset tracking can help businesses in the construction industry to improve their strategic KPIs. In fact, 53% of respondents consider asset tracking ‘extremely’ or ‘very beneficial’ in the Construction industry.

Reducing CO2 emissions is a critical factor. Concretely, 36% of respondents reduced their CO2 emissions and moved forward to a greener business.

the Ministry for the Environment stated that New Zealand’s gross emissions are projected to steadily decrease from 78.8 [81.8] million tonnes of carbon dioxide equivalent (Mt CO2-e) in 2020 to 56.4 [59.2] Mt CO2-e in 2050. (2) And the construction industry is a priority sector for reducing carbon emissions in this context.

So the construction industry has to reduce their greenhouse gas emissions (GHG) and position their business as part of the solution because customers are increasingly demanding environmentally friendly business practices. A GPS asset tracking solution can help your business to:

• Reduce CO2 emissions
• Reduce idling (On average, construction equipment sits idle for around 25% of the time on average, with trucks being idle up to 50% of the time. This idle time not only results in unnecessary fuel consumption but also contributes to higher maintenance needs.) (3)
• Reduce fuel consumption
• Monitor carbon footprint

Fleets are using GPS vehicle tracking to help improve their business while doing a better job of meeting customer demands and cutting costs as well. Download the Advanced Fleet Management Technology for the Construction Industry 2023 eBrief and learn more about how this tech can help you and your business.

Find out how our platform gives you the visibility you need to get more done.

Sources:

• https://www.mbie.govt.nz/dmsdocument/25439-building-construction-sector-trends-annual-report-2022
• https://environment.govt.nz/facts-and-science/climate-change/new-zealands-projected-greenhouse-gas-emissions-to-2050/#:~:text=New%20Zealand's%20gross%20emissions%20are,cent%20below%20emissions%20in%202020.
• https://www.energy.gov.au/business/industry-sector-guides/construction