Cut Construction Site Costs by 20% with Smart Equipment Management
In building construction, all delay, idle machines, and lost tools amount to the same: money going down the drain. As project budgets get tighter and the pressure of competition gets hotter, construction firms need better ways to reduce costs without compromising on safety and efficiency. Effective equipment management powered by TokenMe is a powerful solution.
By employing real-time monitoring, data analytics, and predictive maintenance, astute gear management helps enterprises streamline their operations, reduce wasteful spending, and boost overall productivity. In fact, organisations that adopt the practice have reduced total construction site spending by as much as 20%.
The Hidden Risks of Poor Equipment Management
Most construction companies don't know how much money they lose daily due to the lack of effective equipment management. Common issues are:
• Spare machines that still have rental or depreciation charges associated with them
• Idle assets which are neglected or left unused
• Team hoarding of equipment to avoid delays
• Manual reporting and tracking of committed errors
• Reactive maintenance leading to expensive breakdowns
Even a minor miscommunication regarding the placement of a tool can have rippling delays all the way through a job site.
What Is Smart Equipment Management?
Smart equipment management uses a set of IoT sensors, smart tags, gateways, and AI-powered dashboards to track, study, and make real-time optimization of equipment usage. TokenMe makes it easy with a unified platform that interfaces with your existing workflows.
With TokenMe, website managers get:
• Real-time visibility of all the machinery and tools
• Information-driven use of equipment and efficiency information
• Automatic reminders and maintenance alerts
• Anti-theft devices and geo-fencing tools
• Simplified handover and allocation logs
5 Instances Your Smart Equipment Management Saves You Money
Don't Pay Too Much for Lying-Around
By tracking usage, TokenMe can recognize machines that are idle or badly used. That enables rental companies to retrieve rental equipment without penalty, sell off idle assets, or redeploy machines to places wherein they are used the most.
Minimizing Downtime through Predictive Maintenance
Breakdowns are costly surprises. TokenMe's smart sensors and anomaly detection features alert you when a failure is about to happen, allowing you to arrange preventative maintenance to keep your schedule on track and your gear at peak performance.
Eliminate Double Renting and Hoarding of Tools
When different teams keep stock of tools as a precautionary measure that they might not have access, the companies unnecessarily rent duplicates. TokenMe ensures everyone receives what's accessible and where without duplication and wastage.
Expedite Handover and Reporting
Time-consuming and mistake-prone manual handovers. All tool handovers and gear check-ins are done online through TokenMe, releasing hours per week and boosting accountability.
Reduce Theft and Loss
Geo-fencing, real-time location tracking, and record of access deter pilferage and allow you to recover stolen or lost assets promptly, securing your investment and reducing insurance costs.
Real World Results: How One Contractor Reduce Costs Considerably
A local contractor involved with city infrastructure work adopted TokenMe to monitor their scattered fleet at a range of locations. In a span of four months, they had:
• fewer equipment rentals
• faster handover time
• reduction of lost or mislaid tools
• overall reduction in operating expenses
The key to these savings was a familiar one: better data, speedier decisions, fewer surprises.
Why TokenMe Makes the Difference
Most solutions include equipment tracking, but TokenMe does that and more by integrating:
• Smart Badges (Token) and Sensor Hubs (Anchors) for data collection
• Actionable insights through AI-driven dashboards
• Scale-able integration with your existing technology stack
• GDPR-compliant data privacy and security controls
Whether it's a single location or a dozen, TokenMe collaborates with you and empowers both field and leadership teams with real-time abilities to work smarter.
The Bottom Line
Construction costs are increasing, but your budget doesn't have to. By leveraging effective equipment management strategies through TokenMe, construction firms are better equipped to reduce waste, improve efficiency, and save 20% or even higher per project. Want to know how you can save? Arrange a free demo with TokenMe and start building wiser today.