In the fiercely competitive world of commercial construction, every margin counts. For construction companies, which we also refer to as vocational fleets, efficient asset utilization is a pivotal element that can make the difference between winning and losing bids. Investments in vehicles, equipment, and various assets are substantial, and deploying them efficiently across job sites is critical for optimizing returns and ensuring profitability.
The Impact of Inefficient Asset Allocation:
Improper asset allocation reverberates across all facets of business operations, impacting:
- Profit margins when assets remain underutilized or idle.
- Unnecessarily prolonged project timelines.
- Costly decisions between buying and renting equipment.
- Lost bids due to inaccurate utilization data leading to inflated job cost estimates.
Leveraging Telematics for Maximum Efficiency:
Telematics, the science of tracking and communicating with assets on the move, yields a treasure trove of data on asset utilization and performance. This data is immensely valuable when put to use effectively. The right telematics solution provides the data necessary to ensure your construction company optimizes the use of fleet assets, making every investment count.
Enhanced Maintenance and Utilization:
Utilizing assets in line with their intended design is the primary method to reduce the total cost of ownership. Following asset guidelines translates into enhanced reliability, lower energy consumption, and consistent operator compliance, all of which prolong an asset’s useful life. Regular proactive maintenance, such as lubrication, alignment, and part replacement, leads to higher uptime, reduced operating speed issues, and maintenance costs. Telematics technology keeps your maintenance teams informed of potential repair needs in advance, thus reducing the overall cost of ownership for each worksite asset.
Customized Preventative Maintenance:
Vocational fleets comprise various asset types, each with its own unique maintenance needs. Telematics-based asset monitoring automates and streamlines the process of tracking asset usage in real time. This data allows you to customize the maintenance schedule for each piece of equipment based on its usage, rather than adhering to a predetermined calendar date. By pulling data directly from the asset’s engine control unit and transmitting it wirelessly to a web portal, telematics ensures that maintenance is timely, lowering repair costs and streamlining workflows.
But there’s more than just preventative maintenance at play. There’s also predictive maintenance. Be notified of defects, problems and issues that often lead to downstream faults–predicted faults that aren’t fixed. Data teams analyze historical fault data that consistently escalates into downstream faults. Predictions are updated and improved regularly each month. Consider it an early warning system for your fleet maintenance.
Efficient and Compliant Inspections:
Occupational Safety and Health Administration (OSHA) mandates that operators inspect vocational equipment and vehicles before use. Capturing inspection data electronically ensures compliance, streamlines maintenance workflows, and eliminates costly fines. It also contributes to jobsite safety, increases vehicle uptime, and ensures compliance—essential elements of maximizing asset utilization.
Rapid Asset Recovery:
When you know the location and availability of your assets, they can be used effectively. Telematics location data facilitates faster asset and equipment recovery, reducing replacement or rental expenses. This is particularly crucial in vocational fleets with hundreds or thousands of assets, as searching for missing assets is both time-consuming and costly.
Informed Bidding and Reduced Rentals:
In-depth analysis of asset utilization empowers estimators to predict asset needs more accurately. Telematics monitors how assets are used, resulting in faster, more accurate project estimates. Building a history of accurate bidding enhances your company’s reputation and competitive edge. Telematics also ensures that equipment rentals are minimized, reducing unnecessary rental expenses and optimizing asset usage.
Reduced Fleet Size:
Telematics provides valuable data on asset usage, location, and idle times, enabling fleets to operate efficiently with fewer assets. By identifying opportunities to streamline asset assignments and schedules, you can minimize the number of owned assets. This reduces maintenance, fuel, drivers’ fees, compliance fines, financing, and insurance costs, resulting in substantial savings.
Learning from Competitors’ Success:
The benefits of telematics are evident through case studies, with companies achieving substantial cost savings and increased ROI. Goodfellow Brothers and Henkels & McCoy experienced significant improvements in asset utilization, resulting in substantial savings and returns.
Selecting the Right Telematics Provider:
Vocational fleets have unique needs and require rugged devices and customized software solutions to withstand the elements and cater to specific use cases. Choosing the right telematics provider is crucial to ensure maximum efficiency and return on investment. Zonar has everything you need to address all the items mentioned above.
