The true cost of lost equipment
The true cost of lost equipment
There are many factors to a successful project. How many times has a project been deemed a success only to find that the tools, equipment and plant that have been used to deliver have gone missing, damaged or been stolen. These issues can erode profit margins.
92% of construction companies have been hit by theft across the industry.
Business leaders and project teams are taking note and looking to implement change.
What is the true cost of lost equipment within your project and business?
Stats
The cost of theft to the UK construction industry is around £800m per year.
Profit Margins on projects are becoming lower and the level of service has never been higher. Missing tools and equipment can be the difference between a profitable or loss- making project. Is the true cost of equipment loss effecting your project’s chance at success?
A few processes
Signing in/out
Keeping track of the equipment can be managed by signing in and out book to identify the assigned user.
Managing stores
Having a large inventory of tools and equipment can be successful with an experienced Storeman.
Site security
Utilising security staff to manage a site will reduce thefts of key equipment and tools.
Issues with current solutions
Paper sign out
Once the tools are signed out of the stores, there is no traceability of who or where the tools are.
Zero accountability
If there is no accountability for these assets, then there is no incentive to treat them with care.
Lack of visibility
The status of the inventory can change at a fast pace. By not having a robust process the information is quickly outdated.
The true cost of lost equipment?
21% of crime within construction is related to tools, equipment and plant theft.
Being able to tag and track your assets creates accountability within the workforce to manage them better and reduce the thefts of these key items.
Digitising the inventory allows key asset data to be available to the team. The life cycle can be managed and reduce non-compliant tools being used for the work.
How Software can help?
Cost
Reduce losses and damages through enhanced traceability and accountability of the asset through its life cycle. It manages the hire period to reduce late off hire costs.
Digitalised inventory
Removing paper processes from inventory management enables all transactions and key documents to be available. A full history of all assets is available giving contemporary records of each item when moving around site.
Control
Enhance the control of the inventory with real time data on assets. Allowing the team to manage tools and make data driven decisions.
Flexibility
Allows the workforce to have key information and documents available onsite about the tools, equipment and plant being used.
How StoresMate will help?
StoresMate is your one stop shop for Digital Transformation of your inventory.
Capture and collate information from your assets, allowing key information from the lifecycle on asset available instantly. Have all key reports and documents in one application as well as dashboard of inventory performance.
Improve your collaboration with your hire company with data protecting the team from unnecessary and additional costs associated with hiring tools, equipment, and plant.
Manage compliance of these assets and have the information available whenever required, especially useful during audits on plant and equipment.
How StoresMate can help?
Easy digital transformation
Seamless integration of our digital tools created by people, who have shared the pain of collating, managing, and processing paperwork on major projects.
Consumables
Manage consumables to reduce unnecessary waste on stock, items and PPE. Identify the trends of these to ensure cost control.
Off hiring
Reduce hire costs through managed information of all hired assets. Receive sign off on condition to eliminate damage costs.
Compliance
Managing data captured from site equips the projects teams with dashboards and reports of the whole inventory.
Protect you profit margins with StoresMate
Make huge reductions in your plant theft, damage and unnecessary late off hire costs.
Our clients have seen massing savings of 50% on average compared with the previous 12 Months since implementing StoresMate onto their projects.
PCT are a team of rail & construction professionals and software developers who have combined to create simple, easy to use solutions for projects and businesses alike.
Having managed large infrastructure projects across the UK and experienced the issues first-hand, the solutions they have created make the lives of the project team easier and allows them to focus on delivering the programme of works rather than on trailing through and completing onerous paperwork.
For more information on how our products and services can benefit you, contact us today.
The true cost of lost equipment
More White papers
Book a demo with us.
Get in touch today.