With the boom in new construction, equipment rental business concomitantly has grown as well. In the U.K., the construction equipment rental annual growth rate is at 3.7% with an annual revenue of £6bn. Construction industry registered impressive growth in the U.S. in 2016 as well, with a total of $1.2 trillion being spent on construction activities. Experts believe the construction industry will grow at a rate of 6%. The annual revenue from rentals of construction equipment in 2015 was more than $34 billion and experts believe a 9.1% growth annually until 2024 can be expected.
Globally as well, rentals of construction equipment, including cranes, is expected to reach $75.2 billion in 2024.
Why invest in asset tracking?
Companies that rent out or lease cranes need a comprehensive asset tracking system to stay on track with their profits. Here are some reasons for you to invest in asset tracking and inventory tracking.
Heavy equipment such as cranes involves a lot of expenditure and the management of many complex parts. Safeguarding individual equipment as the crane moves between locations and within is important to boost profits.
Equipment theft costs between $300 million to $1 billion each year. Given the large scale of operations and poor security, construction sites can be the ideal spots for thefts. In 2016, more than 12,000 thefts at construction locations were reported according to the National Insurance Crime Bureau and the National Equipment Register (NER).
With intelligent asset tracking, you can get real-time reports on the exact usage of the crane, start and stop timings.
Prevent fuel theft at construction sites
Get to know if there is any damage to any part that needs immediate replacement
Asset tracking with GPS and QR code labels
Our cloud-based comprehensive asset tracking system is easy to use. When you use our asset tracking, you get real time reports on all assets besides theft reports.
While you focus on raising your profits, you can entrust us to manage all your assets and tracking. With our asset management software, there are no hassles of software installation, compatibility issues or cyber security. With our unique QR codes, you can track the crane assets using your smartphone from anywhere.
With our state-of-the-art GPS tracking system, it is easy to identify a theft and report it in time to the authorities.
Inventory tracking made easy
Inventory tracking and management are convenient, as all you need to do is scan all the components of the crane. Our inventory tracking system helps you avoid messy spreadsheets, records, and elaborate retrievals.
With appropriate inventory tracking, you can avoid losses related to:
- Unnecessary insurance premiums for lost or damaged components
- Labor cost and time that is spent on maintaining inventory
- Billing errors
- Warranty tracking for all components
- Time spent by staff in locating components or looking for missing components
- Usage time of cranes
- Fuel losses
Better return on investment with asset tracking
Our cloud-based smart asset tracking and inventory tracking systems help you achieve the best return on investment for your crane rentals. Using our system, you can make better decisions on new purchases and the maintenance of old ones.