5 Pro Tips for Picking the Perfect Asset Management Software

June 20, 2024

As a construction pro, you know just how many costly pieces of equipment, tools, and vehicles are required to keep jobs moving. Dealing with equipment maintenance, allocations, tracking costs and utilization across multiple sites? Talk about a headache!

This is where dedicated asset management software can be a game-changer for construction companies. But with so many solutions on the market, how do you settle on the right one for your unique operations? Keep these 5 tips in mind when choosing Asset Management Software for Construction: WHS Monitor.

Tip #1: Define Your Must-Have Features Early

Don't start researching specific software options until you've nailed down a clear requirements list first. Some key features to consider:

  • Asset Tracking & Locations: GPS/RFID tracking capabilities? Monitoring usage/idle time?
  • Maintenance Management: Handling PMs, work orders, parts inventory?
  • Reporting & Analysis: Dashboards, KPIs, capitalization data, lifecycle costs?
  • Mobility: Cloud accessibility? Mobile apps for remote usage?

Get input from your key stakeholders - accounting, operations, service techs, etc. - on their must-haves versus nice-to-haves. This upfront homework will streamline your search.

Tip #2: Mind Scalability and Integrations

Construction companies are rarely stagnant - chances are your asset operations and overall business will grow over time. That makes "future-proofing" critical when investing in new software.

Look for solutions built to scale and accommodate expanding asset portfolios, user counts, and functionality needs. Robust open APIs and third-party integrations (think accounting, ERP, etc.) are also vital for avoiding data silos.

Don't get boxed into a asset management system that will nickel and dime you for adding locations or users down the road. Modular platforms give you flexibility.

Tip #3: Seek Out Industry Specialization

While generic asset tracking software works in a pinch tools built specifically for the unique demands of construction and heavy equipment will serve you better long-term.

These industry-focused solutions bake in terminology, workflows, and capabilities tailored for construction practices right out of the box. Things like:

  • Project/job costing capabilities
  • Heavy equipment/vehicle maintenance and repair management
  • Shared/duplicate asset handling
  • Construction accounting features like WIP schedules

The more specialized the asset management platform for your industry, the less customization you'll require - which translates to faster deployment and lower overall costs.

Tip #4: Prioritize User-Friendliness and Training Support

You're investing in this software to make your teams' lives easier and operations more efficient...not bog them down in a cumbersome, hard-to-use system, right?

When evaluating options, pull in a frontline crew and let them test drive the user experience. How intuitive are the core functionalities like entering PMs or searching asset records? Can they easily access information on mobile devices? Interface and mobile app usability are huge.

And just as crucial - what implementation, onboarding, and ongoing training resources do vendors provide? The simplest software isn't simple if they throw it over the wall without guidance.

Tip #5: Don't Neglect Security and Reliability

While flashy features tend to grab headlines, don't overlook more operational aspects like security, data redundancy, and system reliability. Shoddy oversight in these areas could expose you to costly vulnerabilities.

Ask vendors about their security certifications, data encryption protocols, user authentication, and mobile device management policies. Similarly, what disaster recovery and business continuity provisions do they have? Maximum uptime and availability are essential.

You'll also want contractual paperwork detailing service level agreements, support response times, and infrastructure redundancies so you're not left hanging.

The Bottom Line on Asset Management Software Properly deployed and supported asset management software provides construction companies with a central system of record for maximizing one of your most expensive investments - equipment assets.

From implementation through ongoing usage, following tips like these will steer you towards the right long-term investment. One that streamlines lifecycles rather than hindering your field teams and operations.

No more guesstimating asset locations, duplicating maintenance efforts, or losing visibility into costs and utilization. With the right asset management solution powering all those efforts, you can work leaner and keep building with confidence!

 

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