A Comprehensive Look Into Asset Management Software for Construction

March 25, 2022 by Michael Gober & Denis Gritsiyenko

How many trowels should we order?

Is the bulldozer at the Liberty site, or the job on 12th and Main?

Didn’t we just buy two reams of printer paper?

If you've been in the construction industry for any length of time at all, you know just how tricky it can be to keep track of your equipment and supplies. How do you know where everything is, what you need to order, or what tool or piece of equipment may have gone missing?

If you're weary of managing your construction assets the old-fashioned way, we can help.

In this guide, we will look at asset management software for construction companies and why it is an essential part of managing your overhead and costs.

CM Fusion: How Construction Asset Management Is Easier With the Right Cost Tracking Software
What Are Considered Assets in Construction?
What Is Asset Management Software?
8 Attributes of Asset Management Software for Construction
Get the Most Out of Your Construction Asset Management With Cost Tracking Software From CM Fusion

CM Fusion: How Construction Asset Management Is Easier With the Right Cost Tracking Software

CM Fusion is a simple, flexible construction management software. Our platform is:

Cloud-based — There is nothing for you to install, download, or learn. Simply log in to the platform and begin managing your projects on the cloud.
Easy to use — We designed our software with simplicity and convenience in mind, so your business can be up and running in only a few minutes.
Mobile-ready — Easily accessible on tablets, computers, and smartphones. Anyone on your team can quickly have complete access to every project, no matter where they are.

With CM Fusion, it is easy to:

Manage all of your documents in one place
Create daily field reports
Log your project activities
Collaborate with each of your team members
Track your costs

CM Fusion keeps all your project data synced and accessible at any time — and from any location.

30-Day Free Trial

What Are Considered Assets in Construction?

Assets in construction include anything that may be required to complete a project.

Construction assets come in a variety of shapes and sizes. They include things such as:

Heavy machinery, such as cranes and bulldozers
Site trailers
Washing stations
Storage facilities
Dining facilities
Small tools
Computers
Mobile phones and tablets
Protective gear
Office equipment; and
Some office supplies

What Is Asset Management in Construction?

Asset management in construction gives companies the ability to monitor and manage their items of value for each project.

It can be divided into two aspects that take into account the life cycle of a construction asset:

Asset acquisition
Asset tracking and maintenance

In many construction companies, asset management is something that is completely overlooked, or not treated with the seriousness it demands.

It's far too easy to procure assets without managing their use or condition.

By properly managing each of your assets, your construction company will ensure:

Maximum output from every asset
Improved productivity and efficiency; and
The highest possible return on your investment

What Is Asset Management Software?

Asset management software is a management tool used to track and record each asset owned by a construction company. This includes tracking the item’s:

Acquisition
Maintenance
Repairs
Availability
Disposal
Replacement

Asset management software allows team members to know:

Where the asset is located
Who is using it
How the item is being utilized, and
Other details that surround each particular asset.

8 Attributes of Asset Management Software for Construction

Let's take an up-close look at eight ways asset management software for construction can enhance the efficiency and productivity of your construction business.

#1: Reduces Asset Losses

Keeping track of which tools and equipment are at which site is vital for reducing losses on construction sites.

As your assets are …

Being transported to and from a job site
Between job sites; and
Left on a job site

… asset management software for construction allows you to track each and every piece of equipment. You'll not only know where it is, but you will also be able to see exactly who is using it.

Some asset management tools even use QR codes, so the tools can be checked in and out of job sites, making it easy to manage multiple sites simultaneously.

#2: Keeps Your Workforce Accountable

When you think of asset management, keeping track of your large machinery, such as excavators or hydraulic shovels, may be the first thing that comes to mind.

But do you ever get tired of buying replacements for missing screwdrivers and hammers?

Keeping track of your small tools is just as important as monitoring your heavy equipment and, in many ways, much more challenging.

Small tools and pieces of equipment are easily lost, and it can be difficult to come up with a workable way to organize them.

Construction asset tracking can help.

Making your team aware that these assets are tracked helps ensure that they stay accountable — and that they take the time to secure all tools at the end of the workday.

#3: Manages Maintenance

Another great benefit of asset management software for construction is the ability to track the maintenance performed on each item.

When you have consistent, automated maintenance and repair schedules set up for every one of your company’s assets, it is easy for anyone with access to the data to know what needs to be done in any given situation.

Construction asset tracking allows you to not only easily store service records, but also to retrieve them using QR codes.

#4: Monitor Depreciation

Asset management software for construction allows for the real-time monitoring of the condition of each asset.

This means you’ll be aware of the asset’s condition — and its long-term depreciation schedule, making …

Budgeting
Replacement schedules; and
Tax dispersal

… far easier and more accurate.

Construction asset tracking helps decision-makers strategize on when to sell or replace equipment that may be starting to cost more than it’s worth. It also enhances the safety of your projects, since older machinery and tools can often pose greater safety risks.

#5: Keeps Inventory Records

If you’re looking for a way to know …

What assets you have
How many you have; and
Where each asset is at all times

… you’ll be a huge fan of the inventory aspect of asset management software for construction.

Asset management software allows you to manage your company’s assets from acquisition to retirement by tracking:

Purchase orders
Depreciation
The number of items in stock; and
The total cost of use for the lifetime of the asset

And it enables you to keep track of both consumables and high-ticket assets – all In one centralized location.

#6: Eliminates Theft

If you've been in the construction industry for more than a minute, you understand that theft is a very real issue — and thankfully, one that can be greatly remedied through the use of construction asset tracking.

According to the 2016 Equipment Theft Report based on data from the National Equipment Registry and The National Insurance Crime Bureau, construction site crime runs an estimated $300 million to $100 billion dollars annually — with one-third of construction companies reporting theft.

When contractors and laborers have to scan tools in and out, they’re not as likely to walk away with them. Tracking assets — from the bulldozer to the nail gun — improves the security of your job site, while protecting your operating capital.

#7: Forecast Equipment Availability

Most construction projects exceed their estimated completion time.

Using construction asset tracking can also enable you to see where your equipment is and what it's being used for.

When you're able to effectively monitor the use of an asset, you can better predict when it will be available for the next job.

#8: Track Equipment Warranties

Do you know how old is each piece of your equipment is and how much time remains on each original warranty?

Have you felt the sting of failing to get a piece of equipment in for a full inspection before the warranty ran out?

Asset management software for construction enables you to easily monitor which tools and equipment are still under warranty, so you can make sure you spend your time and money on only the assets that are truly in need of attention.

And you can rest assured that you’ll never miss another warranty deadline again.

Get the Most Out of Your Construction Asset Management With Cost Tracking Software From CM Fusion

Do you want to make sure you're getting a good ROI on your assets?

Look no further than CM Fusion.

Our construction management software makes it easy for you to …

Accurately track project costs
Manage asset documents
View maintenance records; and
Pull historical data from any asset, past or current

… with just the click of a button.

Not only do we help you take charge of asset management, but we also simplify:

Document management
Project tasks
Scheduling
Daily field reports
Change orders
Submittals
Time and cost tracking
RFIs and RFPs
Image management; and
Bidding

Our software benefits everyone in the construction business, including:

General contractors
Subcontractors
Specialty contractors
Architects
Engineers
Construction managers
Homebuilders; and
Property investors

With CM Fusion, you can manage all your projects in one place, from anywhere.

And since we are cloud-based and mobile-ready, every member of your team is just a few clicks away from the exact information they need — when they need it.

Let us show you how much easier managing your construction business can be.

We offer a 30-day free trial so that you can try us out at no cost to you. We don’t even require a credit card.

What are you waiting for? Give CM Fusion a try today!