The High Cost of Construction Equipment
Theft & How DATOMS can Help?
- Nageshwar Mahanta
- December 01, 2022
The rising theft of construction equipment and heavy machinery across different industries each year can be valued up to $1 billion and beyond. Out of which less than 25% of the stolen equipment is only recovered.
While these heavy construction equipment may seem unwieldy, they are surprisingly very easy to steal, hide and easy to move from one location to another; because of the low-risk of getting caught, and high-reward opportunity. Remote locations, equipment idleness, manual site monitoring, and a lack of security at the construction site are some of the major causes of the surge in construction equipment theft.
That said, for asset owners, it is a huge challenge to track and monitor the construction equipment round-the-clock in real-time in order to prevent theft. Construction equipment requires a very significant initial financial commitment, and if the equipment get’s lost it can have a significant financial impact on asset owners and business.
Equipment theft can result in lost productivity, downtime, replacement for rented equipment, higher insurance premiums, and even damage your company’s reputation with customers, causing you to lose business to your competitors.
Though asset managers, take every suitable measure to minimize theft of construction equipment, but when the equipment’s are in remote location away from busy areas chances of theft increases due to lack of any tracking or monitoring system.
The good news is there is a solution for the problem now. New age technologies like asset tracking and management are now available, that leverages IoT & Telematics technologies to prevent asset theft. These IoT systems provide real-time data such as the location, usage, and condition of the equipment and machines.
How DATOMS Asset Management Solution is helping put an end on equipment theft issue?
DATOMS offers solutions for frequent use cases in the construction and distributed asset industry, by assisting you in managing your heterogeneous construction equipment on one unified platform. The platform helps you to improve visibility, productivity, and communications while lowering costs and addressing major operational challenges.
DATOMS keeps asset managers up to date on the status of their construction equipment with real-time updates, allowing them to manage it from the comfort of their office or home. Asset managers can get useful insights like asset location, run hours, equipment usage and efficiency reports, maintenance schedule reminders, fuel consumption details, low fuel level warnings, and many more. As a result, asset owners and managers are able to Know More, Control More, & Make More, helping them in putting an end on the instances of equipment theft.
There is no doubt that construction equipment theft can result in a significant loss for asset owners given the increased demand for this type of equipment across a variety of industries. Hence it is required that asset owners leverage smart monitoring and management technologies for their construction equipment that will help increase in visibility and control over the equipment and can add more value to the business.
Leverage DATOMS Asset Monitoring & Management Solution and put an end to all your worries about your construction equipment and heavy machinery, minimize losses and downtime due to theft and unauthorized usage and much more.
Gain Visibility and Control over Your Distributed Assets
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