5 reasons why you need an online stock & asset tracking system

Keeping track of inventory, such as stock and assets, has never been an easy task. However, in the construction sector the problems are multiplied by factors such as the size of project being completed and the many comings and goings of an often diverse workforce.

  1. Saves money

Construction site theft is an ongoing problem that blights all projects. However, there’s an economical way to help prevent it. In a survey carried out by the Chartered Institute of Building, 92% of respondents confirmed they had been affected by theft. Twenty-one percent reported weekly site robbery. Among those items most frequently taken were plant, fuel, materials, and tools.

Estimates put construction industry losses at £800 million a year, but actual figures could in fact be a lot higher. Additionally, the theft of tools, building materials and small plant is also a major issue that plagues the industry – particularly as these crimes are sometimes perpetrated by direct employees or contractors working on a project.

Recent estimates from the Association of Certified Fraud Examiners indicate that a typical organization loses at least five percent of its revenue each year to employee theft.

Physical security measures such as access control and CCTV can only go so far, which is why inventory needs to be tracked in a secure and systematic fashion that leaves a clear auditable trail.

Mosaic AssetTrak is a powerful multifaceted tool to support management with the tracking of materials and equipment on-site. Historically, on-site materials tracking and locating have been made complicated by the use of traditional paper based tracking processes. These are invariably labour intensive, potentially ineffectual and contribute to the increase in construction costs.

This type of solution, provides a slick on-line process that easily allows you to book out and in items against a worker record. It provides an online and real-time record of where plant, tools and materials are at any point in time during the project, and if policed correctly can reduce these losses.

  1. Saves on administrative time

Using a spreadsheet or paper based system to track your stock and kit could end up costing more due to poor systems and human error. Pen and paper systems are not reliable because they can’t be updated in real time. Spreadsheet, often if worked on by multiple people means multiple copies and lack of traceability. Inventory software will help you compile all of your information and make it easier to input inventory data. No more paperwork cluttering up the site cabin and no more cumbersome spreadsheets cluttering up your desktop.

  1. Improves efficiency

The cloud based technology can delivers a seamless user experience that paper and spreadsheet systems cannot compare to. It will reduce administration and costly mistakes goes hand in hand with these outdated methods of tracking and tracing stock and assets. It can help you with handling material deliveries, keeping tabs on the issuing of stock, tracking all plant equipment and scheduling of inspections and the issuing of PPE (Personal Protective Equipment) to the workforce.

Being transportable (via Smart Phone) and updating data in real time, stock is less prone to disappear and inspection reports can be scheduled in advance and stored against each item. This reduces rates of loss, wastage and theft, creating a better culture of responsibility onsite.

  1. Locates who has items with ease

There’s nothing worse than spending hours or sometimes days trying to find a tool, especially when a workman can continue a particular job and is waiting for you to find it. Even with manually organised inventory lists, it can take a long time to find a product in your warehouse or storage unit. This problem is compounded when tools can also be left in the back of vans or even on site. Using a well-designed inventory software will help you find out exactly who has what inventory, so you can get back to managing the workforce and project.

  1. Aides inspection and maintenance cycles

Relying on cumbersome log sheets and spreadsheets to manage inspections and track equipment is risky. This is very time-consuming process and prone to human error. Poor processes could ultimately result in project downtime when equipment is not properly maintained which has a knock-on effect on project timescale. A forward-thinking mobile asset inspection solution, such as Mosaic AssetTrak, allows you to plan all your inspections and maintenance online.

Asset and stock inventory management made traceable and easy with cloud-based technology. Mosaic AssetTrak offers real time tracking of onsite stock and assets. Tag tools and stock with RFID (Radio-frequency identification) tags and barcodes and use the smartphone app to check tools and stock against individual worker records. This software solution works via the cloud and with smartphone app technology to deliver a seamless user experience, and reducing paperwork and costly mistakes.