Tracking the Real Cost of Your Construction Project [INFOGRAPHIC]
For better or worse, the method you use to manage assets like tools and equipment can impact your bottom line. It’s important to know if you’re investing in assets that offer you the best value year after year, and if so, how far your dollar can go.
When you need to track the actual cost of your construction project, there are things that may not always be top of mind. Some of these include total annual tool spend, total spent on replacements every year, the number of workers you have, costs for lost tanks, and those all-too-familiar unnecessary rentals. Take a look at the information below, and refer to this infographic every time you evaluate the real cost of your project.
Things to keep in mind when tracking the cost of your construction project
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Total Annual Tool Spend
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How much do you spend on tools and equipment each year? Make a note of this, and remember that 30% of all purchases are due to loss, damage, or theft
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Total Spent on Replacements
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What percent of your total tool spend is on replacements? An estimated 15% of all tool replacements could have been avoided if tools had been serviced
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Number of Field Crew Workers
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Can your team find what they need, fast? The more workers onsite, the harder it is to know who has what. Field crew workers spend an average of 45 minutes a day searching for tools and equipment
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Number of Warehouse Personnel
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Warehouse personnel spend an average of 90 minutes a day searching for tools and equipment. If you know their hourly pay, you can calculate how much you’re wasting
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All Costs for Lost Tanks
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Moving tanks from site to site makes tracking their location difficult. If you're leasing tanks, you could lose a hefty deposit if they aren't returned, or if you return them late
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All Unnecessary Rentals
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Do you assign assets to their job site? This stops tool hoarding, eliminates unnecessary rentals, and reduces theft, which costs the industry an estimated $1 billion/year
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Interested in learning more about how to get the most out of tool management? Take a look at our free ebook, An Expert Guide to the Benefits of Tool and Equipment Tracking.