According to McKinsey, the productivity growth in the construction sector averaged a mere 1% a year over the past two decades. Among other reasons, the slowdown in the industry’s growth can be traced back to the inefficient management over the construction assets.
Currently, to track where assets are located and how they are utilized, construction workers make notes about assets’ locations and operations performed with them on paper and then enter the data into spreadsheets. Several rounds of manual data entry lead to 88% of spreadsheets being erroneous, not to mention the amount of time construction workers lose on tracking.
In this article, we’ll show how technologies can help construction companies optimize asset management.
The technology stack
To effectively track a variety of assets, which travel to and from numerous construction sites and storage facilities, construction companies can leverage asset tracking solutions based on RFID and IIoT.
RFID
The RFID technology is used to automatically identify and track assets labeled with RFID tags. Each RFID tag gets a unique ID that is stored in a data warehouse. An ID is correlated with the information about an asset carrying a tag.
RFID readers are used to fetching information from tags. Once a tag gets into the range of ...
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