Case Studies

How to Identify Idle Assets and Eliminate Losses with Dominate Smart Asset Management

Identify Idle Assets and Eliminate Losses with Dominate Smart Asset Management Solution
October 22, 2018

Some turn dust into gold. Well, that may seem quite far-fetched, literally speaking. However, there are those who have discovered ways to achieve virtually the same end result. They identify the resources that are going to waste and miraculously turn them into revenue generating machines. How? Let’s find out!

Turning Losses into Profits

A company’s financial viability and profitability can be enhanced or degraded depending on how its resources are used. This includes not only human resources, but also physical assets such as land, buildings, plants, machines, tools, etc. So, if we are to run a profitable business and successful project, we need to make every detail in our asset management perfect. In this regard, one area that demands special attention is the identification and optimal utilization of underutilized and poorly managed assets.

Construction companies today are well aware of the pressing need to optimize asset utilization, since a great deal of their budget goes to buying assets of the type the company already owns, exactly those assets that are hidden somewhere and forgotten somehow. What’s more, underutilized or idle assets cost them money due to depreciation, storage expenses and broken parts that often arise when machinery and tools remain unused for a long time.

Fortunately, there are several practical ways to deal with the problem. You can eliminate such financial losses by selling the underutilized assets. Certainly there are many who need those assets and are willing to buy and utilize them in their projects. Or perhaps you may want to put them to work. Either way, there are lots of business opportunities in hidden underutilized assets, but first you need to identify and locate them in your facilities and construction sites.

The big challenge here is that all too often, companies lack visibility into what assets they have available, by whom those assets are being utilized, when and for how long. This is particularly true in the large construction companies where operations are complex, often comprised of many processes that extend over a relatively long period of time. For such companies, asset optimization can be a burden, since there are all sorts of assets being deployed or hidden in different locations. Therefore, what they truly need is a thorough visibility over all their physical assets.

Dominate Smart Asset Management helps you to turn your underutilized assets into monetization opportunities by providing you with the necessary visibility to identify and locate them.

Dominate Smart Asset Management Gives You Full Visibility over Your Underutilized Assets

Dominate Smart Asset Management is designed to address complexities and identify critical issues in construction asset management. By providing full visibility over your construction site and project, the system helps you decrease fixed asset costs, lengthen their lifecycle and increase their proper utilization and usefulness. It helps you unlock the hidden value in idle or underutilized assets to lower costs and keep your projects within budget.

Our Smart Asset Management Solution provides you with adequate and efficient tools to identify and locate your Underutilized Assets by following means:

Check in/out

With its automated check-in and check-out registration and updating, the system keeps a complete record of instances when an asset has been checked in or out and provides a report on check-out or check-in history when needed. This will arrange for you to have an overview of asset usage. You can specify a beginning and an end date for the report, and see what assets have not been checked out or checked in during the specified time period. When assets are not checked out, you can conclude that they are not needed, and therefore not utilized by your employees.

Transfer in/out

The system also registers and updates the instances of asset transfer from one place or person to another. You can specify time periods and get Transfer reports from the system. If transfers are reported for an asset during the specified time period, you can be sure about its being used. If no transfers are registered, then you may want to check the asset’s utilization more thoroughly: was it checked in or out? How about its sensor data? Does that data indicate that the asset has been in use?

Motion Sensor Affixation

On your construction site, you certainly have equipment such as cranes, air compressors and power generators that vibrate when functioning. Through affixing motion sensors to such assets, the system can detect the vibration, and hence realize the operating mode. By feeding the duration of the vibration to Dominate IoT platform, you will know how many hours the asset has worked. You can then decide if the asset has been active during a week, a month or any other time period.

Odometer Monitoring

The system also allows you to monitor odometer readings for moving equipment. This will help you to know if the vehicle has traveled within a specified date range. Based on the odometer report, you can mark the asset as over-utilized, properly used or underutilized and take any necessary actions accordingly.

This innovative solution is a tipping point in affordability and simplifying implementation of Smart Asset Management System. You are going to love it, we promise.

Beyond our promise, we offer zero risk and zero investment.

Our monthly subscription model includes:

  • Bundled hardware and software
  • Zero upfront costs (no CAPEX)
  • No contract
  • No cancellation charges or penalty
  • Cancel anytime

Take the Dominate path to transform your construction site today. We will turn your data into actionable field intelligence to increase your profit margins.

Contact us at [email protected]. A sales consultant will contact you shortly.

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