Asset tracking technologies required in construction sector

The construction sector's operational efficiency can be significantly boosted with the help of asset tracking technologies, however Australians' uptake of the technology is poor.

A report from research firm Telsyte found that effective asset management can improve operation efficiency as well as the overall profitability of construction, mining and transport companies.

However, only 50 per cent of these organisations use such asset tracking or location services, including fleet management solutions, even though 93 per cent of companies that do utilise these methods report a positive return on investment.

The research shows that organisations that use asset tracking solutions experience a 124 per cent return on investment.

Of those who responded to the survey, 58 per cent said their main internal business challenge was operational efficiency. A further 41 per cent said they were concerned about the lack of people and skills. External challenges included rising production and energy costs along with labour prices.

Telsyte found the biggest opportunities for asset tracking efficiency lie in fuel costs, with 55 per cent of respondents noting that vehicle fuel was their largest energy consumer.