What is Equipment Asset Management in Construction?

Jonny Parker
October 27, 2023

Construction equipment asset management is vital in helping a construction firm manage and maintain its tools, trucks, heavy equipment, machinery, and more. Construction equipment is expensive and highly valuable, so poor management can result in challenges such as equipment misuse, repair delays, or theft. These issues can cause construction delays and compromise worker safety, not to mention the cost that contractors have to bear to remedy such problems.

What is construction equipment asset management?

Equipment asset management in construction refers to effectively managing and monitoring a construction company’s tools, equipment, machinery, and other items needed to complete a project.

Construction equipment asset management allows for the efficient organization of a company’s resources in an effort to improve overall visibility and accountability and to ensure that everything is in place for on-time project completion.

Challenges in construction asset management

As mentioned earlier, construction businesses are large operations that inevitably face several asset-related challenges, especially without an asset management system. Among the key challenges are:

Asset theft

The National Equipment Register estimates a total loss of $300 million to $1 billion dollars from stolen construction equipment and machinery per year. Despite being large, heavy machinery is apparently one of the easiest targets among thieves due to its hefty price tag and often poor s