What ROI are construction firms seeing by virtually tracking tools and equipment?
The estimated return on investment (ROI) for virtually tracking tools and equipment can vary depending on many factors, including the project size, the cost of the tools and equipment being tracked, and the specific software or tracking system being used.
However, implementing a tool and equipment tracking system can generally lead to significant cost savings for construction companies. By reducing the risk of lost or stolen equipment, companies can avoid the costs of replacing or renting new equipment. Additionally, by enabling real-time tracking of equipment usage, companies can optimize their inventory levels, reduce waste, and avoid over-purchasing or under-purchasing equipment.
According to a study conducted by the Construction Industry Institute, implementing a tool-tracking system can result in an ROI of up to 600%. In addition, the study found that construction companies that implemented tool tracking systems experienced a 25% reduction in tool loss, a 50% reduction in tool hoarding, and a 35% reduction in tool rental costs.
Other studies have also shown significant ROI for tool and equipment tracking systems. For example, a study by the National Institute of Standards and Technology (NIST) found that implementing a tool-tracking system can result in an ROI of up to 300%.
Overall, while the specific ROI for virtually tracking construction tools and equipment will depend on many factors, it is clear that implementing such a system can result in significant cost savings for construction companies, making it a worthwhile investment.