I’ve been championing sustainability within Trackunit’s four walls for some time now. That might make it sound like I was dealing with an unreceptive audience but nothing could be further from the truth.

The desire to make something happen was very evident. We have, after all, been developing sustainable solutions via a more efficient sharing economy for rental companies ever since we were founded in 1998. What is perhaps more evident is that up until now, we’ve not been that good at articulating it, at least in ESG terms.

But while we’d established the ‘why’ for a sustainability strategy, we were some distance away from formulating the ‘how’ and the ‘what’. I’ll explain in this post why we’ve made real progress with the ‘how’ and it will be the progress we make with the ‘what’ which will probably represent the next big stage of the movement.

Mission possible

As far as the ‘how’ is concerned, we’ve deliberately focused on creating a framework for engaging with industry organizations where we approach the issue from a holistic perspective, but are simultaneously fully focused on delivering tangibles.

The talks — in the form of round tables, workshops and hackathons — are a channel for funneling ideas, creating priorities and then establishing a portfolio of ideas that, through a construction-wide approach, we can hopefully implement.

It might sound counter intuitive given the process begins with a conversation but we are genuinely more interested in action — a commitment to solving the real problems rather than the symptoms. Ultimately we want to be useful by being a part of creating something that will make the construction industry known for social responsibility. If there’s no action, then the discussions will have not done what they set out to achieve.

But, if the ideas the industry generates become part of a new status quo through the entire construction value chain, then we’ll have made a very good start to what we want to do.

But that’s all it will be — a start. We’ve much bigger ambitions than this.

Real change

The growth of the telematics sector doesn’t need elaboration here. Suffice to say that we at Trackunit are at the heart of the development, and the connectivity that flows from the data will be the driver of the next stage of sustainability.

The data is naturally at the core of the industry’s mission to eliminate downtime, but it’s self-evident that any process that leads to more efficiency, is by definition creating a more sustainable sector as machines that idle less also emit less CO2 and particles.

There are dynamics at work that are helping accelerate this process and making it real. The role of legislation first of all cannot be underestimated and it helps establish a regulatory framework that means companies have to take certain measures to foster better solutions if they want to walk on the right side of the line.

Then there are the new wave of companies with business models fully integrated into a sustainability framework where every move is underpinned by the rationale.

And finally there are the incumbents. The likes of Trackunit, the OEMs, the contractors and rental fleet owners who can influence through their own behavior the way the sector develops.

Whatever the relative merits of the three dynamics, and different people argue differently for which might be most important, together they are critical and bounce off each other to create a more sustainable industry.

And I think it will become easier for the industry to become more sustainable if people in power actively lean into the paradox of competition and collaboration. One way to think about this is through coopetition, a new word used to describe the paradox of cooperative competition.

What matters in competition is not so much the change in technology but the behaviors and practices that it enables so that, for example, being data driven is more important than owning a data lake. Collaborating on development of technology can therefore be a competitive advantage.

Construction life cycles

There are gradual shifts in the construction life cycle in the meantime that are catalyzing the transition to better building standards and processes.

This may be a simplistic way to look at construction but in essence, you can boil it down to the building phase and the operational phase. It’s the operational phase — the maintenance, utilities and other running costs — that actually accounts for the lion share of construction’s contribution to global CO2 emissions which, at 38%, is clearly an area we can and must improve on.

But this is already happening. Architects, builders and designers working in unison are getting better at building infrastructure that is easier to disassemble, is more efficient in its utilities usage, and offers a more long-term solution to the waste and inefficiency that has dogged the industry in recent decades.

Returning to that construction phase, our research indicates that it is responsible for 0.5-3.4% of emissions depending among other thing upon whether you include transportation of equipment. But we shouldn’t take that as an excuse to shift all the blame towards the operational phase as firstly, the shift towards better ways of building will in time cut back on its CO2 emissions inevitably increasing the share of the initial phase in overall emissions. Secondly, a glance across all construction projects at any given time and any given place in sheer volume terms translates to a lot of emission, no matter its proportion of overall emissions. And thirdly, we can still be better. It’s, to put it bluntly, the right thing to do.

Metrically speaking

So how do we address the ‘what’ in our earlier conundrum at the outset of this piece?

One possibility is the creation and acceptance of an energy usage effectiveness metric that can be used across the industry to measure exactly how efficient we are being at any stage of the construction process.

This is no easy task. To pretend otherwise would set us up for a fall and create an expectation that would be very difficult to manage. But we are working on it and devoting serious resource to the matter because we can clearly see how, theoretically at least, the data lake is the key to making it possible, harmonizing the data and putting us in reach of an equation where we compare total energy used by a fleet on a job site with energy used for actual work and benchmark that against another jobsite.

It may be that we have to establish different kinds of metrics for different kinds of construction and for different stages of the process to make it feasible, where, for example, true utilization of earth moving and powered access differ by design. It might be that a proxy like an output-per-square-meter formula provides a, perhaps crude, but nevertheless common metric that the majority, if not all of the industry can sign up to.

There are other possibilities too. Could emissions be divided by revenue? Number of staff? Other criteria?

The discussion generated shows that for now, anything is possible, but we will also have to get to a stage where the industry filters down and devotes its time to something we can actually deliver.

Getting something we can use across construction is the ideal. Looking ahead, the necessary sensor points fitted to machinery need to be de rigueur enabling fleet owners to manage and report their CO2 emissions with accuracy on as many machines as possible. Then there is the two issues of smaller pieces and older pieces of equipment. For both we are looking into using advanced technologies for estimating proxy usage based on multiple data points, for example, analog inputs, data from similar machines and OEM validated fuel rates.

There’s an extremely powerful business case for owners to be on board with this, based not just on costs, the bottom line and competitiveness, but also taking into account governmental requirements to cost budgets in ESG terms. No-one is discounting that this is a process, but as more and more contractors invest in data-rich machinery, the more we can understand the feedback and use it towards creating sustainability-based KPIs and the development of an industry-standard metric that all stakeholders can buy into.

And new business models that prioritize, say, electrification over diesel engines will also help that process. The industry just has to find a way of managing the inevitable cost that this will entail and look to enable the transition over time. For example, infrastructure for electric or hydrogen vehicles needs to be rolled out on a countrywide basis, and retrofitting new drive trains and electrical engines into older diesel machines also needs to happen on a larger scale.

We also anticipate third parties entering the fray at some stage invoking Campbell’s Law. The law states that, the more important a metric is in social decision making, the more likely it is to be manipulated. It will be the third parties that will effectively refine and, hopefully, improve on how any metric that becomes established is measured and used. It will in effect be a self-perpetuating process driven by business sense, ethics and morality, and a desire for something better.

Don’t underestimate what can be done here. If basic rules, guidelines and a unifying metric emerge, that will filter down the pyramid. Whether you’re a fleet owner in Zambia, a contractor in Canada or an architect in Japan, the case is compelling, It’s just about bridging that gap between where we are now and where we want to be.

If you want to stay up to date on events of the Eliminate Downtime initiative, I encourage you to sign up to our newsletter.

The area’s zoning and geography also affect the construction costs per square foot. For example, earthquake-prone regions tend to be more expensive in terms of materials. Controlling these costs helps owners finish their projects on budget and allows contractors to protect profit margins.

The cost of a construction project can be one of the most concerning aspects for any individual involved in the project. This cost breakdown below will help alleviate some of that concern by detailing where your money goes when you are constructing a building.

A breakdown of the commercial construction costs

Multiple factors must be considered when it comes to commercial construction project costs. It’s not uncommon to feel overwhelmed by the process. However, it’s important to also look beyond the construction phase and consider the operational costs after the build is complete.

Here is a breakdown of the costs that need to be taken into account:

  • Hard Costs: This includes the cost of maintaining the property with the materials and labor needed to make repairs, alterations, and enhancements.
  • Soft Costs: These are the costs associated with services needed to complete your project, including taxes, insurance, and permits.
  • Vendor Costs: This includes several start-up expenses like cables for computers, security, telephones, and signage.
  • Operational Costs: These are the costs over the lifetime of the building to operate it.

Various elements influence the commercial construction cost breakdown

Several factors affect commercial construction costs, including the cost of materials, labor, finishes, design, and permits. Labor can account for up to 40% of the budget, with employee wages, benefits, and training included in this line.

As you begin to think about the type of structure you want to build, it’s important to start budgeting for preconstruction costs. The size and scale of your project will greatly impact how much it costs to build, so be sure to factor that into your planning. For example, a medical office space is going to cost significantly less than a multi-story hotel or a stadium. Knowing these costs upfront can help you better plan your project from start to finish.

Depending on the regional location of your project, the area’s climate may impact the price of materials and finishes. For example, the need for durable and weather-resistant materials and finishes may cost more in the northern and Midwest regions of the US, where snow and ice storms are more common.

While the initial cost of a project may seem like the only factor to consider, additional costs must be taken into account when budgeting. The cost of repairing, replacing, or reconfiguring existing structures and the needed staff should be considered when planning for the future.

How to estimate your construction costs

It can be beneficial to estimate the total construction costs of your project. Construction costs can vary significantly from one project to another and from one location to another. The key factors that affect the cost of a construction project include the building quality, design and architecture, materials, labor costs, permits, and mechanical and electrical systems.

In order to establish an estimate for a construction project, the first step is to identify the class of commercial building it falls into. There are three classes of commercial buildings, ranging from Class A to Class C, with Class A being the highest quality. Once the class has been selected, the next step is calculating the floor area through structural design and architecture. The more complex the architectural design, the higher the construction cost per square foot.

To calculate the total construction cost, you must multiply the construction costs per square foot by the floor area. Construction costs can vary significantly depending on the location, with city buildings costing 2% to 6% more than suburban areas.

After calculating the labor costs, the next step is adding the estimated materials costs. The costs may be higher for large-scale commercial buildings and complex steel buildings due to the number of materials needed and the project’s complexity. Other expenses that may be included are permit fees and the price of interior and exterior finishes.

There is no one-size-fits-all solution for cost estimation, but a good understanding of the relevant variables can help you create accurate estimates.

Trackunit helps minimize construction costs

Trackunit Manager provides you with a total overview of your entire fleet. This solution gives you endless possibilities, where you can track every movement and feature with your own customizable dashboards. It utilizes GPS tracking and alerts, so you can see where your fleet and equipment are located at any time of the day, which helps reduce idle time.

To effectively manage your fleet, you will need data. Data collection can happen through hardware installed directly onto your equipment or vehicles, or it can happen through ISO feeds with compatible manufacturers.

Trackunit Go provides an overview of all assets in the fleet, including scheduled services and active alarms. Trackunit Go helps you stay on top of your equipment by improving efficiency and equipment uptime. The intuitive map clusters show you exactly which assets are currently working, moving, or stopped and even provided a turn-by-turn navigation option.

Trackunit Go makes it easy to approve scheduled services with just one tap, and you can even add new schedules at the same time. For equipment with a CAN bus connection, you’ll see advanced sensor values like fuel consumption, engine speed, oil temperature, etc., in a simple, user-friendly widget layout.

If you want to try our services, you can request a demo here.

When the clock is ticking, we tend to prioritize. And at Trackunit, we’re no different. We’ve been pushing the Eliminate Downtime agenda for some years now, but like any industry-led movement, and particularly in a sector as complex as construction, it’s made up of many moving parts.

As part of that dynamic, we made data sharing central to the strategy in 2021. In 2022, we’re focusing on sustainability. Here’s why.

Turning intentions into actions

Speak to almost anybody in the construction industry, and there is every chance that they will give you a clear indication that they not only like the idea of sustainable construction, they would also like to be a part of making that happen.

Like Trackunit, the vast majority not only sees it as a desirable outcome, it recognizes it is a massive obligation to be taking advantage of the telematics revolution to set up their fleets in such a way that they are actively reducing their Co2 emissions through a variety of measures. But getting from A to B is not simple. In fact, even finding a way to agree on what sustainable construction might actually mean and what it might require is problematic.

In construction, this is exacerbated by a number of factors. We see certain sections of the industry like the large OEMs pushing a sustainability agenda through, for example, electric vehicles, but there is a lack of significant complementary infrastructure, meaning the ability of an electric vehicle fleet to operate for a full day is limited.

It’s not exactly a lack of joined-up thinking we’re seeing here, but it does indicate the issues facing the entire ecosystem where companies focus on their individual strategies rather than take a holistic approach to sustainable construction.

Build the momentum

That’s why at Trackunit, we’ll be focusing our efforts on creating a dialog between stakeholders that we see as the starting point for a more industry-wide approach to sustainability. We already hold Round Table events with leading players and will hold our next such forum in early May where sustainability will play a key role.

This is no one-off to be shelved and quietly forgotten. In June, we’ll be staging the Eliminate Downtime Festival where our stated desire to boost efficiency in construction will sweep a broad brush that will take in the sustainability spectrum followed by a Hackathon ideas forum starting June 10 that will shed further light on where we could go with this. There will of course be more to come later in the year including an industry summit in September because we believe in momentum and agenda setting. And that can only be done through a collective industry effort.

It is, quite frankly, not before time that the industry gets its act together.

We know the intention is there but it’s also not unfair to say that construction as a sector needs a bit of pushing to take action.

The role of legislation here can’t be underplayed. Whether it’s national or supranational, directives or at least guiding principles are evident throughout the developed world and, as a quick glance at history shows, they are vital for progress.

When, for example, the US standardized in-vehicle, on-board diagnostics in the 1990s through its OBD2 directive, it sparked the creativity that ushered in an unintended, but highly welcome wave of innovation. That has since led to the kind of vehicle dashboards that we now consider the norm in the modern day, indicating how legislation can lead to bold changes coming into play quite rapidly.

Let´s walk, not crawl

That kind of legislative stick is exactly what the construction industry needs as that outside help is frequently the catalyst for change. The bolder the legislation, the better.

In environmental terms, and let’s not forget the equally pivotal role of societal dynamics for a more sustainable-friendly world here, the legislative process has predominantly focused on documentation and reporting of Co2 emissions. This is a critical development, but it’s important to remember that this is only the ‘crawling’ stage of our sustainability shift in the industry.

It is, in effect, a retrospective examination of what has already happened. What we really want to do now is get to the ‘walking’ stage and implement systems that enable fleets and contractors to accrue real-time ecological and efficiency benefits on a day-to-day basis.

That needs a fundamental reshaping of the business model to put sustainability absolutely at the center of all your activities. It might sound like a pipe dream, but there are examples aplenty. Businesses that have committed to the process have subsequently opened up new revenue streams that have in many cases helped them turn over a profit that has significantly outperformed where they were.

Schneider Electric, frequently lauded for its transformative business model, is one such example. The B2B electrical distributor reimagined its model to become an award-winning global leader in sustainability solutions and enjoyed €27bn annual revenues in 2019 from €15bn in 2007.

It shows that putting sustainability at the core of your model makes complete business sense as, increasingly, investors are becoming more ESG savvy and deliberately choosing to only invest in those companies that fit their vision of a better world. A framework with a common language for the sector is essential to making that happen.

Creating the framework

So, where do we start? How do we move to the ‘walking’ stage? Perhaps the sensible first step would be the harmonization of data that has become part of the reporting and documenting process. Once in place, we can then think about the creation of a framework and a common language with the OEMs in particular, so that fleets on any given job site can act on the telematics quickly and effectively.

That way, you develop fleets that are more efficient, more optimal and which can have a dramatic effect on your Co2 emissions.

The framework is the key as, with data at the heart of the process, it enables you to use the right equipment at the right time and in a way that the machine was designed to be used.

When that happens, you are really on the way to dramatically altering one of the biggest issues in construction by addressing the idle/productivity ratio of 90:10. We’re chasing a power usage effectiveness metric that, in effect, everyone can use as a benchmark. This is why the dialog process we have set in motion and in which the major industry players are engaged is so important.

Getting there is, of course, not easy and we certainly don`t claim to have all the answers but we believe we can facilitate dialog and that collaboration across the industry and building shared frameworks will bring the entire sector forward. That ultimately makes more sense, economically and impact-wise, than every organization setting up its own sustainability division requiring resource, effort and serious strategic planning.

Personal experience

It sounds difficult, doesn’t it, but I’d like to point to a very personal example where I’ve seen effective change in the elimination of waste and the incubation of productivity happen. In a previous incarnation, back in the early 2000s, I entered a data industry where huge IT centers were the norm and every company had one.

All these servers, routers and switches were being utilized at about 10% of capacity, while consuming huge amounts of energy. That was around the time when modular design was coming into vogue and that meant we evolved quite quickly over a few years to a scenario where we were building as we needed rather than trying to architect a future that might not develop anyway. On a number of fronts, it really was the proverbial game changer.

If we continue on the personal theme, we shouldn’t underestimate the impact of the last two years either that we have all endured in some form or another, as a consequence of the COVID-19 pandemic. There’s been a very real issue for manufacturers to get the parts they require under restricted-trading circumstances with delays of 18-24 months and that has seen companies become very adept at extending the life cycle of their equipment.

If something had a life cycle of 4-5 years prior to COVID, it may well have nearly doubled through better care of the equipment, without in any way compromising health and safety.

If nothing else, it demonstrates that the mentality for change and adaptability exists and that there is an organic or perhaps needs-must sustainability process that is already well underway.

We are, and I will repeat again, at the ‘crawling’ stage on this road, but if I were to sum up, we can’t get off the highway now. Turning back is also no longer an option. So let’s move forward with confidence and propel construction towards the front of the conversation on sustainability. It can be done, but it will be done only when we can come together. We’re making it happen. Let’s see if together, we can make it happen faster.

If you want to stay up to date on events of the Eliminate Downtime initiative, I encourage you to sign up to our newsletter.

Harvard Business Review, 2020 reported, ‘More than 70% of Millennials are now expecting the company to operate on a purpose-driven agenda’. And in a digital world, Deloitte, 2020, stated, ‘The purpose of a company is now as important as ‘digital’ for all generations below 40 years old’.

Follow the Flag

Our clear purpose at Trackunit is to Eliminate Downtime within the construction industry. At first, this may appear an extremely ambitious goal and difficult to unpack, but it encapsulates value generation while reducing inefficiency and waste in one of the least productive industries. We believe that with the clear unifying purpose that our business is built on and the Trackunit community believes in, we have created a pathway to improving productivity, safety, and utilization across the industry’s ecosystems. It is the foundation and the anchor that keeps us steady no matter what other pressures are in play, even during these difficult past two years.

Eliminating Downtime is key to how our data and services are engaged to build-back our industry into one that is truly useful.

This cannot be achieved by a single organization, which is why collaborative engagement with partners and the industry is essential. It’s why our ecosystem includes not just people downstream in our supply chain, but upstream amongst our rental partners, the OEMs we work with, contractor companies, and machine operators. This is true sometimes even with companies otherwise listed as competitors. We understand these are difficult conversations. However, our belief in the goal and our customers’ awareness that we are not solely P&L motivated, are the nuances that allow our partnerships to make the hard decisions for the right reasons. Collaboration with customers, using real-time feedback, helps guide them through new platforms or migrating fleet-wide utilization reports, that when implemented allow customers to solve real problems in new ways.

Organized to meet our purpose and Eliminate Downtime

Within Trackunit, a conversation is never between two people, or adversarial as we have an overriding purpose, which compels faster conflict resolution. Having a common goal empowers every individual within the company to focus on building tools to support value creation for the customer. This builds positive relationships with shared outcomes. We put a great deal of store in open customer conversations with active feedback from internal groups, partners, and customers. We share this widely to promote an understanding of customer goals and emerging trends.

Internally, our structure mobilizes people rather than manages them. We have actively worked to remove knowledge silos, so information is available across all areas of the business. Regular ‘New Tracks’ meetings involve open sessions for everyone to engage in discussion of wide ranging topics, gain inputs and knowledge, receive guidance from colleagues and connect with other departments and activities. It has been a proactive effort to humanize Trackunit, connecting on a personal level to build better, more trusting relationships.

Standing firmly on two feet

To run effectively as a business, the organization must have two strong legs. Trackunit’s technical and commercial people enjoy equal standing in the company, just as social and economic impact are common goals. This focus on balance has created a business that is in touch with its environment and willing to evolve to meet its needs.

Throughout a challenging 2021 for the global supply chain industry, Trackunit maintained 99% of our delivery deadlines.

Today, through ongoing discussion and inputs from our regular New Tracks meetings, we are now more closely aligning our supply chain and sales data to better support individual departments, our partners, and our customers.

Although our purpose-led business may appear challenging to many organizations, we believe in an age where The Great Resignation is confounding HR and senior management across the globe, many need to reconsider what their business purpose is and whether that aligns across their entire organization.

If you missed Trackunit Next, I encourage you to watch the sessions on-demand here.

The modern workplace is flooded with an ever-growing number of software tools, and it is becoming increasingly difficult to keep track of them all. From task managers to communication platforms to accounting software, the options are endless – and they are multiplying all the time. Luckily, there is a solution: tools management software. This type of software helps you keep track of all the tools you use at your workplace and on the construction site.

The management of tools, both in and outside of the workplace, is an important factor in safety and productivity. Tools are often misplaced or left out in the open, where accidents can happen. In order to prevent these from happening, effective tool management software is a must.

Tool tracking software can help track where tools are located, who uses them, and how long they last. It also helps enforce safety measures by ensuring that tools are properly stored when not in use.

Tools management software – what should you consider?

You can use tools management software to track the location of your tools, inventory levels, and the age and condition of your tools. This information can help you make better decisions about future tool purchases and help to prevent lost profits from unused or misplaced tools.

There are many tools management software options on the market. It can be hard to decide which one is the best for your business. Here are a few things to consider when choosing tools management software:

  • Ease of use: The software should be easy to use so that you and your employees can learn how to use it quickly.
  • Flexibility: The software should be flexible so that it can adapt to your company’s needs.
  • Reporting: The software should provide detailed reports so that you can track your company’s progress.

Benefits of using tool management software

Tools management systems are a tool for asset tracking that allows businesses to handle their inventory management. This type of software is beneficial to companies because it can help them save money and time.

In order to complete their jobs successfully, construction crews need the right tools and equipment. Field commandeering helps them get the necessary supplies quickly and efficiently, with notifications that keep them updated on the progress of their order.

With near real-time data centralized in one source, your team can quickly generate invoices and financial reports, allowing them to forecast more accurately and improve strategic decision-making.

Discover our Trackunit Kin solution

Trackunit Kin takes construction connectivity to the next level by leveraging our fast-growing network of hundreds of thousands of connected devices worldwide. Trackunit Kin is a major step forward in our mission to eliminate downtime.

It uses cellular and Bluetooth edge connectivity to create a self-reinforcing network effect among equipment. This makes it easier for businesses to keep track of their equipment and avoid costly interruptions.

Trackunit Kin can communicate with any Trackunit Raw unit, making it possible to discover and transmit data from the entire global install base.

Times are Changing

After a period of negative growth construction is now turning a corner and technology has been critical to this upturn in fortune. This is something that has been recognized by the innovation and investor sectors – since 2015, $11.1 billion has been invested in Construct-Tech start-ups. It seems clear that investments in construction technology are set to drive additional productivity and revenue in the coming years, as well as provide a platform for greater sector sustainability.

The opportunities to reduce inefficiencies across the construction ecosystem remain a huge task – data and analytics will be key to achieving this. Data-driven companies are already 23 times more likely to outperform competitors, and 19 times more likely to achieve above-average profitability. And data is becoming an increasingly important asset within construction.

My Word is my Bond

From an investor standpoint, according to Florian Wolff, of Hg Capital, technology is an enabler rather than the product. The investment is in the value created in new workflows, enabling insights, and allowing real-time decision-making. To reinvent construction, value chains are being reconfigured.

Success will depend on transforming closed and proprietary systems to open systems, and moving from centralized to decentralized relationship models.

This level of trust and collaboration can be seen in all successful markets.

Digitalization creates new growth in old industries. As an investment, construction technology is a rapidly emerging opportunity, moving from its earlier low complexity use cases, such as geofencing, to the creation of multi-variable optimization processes.

Today, it is increasingly serving a range of stakeholders, including customers, operators, as well as wider society with sustainability metrics. Responses to Covid restrictions and supply chain disruptions ramped up industry awareness and adoption, with 89% of industry players initiating digital-first strategies, while new technology entrants continue to promote a plethora of solutions to the market. However, fundamental change is required to position organizations to perform in the longer term.

Construction must be more innovative in creating new business models that fully utilize technology and change the business outlook to more data-led, collaborative, inclusive, and sustainable processes. Data from Bain & Co, informs us that business model innovation generates greater than 10 times margin growth against product and operational changes. Moving forward, ecosystem players will drive up to 30% of future revenues.

Standardization in Thought and Deed

Standardization in construction profit pools, such as prefabricated products, and tech infrastructure, will help the growth of interlinked profit pools, creating more collaboration. In a market segment that is expected to grow to $14 billion by 2027, new construct-tech, has been joined by global technology companies fragmenting the segment with no clear data owner. However, the expansion of collaboration in the profit pools with industry players increasing focus on innovation and partnerships show the willingness to implement standards.

Strategic Partnerships will Grow Digitalization

On a granular level, for OEMs like Terex, strategic digital initiatives are being implemented to create more value for customers through increased efficiency and reduced customer downtime. The past two years have seen Terex transition to new business processes with greater digitalization, a restated focus and investment in core initiatives.

Meanwhile, rental company Cooper Equipment has been making further inroads with customers by providing more solutions to a wider breadth of their everyday challenges. These growing relationships provide better resources and technology that assists customers to be more effective.

Both Terex and Cooper Equipment understand it is not just about machine data, we all need to be capturing environmental data to better understand equipment lifecycles, where they are and what conditions they are operating in.

We are seeing that change, with moves towards more shareable data in standard forms. The relationship between rental, OEMs, operators, and technology partners is changing with more ecosystem development. However, we must be aware that this can create unmanageable situations with the availability of multiple data portals. Working with Trackunit, Cooper Equipment now utilizes one portal to access all OEM relevant data, which it states has been a game-changer.

On the question of sustainability, both companies are invested in developing and supporting hybrid and fully electric equipment. In fact, Cooper Equipment’s was the first rental fleet to include battery-powered JCBs and today believes there’s a growing appetite for more electrically powered equipment as customer range anxiety diminishes.

What is evident is that wherever the organization is in the ecosystem, growth in the modern construction market will depend on strong customer service capabilities, constant innovation, and collaboration, while at the same time servicing the entire value chain.

If you missed out on Trackunit Next 2022, I encourage you to watch the sessions on-demand.

Asset maintenance management is a critical piece of any organization’s overall operations. By failing to maintain assets properly, an organization risks losing productivity, incurring safety hazards, and spending more money in the long run.

That is why it is important for organizations to have a well-defined asset maintenance management strategy in place. This plan should include protocols for identifying and assessing assets, developing and prioritizing maintenance tasks, and tracking performance over time.

One of the most important – but often overlooked – aspects of any business is asset maintenance management. Asset maintenance management can be divided into two categories: preventive maintenance and reactive maintenance.

  • Preventive maintenance is designed to identify and fix potential problems before they cause damage.
  • Reactive maintenance is reactive and is used to resolve issues that have already occurred.

Asset maintenance management is an essential part of running a business and should be given the attention it deserves. Book a demo here.

How is asset maintenance management defined?

An asset maintenance management strategy (AMMS) and an asset management strategy are different. An AMMS is a crucial piece of an organization’s overall success, as it helps manage your physical assets and their lifecycles. On the other hand, asset management includes all aspects of an asset’s life, from research and purchasing to disposal.

Asset maintenance management is important for understanding and controlling the costs of maintaining your assets. An asset maintenance management strategy (AMMS) is a key part of an overall asset management strategy.

The importance of developing an asset maintenance strategy

The main goal of an asset maintenance strategy is to prolong the life of vital company assets and reduce the likelihood of unplanned outages, which can cause serious disruptions to business operations. Several key steps can be taken to create and implement an effective asset maintenance strategy. By following these steps, you can ensure that your vital assets are well-maintained and running smoothly.

An effective asset maintenance strategy is key to increasing asset performance and minimizing costly downtime. There are a number of factors to consider when creating an asset maintenance plan, including:

  • Performing regular inspections and preventative maintenance.
  • Tracking critical spares and parts.
  • Developing a service and support plan.
  • Creating a schedule for routine maintenance tasks.

By taking these steps, you can develop a comprehensive asset maintenance strategy that will help you keep your business up and running while reducing maintenance costs.

Let Trackunit handle your asset maintenance management

There are multiple advantages to using asset maintenance software to give you an overview of your fleet. GPS location technology can help improve predictive maintenance schedules. Plus, understanding asset utilization and eliminating downtime offers a substantial advantage over competitors who have not yet adopted telematics. You can see our service here.

Combining telematics with fleet- and asset-tracking software can improve efficiency and increase the value of your vehicles and other construction equipment fleetwide. Have questions? Contact us!

Fleet tracking apps are a widespread trend in the fleet management industry. A fleet tracking app helps business owners and fleet managers track their vehicles in near real-time. This type of app is beneficial for companies that have a large number of vehicles and want to improve efficiency, save money, and increase customer satisfaction. There are many different types of fleet tracking apps available on the market, so it is important to do your research before deciding which one is right for your business.

Fleet tracking apps are a must-have for businesses with fleets of vehicles. A good fleet tracking app will allow you to track your vehicle locations in real time and monitor fuel levels, engine temperature, and driving behavior. This can help you reduce fuel and maintenance costs, as well as improve your drivers’ safety.

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A mobile fleet tracking system for your fleet manager

Fleet managers should use mobile technology to their advantage. Fleet tracking mobile apps allow you to monitor your entire fleet from wherever you are. Mobile technology makes fleet management easier and gives you more control over your fleet’s movements.

Fleet management software integrates with various GPS and telematics providers so that you can track your fleet’s location and other data points like maintenance, fuel consumption, and expense breakdowns in one central dashboard or app.

Experience our fleet tracking app: Trackunit Go

Trackunit Go is a mobile application that helps businesses monitor their fleets in near real time. By providing accurate location updates, you can feel confident that your fleet operations are on schedule and under control.

Trackunit Go offers a variety of features to streamline your processes, such as temperature monitoring and tamper-proofing. You can rest assured that your operations are being handled with precision and care. Trackunit Go is the perfect way to keep your business moving. With our simple and easy-to-use app, you can track your fleet, manage your expenses, and ultimately increase your operational efficiency.

Trackunit Measure of Customer Satisfaction

Our number one KPI is Customer Health. This metric helps us understand our product adoption, helping us focus on supporting customers to digitalize their operations and gain a strong return on their investment. Realizing customers’ value, and unlocking critical workflows through digitalization, is demonstrated by the growth in the total number of weekly active users of Trackunit Manager and Trackunit Go. Furthermore, increases in the volume of users within each customer illustrate greater penetration and data use across the customer organization.

The Market Developing and Growing in IoT Maturity

It’s significant that connectivity of equipment is a growing feature. This is especially prevalent in larger and higher-end machines, where very few leave the factory gate without the capacity to be connected. However, the further down the equipment pyramid you travel, the rarer that facility becomes. Clearly, to really accelerate IoT efficiencies and benefits, the industry needs a more connected worksite in which all equipment is visible.

In our consumer lives, we have adjusted to the convenience of connectivity. Therefore, all environments where we don’t have everything at our fingertips essentially jar with our otherwise everyday experiences. The transition to this in construction will not be simply about the provision of machine data but will require a view that draws from the wider connected network. It won’t be an easy journey to arrive at that point.

Trackunit agrees with the recent IDC survey that indicated that we’re all investing heavily in IT. Through this investment, we are beginning to see more advanced use of data and telematics in construction. However, there are still challenges. As we look at waves of industrial development, the connecting of core equipment in order to gain operational efficiencies is already in full swing.

Moreover, data collection is only the first step towards the industry’s ability to innovate new products and solutions. However, there is a sharp drop in the number of companies investing, and an even greater proportion is unable to operationalize their investments. 

At Trackunit, we see how progressive rental companies are accelerating the digitalization of their business models and in their attitude towards innovation.

In these respects, they are pushing the OEMs at one end, whilst pulling customers along from the other.

Rental companies will therefore provide a vital motivational force to help construction live up to its billing and achieve the fastest growth in spending on digital transformation 2020 – 2025. Meanwhile, at Trackunit we’re continuously involved in helping our customers to operationalize the intent behind their investments.

However, it’s hard to realize outcome-based services. We’ve taken a step back to look at why this is so. The answer is of course complex and requires the industry to address five challenges – People, Platform, Connecting the entire job site, Customer Experience, and Sustainability. Since each of these headings is a topic in its own right, stay tuned to this blog for more information.

What to expect from Trackunit. Sustainability is high on the agenda.

Every piece of research, every survey stresses the need for greater sustainability. For instance, 88% of respondents to a recent poll said ‘they want to make a positive impact on the social and environmental issues that are facing our world’.

92% of S&P 500 companies are now reporting on sustainability.

For many of us, at home and at work, the way we align with brands had become heavily influenced by environmental constraints such as the carbon footprint of the products and services we choose.

Every day our customers are investigating new ways to meet their ESG goals, and delivering insights on CO2 emissions and various use data for machinery across fleets is essential. Emissions and sustainability goals can only be achieved through data acquisition, and you cannot measure what you don’t record. Many of our customers realize that their ESG priorities are becoming the ‘license to operate’ and we are working with them to implement the processes and systems to meet their requirements.

Data and the Platform Economy: Trackunit Developments

Today we’re collecting data from around a million data points. And working with our OEM partners, not only are we integrating more and more ISO feeds, we’re acquiring better quality data which is also more harmonized. Coincidentally, we’re also helping our OEM partners to get more value out of the data inside Trackunit Manager.

We’re also extending our OEM network – you may have seen the recent announcement with Hilti – meeting the requests of systems integrators to interact with data from third-party systems. We have a firm belief that no customer should feel locked into the Trackunit platform and that, observing all the requirements for security, data should be free to travel between platforms.

Operator Safety – a clarion call

Finally, the safety of those working on construction job sites is a constant theme, and I want to mention the success of IPAF’s digitalization scheme for operator training and authorization.

The ePAL digital card was the result of a collaboration between Trackunit and IPAF.

To date, over 110,000 digital identity cards in around 52 countries have been downloaded.

This means that operators have up-to-date authentication, down to the machine level, ensuring qualified employees are operating machines on-site, which will increase site safety.

I’m very proud of Trackunit being invested in this program. But as inspirational as this work by IPAF is, we must broaden this technology across the market, to support and extend the use of operator licenses and increase safety. I’m looking forward to equipment OEMs embracing the system and the standard, to help propel this ground-up approach to operator safety to even greater success.

In case you missed Trackunit Next 2022 you can watch all sessions on-demand here.