10 Key Benefits of Construction Inventory Management Software
December 6, 2022
I bet you didn't realize that poor inventory management is one of the major causes of construction project delays, which can account for an extra 20% of the original cost estimate. If you don't have strict control over your inventory, it'll be harder to deliver your projects on time and within budget, which is why software dedicated to construction inventory management is a great tool.
In this article, we'll show you the top ten benefits of adopting it for your business.
- Reduce bottlenecks on your jobsite
- Better utilization of your equipment
- Keep records of your materials, tools and equipment
- Improved capturing of expenses
- Buy only what you really need
- Reduce material, tools, and equipment theft
- Track everything in one place
- Better cash flow
- Smarter pricing based on budget and margins
- More time for growing your business and less for data entry
1. Manage Inventory Across Multiple Job Sites
Keeping track of inventory in multiple job sites can be difficult. If you are using a system, you will know at all times where all materials, tools and equipment are located. You'll know what has been used and what needs to be ordered, and you can manage your inventory more efficiently. The system will save you time and money since unnecessary re-purchases will be avoided and you have the correct supplies on hand for each job.
2. Receive Notifications for Low Supplies, Parts, and Materials
Empty shelves are a recipe for costly delay. Construction inventory management can warn you when supplies, parts, or materials are running low, which means that you'll never be caught blindsided by inventory shortfalls. Constant vigilance on inventory levels is one way to keep your business on track, while the other is to meet deadlines and extend your project workforce consistently.
3. Track High-Value Equipment and Tools
High-value equipment and tools are usually one of the major investments of every construction company. Hence, tracking the location and status of your major assets can help prevent loss or theft of these equipment. With construction inventory management software, you will likely receive alerts when equipment requires maintenance, ensuring that you can ensure your assets are all in good condition and decrease downtime.
4. Manage Inventory from Anywhere on Your Phone or Tablet
One of the main benefits of construction inventory management software is its mobility. You can access inventories from anywhere like in a job site, the office or on the go. Mobile access to your inventory information in real-time gives you the ability to make informed decisions on the go. This benefits project efficiency greatly by eliminating bottlenecks.
5. Organize Inventory Based on Active Jobs
Organizing bulk inventory by active jobs allows you to allocate your materials smarter as construction inventory management software tells you exactly what is needed for the job, and what's left on the pile. This targeted approach to inventory allows you to reduce waste, save money and be sure that the materials each job site needs are always stocked.
6. Visualize and Search Your Stock with Ease
With construction inventory management software, you can easily see at a glance how your stock is distributed across all projects. You can use simple search functions to locate particular items, check stock levels, decide when to replenish your supplies and more – a much faster process than running around to locate missing items.
7. Create Custom Fields to Track Important Details
No two construction companies have exactly the same inventory needs, which is why construction inventory management software allows you to tag custom fields. These fields are for what exactly? Arbitrarily whatever information you want to keep track of that will simplify the day-to-day management of your inventory, including manufacturer information, model numbers or even specific dimensions of goods and materials.
8. Monitor the Condition of Your Equipment
Maintaining the working conditions of your equipment is crucial for being efficient and safe on the job site, which is made possible by the Construction inventory management software.
You can upload photos and leave notes regarding the condition and state of each item cataloged by the construction inventory management software. This allows you to proactively manage equipment – so if you notice any issues, you can administer the needed repairs and maintenance, or replace broken parts.
9. Prevent Project Delays
Construction delays are commonplace, but they aren't inevitable if you are able to understand and manage the inventory and order status of all your products in real-time. With the help of a construction inventory management software, you can bring all your orders onto one website, anticipate potential problems, send notifications to your team, arrange materials into categories, and lower the risk of costly delays, ensuring that your projects stay on track.
10. Maintain Strong Supplier Relationships
Maintaining good communication with your suppliers is very important to keep your projects running well. Construction inventory management software allows you to keep a track of your supplier list, your order history, and your vendor contact information so you are always up to date on your inventory, what needs to arrive, and when your previous orders are expected to arrive. You can use construction inventory management software not only to keep track of what you need, but to also pay your vendors in a timely manner so they don't penalize you with late fees and the risk of a negative relationship between you and your vendors.
Find the Right Construction Inventory Management Software for Your Business
Construction inventory management software helps keep track of your inventory, which in turn improves accuracy, efficiency and project management, all at the same time. If your business or contracting firm has not yet found a construction inventory management software that works for you, now is the time.
Britecheck has the right construction inventory management system for you. Schedule your demo today.
Try Britecheck today to find out how you can not only simplify, but also improve the way you manage your inventory needs in your construction business.
