It is immutable in human history that technology always has something to do with evolution. From sticks and stones in mathematics, science, or art to artificial intelligence, technology has brought a great deal of convenience and specialised knowledge, especially in developing a country’s economy. One great example is Singapore.
Infrastructures were constructed systematically in Singapore, resulting in high GDP and a low unemployment rate. Today, Singapore is one of the wealthiest and modernised countries globally. The government tapped related industries such as power, mining, and engineering to transform these plans into reality.
All these industries required a labor workforce from construction and heavy equipment industries. But how are the companies in this industry doing in coping up with the constant technological advancements? Although the industry will go on for years, the companies are facing real challenges.
Hence, construction, heavy equipment, and related companies should calculate a business plan that would make them remain operational even if another virus hit again. (Let’s hope there’d be none.)
The use of technology in heavy equipment and construction companies will upgrade their productivity into sustainable daily operations in the long run.
We have laid out some of the challenges that the heavy equipment industry faces today. We have also highlighted how technological solutions, like ERP (Enterprise Resource Planning), can solve or manage these barriers.
There are different kinds of ERP and BIM (Business Information Modeling) available today. These revolutionary solutions will help you address the increasing demand in the market and the growing complexity of each project due to modernisation.
Yes, every company has competition in the industry. Best to stay aligned with or ahead of these competitors all the time, thus investing in ERP solutions will give your company an edge offering your customers updated tools and workflow.
Keeping an eye on it 24/7 is just one of the advantages you can benefit from using an ERP solution in your business. There are also ERP software solutions that are web-based and do not require the users to install applications. Also, choose a cloud-based ERP software that is cross-platform.
Companies in the heavy equipment industry require labor with data management duties, and documentation is never an easy job. Cross-checking between actual assets and log records affect the operations significantly. The business needs to have accurate data to implement the project plans on time and move forward with ongoing and upcoming projects. Any delays from one project will bring a domino effect and result in contract lapses.
Data management or documentation process is just as important as the onsite jobs. A financial report, which is vital for KPIs, is very demanding for the accountants. Balancing books or producing bank statements manually can take hours and days. If you count the hours multiplied by the number and the frequency of preparation of these financial reports, you’ll save a great deal of time. Time is gold, they say.
There are ERP software solutions available in the market for complex data management, including accounting management. A reliable ERP software solution supports an accounting module, which gives a clear view on the business financial movement, where you can easily monitor outstanding payables and receivables and credit follow-ups.
Data input, documentation of vehicle and driver history, vehicle maintenance scheduling, and financial or operational reports summarising and analysing the business performance can be customisable to match your business needs.
Skilled Labour Shortage/Sustainability
It is very convenient that computers are now part of our daily lives and considered a necessity. However, for this industry, specialised knowledge is required for safety and efficiency. And there are fewer and fewer young adults interested in this type of job.
It is crucial to keep an eye on the possible challenges brought by this upcoming quandary and its relevance to the constant technological advancements.
Integrating business operations with technology is the best way to address the rising dilemma stemming from the change in the working-class age bracket. It will also create an avenue for career growth and environmental preservation for either going paperless or less paperwork.
Younger generations are more interested in modern technology, and this can expand your hiring scope. Also, selecting ERP software solutions must be chosen carefully. Choose something with direct manipulation in its UI and can be customised in line with your business needs. The support must also be reliable, and they provide training for your employees if necessary.
Calibration Standards/Risk Management
The BCA or Building and Construction Authority requires the heavy equipment vehicles calibrated regularly, and companies need to maintain their assets for robustness. People need to maintain their health to continue living and upgrading the quality of their lives. So does heavy equipment vehicles to your business.
One incident will lead to profit loss, much worse, when public safety is compromised. Therefore, regular vehicle maintenance is a must. It will make your business keep going.
You get to see the business in a holistic view once you select the right ERP solution; therefore, you get to do more for your company as an owner or a manager.
Either you are in the heavy equipment industry, construction, shipping, etc., taking advantage of the available resources in the market will be beneficial. Make sure that these resources maximise the opportunities in business growth.
Everything mentioned to address these key challenges is available in one cloud-based ERP software solution. Fleetnetics.
Fleetnetics, powered by DewTouch Innovations, has over 100 modules that are customisable to match every unique business operation. Everything is accessible on the web 24/7 through a phone, tablet, or desktop computer. Fleetnetics can also be on-premise, depending on your preference.
It can help you keep track of the scheduled maintenance of each heavy equipment vehicle. It can also help the users with the hand-over and take-over checklist and the spare parts inventory digitally.
The managers/approvers can sign the contracts, agreements, or invoices electronically and send them out in bulk via email.
The users can view a more organised schedule, and higher positions can oversee the project timetable, the person-in-charge, and the overall progress. Users can also prepare and monitor financial and operational documentation such as KPI reports.
You can manage everything in Fleetnetics, customisable to fit your needs. May it be for the rental, workshop, or spare parts distribution management. We also have DewTouch support to hear your concerns and address them within 24 hours.
We wish you all the best in your upgrade journey this upcoming transition of the Chinese calendar year. We hope you find the ERP software solution best suited to your business needs.
Stay relevant and safe!