Introduction
When working on a construction project, you definitely want to find your materials, tools, and equipment when you need them, right?
As if you’d say anything but yes, lol!
For this to happen, you need a construction inventory management tool.
Since you run a construction company, you’re either using one right now or thinking of purchasing the tool.
If you’re looking to buy a Construction Inventory management tool, you’ll want to know:
- What is a construction inventory management tool?
- What features should you look for in an inventory management tool?
And if you already have an inventory management tool, you’ll still want to know:
- How to set up a construction inventory management tool in few easy steps.
Either way, this blog right here is a goldmine. Read it and try to implement the strategies mentioned.
What is a Construction Inventory Management tool?
A construction inventory management tool is a software or system designed to help construction companies keep track of their materials, equipment, and supplies. It assists the construction team in managing inventory levels, tracking usage, ordering supplies, and controlling costs. This, in turn, results in efficient day-to-day operations, decreased cost overruns, and timely task completion.
Let’s take an example to understand how a construction inventory management tool can help you:
John is a project manager at a mid-sized construction company. His team is working on a large commercial building project. The construction project requires managing a vast amount of materials and equipment. John faces these 3 major challenges in this role:
He needs to keep track of various materials such as concrete, steel, and lumber, as well as equipment like cranes and mixers. Without a system, he struggles with knowing what’s available, what’s running low, and when new orders are needed.
Occasionally, John orders too much of some materials and runs out of others, leading to delays and increased costs.
He is unable to keep track of equipment like bulldozers and excavators that need regular maintenance and must be accounted for when moved between sites.
In short, he needs to track inventories, avoid overstocking and understocking & manage equipment usage.
What features should John look for in a construction inventory management tool?
1. Real-Time Tracking: A Construction Inventory Management tool provides a real-time overview of inventory levels. John can see exactly how much of each material and piece of equipment is available at any given time. This helps him avoid overstocking or running out of crucial supplies.
2. Automated Reordering: The Construction Inventory Management system can set thresholds for minimum inventory levels. When stock drops below these thresholds, the tool can automatically generate purchase orders or notify John to reorder supplies. This prevents delays due to material shortages.
3. Equipment Management: The inventory management tool tracks the location and usage of equipment, schedules maintenance, and manages check-in/check-out processes. John can easily see which equipment is on-site, its current condition, and when it is due for maintenance, ensuring that machinery is always in good working order and minimizing downtime.
In short, by using a construction inventory management tool, John can streamline his inventory processes, reduce costs, and ensure that materials and equipment are always available when needed. Thus, John can ensure that projects are executed smoothly, with fewer delays, and can contribute to the success of the construction projects.
How to set up an inventory management tool in 12 easy steps?
Create an Inventory Database:
Before you start using your construction inventory management tool, set up your inventory database. You can create a catalog of all materials, tools, and equipment. Make sure you provide accurate descriptions to make retrieval easy in the future. Enter other details such as item descriptions, quantities, locations, and any relevant supplier information.
Customize your dashboard:
A dashboard helps you gauge through all the important data at once. You get quick access to frequently used functions, summary statistics, and visual data representations. For instance, you can prioritize viewing items with low stock levels first or track high-value equipment.
Inventory Tracking
Real-Time Inventory Tracking:
If your construction inventory management tool offers a real-time tracking feature, you can use it to check your stock anytime you want. The system updates quantities as items are used or added, providing a current view of your inventory.
Set up Automated Alerts for Low Inventory:
You can stay informed about your stock levels by configuring automated alerts. This way, you are notified if your inventory drops below a certain point, so you don’t need to worry about stockouts.
Manage your Inventory Orders
Create a purchasing order within the tool:
You can use the inventory management tool to create and manage purchase orders for your construction firm. This way, you can centralize your purchasing process and track your orders from creation to delivery.
Automate your reorder points:
By using a construction inventory management tool, you can automate reorders for essential items. This means you can generate purchase orders automatically before your stock levels fall below the predetermined threshold.
Track your order status:
You can easily track the status of your order using a Construction inventory management tool. Thus, you can make sure that you receive your construction materials on time.
Generate Inventory Reports
Use Analytics to forecast future inventory needs:
You can keep track of where your resources are being used across various construction projects. This will help you to identify trends and areas where consumption is higher. With this information at hand, you can easily manage and balance your inventory between projects and avoid understocking and overstocking.
Get regular inventory updates:
You can regularly track the status of your inventory to get a clear view of your stock levels and usage patterns. You can use this information to make future decisions related to inventory allocation.
Integrate with other Construction Management Tool
Sync with other Project Management Software:
When you integrate your project management tool with your inventory management tool, you can ensure that your inventory is available for your projects according to your timeline.
Use APIs to facilitate seamless data flow:
If your Construction Inventory Management Tool supports APIs use them to enable smooth dataflow. APIs also offer consistency and accuracy in your inventory data across different platforms.
Keep checking in your inventory to avoid loss and theft:
Carry out regular audits of your inventory to avoid loss and theft. The inventory management tool helps with this by using audit trails and inventory histories.
Conclusion
Let’s walk through it once again. Why would you as a construction company subscribe to a Construction Inventory Management tool? To track materials, tools, and equipment, and to source them when required, right?
And what features will you need to make this happen? Features such as real-time tracking, automated alerts, API integration, and others are mentioned in the blog.
There are a number of inventory management tools available on the market. However, if you’re looking for tools specifically designed for the construction field, you should check out BLDON. The software offers various other tools needed for construction projects, such as estimating tools, bid management, scheduling, purchasing, a project management system, and more. Its inventory management tool includes all the features we’ve discussed so far and more. Plus, they are offering a lifetime free subscription for up to 5 users.
Now is the time to invest your time (without spending your hard-earned money) in a cutting-edge construction inventory management tool and elevate your construction project management.
