Monday, 3 March 2014

Rebuilding the construction industry: a case study

Since the GFC, the construction industry has become a shining example of an industry that has rebuilt itself and is once again experiencing positive growth. The construction boom came about as a result of a combination of factors, including housing prices, low interest rates and consumer confidence. The growth has also seen an increase in the use of specialised rental software for managing equipment and operations, which companies have found invaluable in helping them keep up with the competition.

Markets on the Rise 

Partly due to increasing demand in the housing market, we saw a rise in the sale of new homes in early 2013, which has continued into 2014. Accordingly to the National Association of Home Builders, new home sales in the last quarter of the year increased by more than 14 per cent from the same time in the previous year. The construction industry has taken advantage of the greater demand for new homes, particularly in master-planned communities with several hundred plots of land, to foster positive growth.

The new homes sector is not the only one feeding the construction boom. Commercial properties are another growth area. New leasing for commercial real estate has risen to higher levels in the past year, while at the same time, vacancy rates for office, industry and retail markets have declined over the same period.

An important indicator of strong growth in a particular sector is the increase of employment. Over the past year in almost every region, the construction sector has seen an increase in the number of workers employed.

The right tool to manage the boom

The right rental software solution provides you with the flexibility to handle a wide range of equipment in the construction industry. At every stage of a project, a rental software can perform the following functions:

  • Inventory control
  • Contract management
  • Truck loading and routing info
  • Utilization stats
  • Complete service history
  • Maintenance thresholds
  • Tracking repairs and work orders
  • Maintenance thresholds
  • Reporting
A rental software can even offer you more than these basic features. With the proliferation of global position systems in heavy-duty vehicles, you can now send, receive and store information such as fuel usage, driver behaviour and route planning through telecommunication devices. This allows employees on a project to access all the details of a project phase.

With the prevalent use of heavy and large-scale machinery in the construction industry, it is vital for a business to keep track of its equipment maintenance over the long term. With the right rental software set up, your company can keep up-to-date with the integrity of each piece of equipment and avoid surprise expenses relating to major equipment repairs down-the-track.

Looking ahead for the construction industry

The continuing evolution of building materials and methods is revolutionising the handling of construction jobs. The way homes and commercial real estate are being built has changed even from two years ago.

A rental software is an essential tool in this era of construction innovation. Rental software has developed into the world of mobile platforms and user self-service. It allows customers to complete complicated tasks such as requesting equipment, drafting contracts and completing projects through their smartphones or tablets. With the right software set up, construction project management can happen in real-time with greater accuracy. This in turn increases productivity on a construction project.

inspHire is a leader in providing rental software to the construction industry, with special features tailored to help construction compnies achieve greater productivity year after year.

  • Reporting: get in-depth reporting, with time utilisation and graphical display.
  • Maintenance operations: track preventative and remedial maintenance, maintain an inventory of parts, store instructional and safety information.
  • Support and security: get access to telephone support, on-screen help, real-time updates, single and multi-users, and user training. 
Having the right rental software can help you adapt to the changing construction landscape and streamline your project workflow. Any changes made are simple and easily integrated into a job. Save time and achieve greater efficiency with inspHire’s rental software, contact us today!

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