There’s a reason construction equipment rental companies are increasingly turning to IoT and data fusion platforms to improve their operations – it’s efficient and cost-effective. It also provides insights that can power up your profits.
But how, exactly, does data fusion asset monitoring work?
What is data fusion asset monitoring?
Data fusion asset monitoring is the process of taking data from a range of sources (including your assets) and piecing them together into a single clear picture or narrative. Plant owners and operators have access to huge amounts of data – more than ever before. But often, they don’t have the time, knowledge, or expertise to use that data to its full potential.
This is where a data fusion platform comes in handy.
For example, on any given workday, on any given construction site, a range of data sources feed into various platforms. An excavator will send data to its manufacturer. Workers sign in through the site’s workforce management system. Third-party GPS systems communicate with surveyors. And fuel tank levels are monitored by another platform again, or maybe just by sight, pen and paper.
A data fusion platform can take all of this information and translate it into a single, easy-to-understand narrative. And that narrative can help you to monitor your assets and streamline your operations.
How this helps to boost your business’s bottom line
When all the data you need comes into one centralised, intelligent platform, you can automate workflows, identify process issues and avoid costly mistakes.
Using a data fusion platform to help you monitor your fleet can make you more efficient, reliable and valuable to your customers. It can also free up your time to focus on growing your business – rather than just running it.
Let’s break down how this happens.
Gain visibility over what’s happening with your equipment, and then automate
Increased visibility and understanding leads to quicker, more efficient and more informed decision-making. For example, if an excavator’s fuel level is getting low or a generator battery is starting to fail, you have that information in real-time.
This helps you to react to – or altogether avoid – any issues that may arise. And when this rich data all works together, you can use it to automate your workflows.
Maintain your plant by ‘hours used’ rather than ‘hours on site’
When two identical pieces of plant leave your yard, their journeys may look very different.
One may have been run at full capacity for a 60-hour week, while the other was left in a shed, unused.
The telemetry systems on each machine can give you this data – if you look for it. And a data fusion platform like Perspio™ can receive and analyse that data, then use it to trigger a servicing notification for one and not the other.
If you maintain your fleet based on usage, rather than on time frequency, you end up servicing based on ‘hours used’ rather than ‘hours on site ’. As a result, you avoid wasting resources like fuel, oil and your plant mechanic’s time by over-servicing.
More efficient servicing can also help you find and prevent problems before they arise, saving the equipment wear and tear – and your time and money.
Manage rental turnaround time
There is increased efficiency in knowing exactly where your equipment is at all times. Not only can you run a needs-based maintenance schedule, but you can also minimise both admin and turnaround times. Avoiding unnecessary manual checks eliminates a common bottleneck, so your plant isn’t sitting around unused when it could be out on dry hire.
This streamlines your way of working and puts you in the position to always have correct and up-to-date information for your customers, as soon as they enquire.
Give your customers data that can increase their productivity
Much of the data you collect is as valuable to your clients as it is to you. That means you can increase your value as a company by providing both machinery and rich contextual data that could improve their productivity and workflows.
(And when you increase your value to customers, as well as their overall customer experience – you can increase your rates too.)
Experience immediate cost benefits
When you invest in an asset condition monitoring management solution like Perspio™, the cost benefits are almost immediate.
In fact, depending on your operation’s set-up, ROI can happen in months.
Most machinery now comes equipped with telemetry, but there can be a minimal start-up cost for any that doesn’t. And as far as the costs to run a data fusion platform go, as soon as it saves you 10L of fuel, you’re ahead.
Simply automating the reconciliation of fuel tax credits at the end of the month can lead to time and financial savings.
But where you’ll see the most significant savings is in productivity. Streamlining manual ways of working with data solutions frees up your staff to use their time in more efficient ways – so they can focus on areas of the business that can’t be automated.
How is data fusion asset monitoring different from simple fleet monitoring?
It’s a move away from a siloed data approach
Fleet monitoring is just the first step. Yes, monitoring your fleet is hugely important. But just collecting that data won’t help to improve your operations, especially when you store it across a range of different systems.
A data fusion solution like Perspio™ bridges the gap between ‘mere data’ and ‘useful information’. Our program is built to take your data from the silos your telemetry sends it to, and bring it together in a centralised place for analysis.
It can then send that data to wherever you need it to go – from the maintenance team to the HR department.
Data is a double-edged sword: information overload can be a real problem for productivity. This is why you can configure Perspio™ to show you only the information you need on a custom monitoring dashboard, or better yet, in the system that your teams are used to working with.
Different teams need different information in any business, so you can customise our dashboards to serve the correct information to the right teams.
Detailed security and privacy settings also offer a layer of protection, and ensure the information you’re collecting is sent to the right places.
We don’t change the way people work
“We provide a layer of agility in front of an ERP system that brings the data from that ERP and the data from the field together to provide better insight.
How people use this will differ from one business to another. Some want to look at an app screen and see all the data that comes with that, which is an option. But more often than not, people just want to consume fused data into their line-of-business systems.
We don’t want to change the way people work.
If people in the yard already have an app that’s linked to the ERP, there’s no reason for them to stop using it. We just feed it with richer information.”
– Angus Kennard, Co-CEO & Co-Founder.
Want to learn more?
To find out how Perspio™ could benefit your construction equipment rental business, get in touch today.