Equipment Safety & Loss Prevention
Nov 25, 2013
As companies previously hit by hard times are bouncing back, they are bumping up their safety and loss prevention efforts by investing in rental software to handle departments like inventory and security. Loss prevention (LP), in particular, is seeing an uptick in rental software use – especially when it comes to the high-dollar equipment.
The Threat of Theft
It’s no secret that heavy equipment for construction, manufacturing, and oil & gas is quite expensive. This makes it a prime target for theft. Theft and vandalism account for nearly $1 billion a year in big business losses and other costs to companies. These losses are not convenient for any business, but they can be crippling setbacks for growing or recovering companies. When assets are lost, companies must deal with the cost of either locating and repairing or outright replacing the equipment. These processes create unnecessary amounts of downtime and increase project timelines because of stalled jobs.
Some sites make themselves unnecessarily susceptible to theft, because of setups which include one or more of these risk factors:
- Poor security
- Open and accessible equipment
- Universal keys
- Unsecured jobsites
- Lack of product identification or current records
Time loss is every bit as threatening as asset loss. Essentially, it creates a bigger problem that extends to supplemental departments and can even make for unsafe working conditions while workers wait for the proper equipment and gear to return to site.
The Risks of Overlooking Safety
Major asset loss is a growing problem, but worker safety around these assets should be top issue. Having safer equipment and processes can boost productivity and employee confidence, two conditions which can actually aid in LP issues.
However, much of the increase in stronger safety standards and decrease in loss prevention can be contributed to better, faster software that spans a wider spectrum of industries.
Without the proper safety software set up, a business runs the risk of perpetuating a weak safety culture. This can lead to continued unsafe acts, multiple injuries and increases in cost and time spent correcting these processes. The right software will provide companies with a system to reinforce positive safety attitudes and create sustainable success.
How Software Helps in LP and Safety
For a company to be successful in its growth and move into the black, adapting software with the right safety features minimizes LP and increases safety. Having the right software in place can help monitor:
- Incident reporting
- Safety inspections
- Corrective training
- Preventive safety
Having rental software installed can help remedy many of these problems. With the right configuration of software, companies have access to better security and surveillance and can keep up-to-the-minute track of what equipment is on hand and what’s out in the field or in use. Better software means real-time information on equipment statuses. Big equipment won’t be left unattended within easy access of vandals or thieves.
Using rental software for equipment safety, a business can revolutionize the way it maintains equipment and can streamline processes to reduce injury. Unsecured jobsites will have greater security, allowing for access to safety features like alarm systems and real-time mobile updates – just in case something goes wrong when managers are offsite.
Looking Ahead for Rental Software
Many industries are bouncing back from a tough economy. Consequently, they are adopting a try-before-you-buy mindset with equipment and utilizing rental software as a more cost-effective means for growth. This is particularly seen in the construction industry as both commercial and residential housing markets continue their upswing into 2014. With rental software becoming more capable and more popular, industries are finding effective ways to bring it into daily operations so that they can look ahead to the future.
Proper training is required to get the most use out of rental software. Learn more about inspHire software and register for a complimentary, introductory webinar to learn what it can do for you and your company.