Modern Contractor Solutions November 2024 - 18

maintenance solution
GPS MONITORING
Cut Costs, Boost Efficiency
telematics in fleet maintenance
By Jason Perez
Telematics is a highly effective method for monitoring and maintaining your construction assets.
I
n an era when efficiency and cost-effectiveness are paramount for
construction companies, telematics technology emerges as a gamechanger,
especially in the management and maintenance of assets.
Telematics, a method of monitoring assets by combining GPS
technology with on-board diagnostics, can track the location,
movement, status, and behavior of equipment and vehicles within
a fleet. This technology translates to myriad benefits, with perhaps
the most significant in the maintenance arena: Telematics creates
a pathway to major cost savings in asset maintenance as well as
streamlining the maintenance process, making it more effective and
less time-consuming.
That last point is particularly notable. Instead of having to stay
mentally alert on which construction equipment is due for service
(which tends to be reactive based on overdue service), telematics
software can track the hours on a machine and proactively notify heavy
equipment managers when there is an upcoming interval.
RAPIDLY MATURING MARKET
The rapid maturation of the telematics market illustrates the growing
popularity of this technology. The global construction and heavy
equipment telematics market size is projected to reach $1.498
billion by 2026, from an estimated value of $676 million in 2021,
at a staggering CAGR of 17.2 percent. The increase in demand for
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NOVEMBER 2024
telematics solutions in off-highway equipment, along with government
mandates on the safety and security of off-highway equipment, are the
driving factors expected to substantially boost the use of this technology
for construction and heavy equipment.
First, a quick note about the two distinct types of telematics:
OEM telematics: This technology is installed directly by manufacturers
of machines and construction equipment. These systems are
specifically designed for these machines and offer extensive functions
regarding technical data and sensor technology, particularly as it relates
to machine performance and maintenance.
Retrofit telematics: These products are installed after the purchase of
the machine or equipment and can be added at virtually any point in
the equipment's lifetime. These systems are often cheaper than OEM
telematics and offer similar features.
Both versions of telematics have their strengths and weaknesses. As
a result, the two technologies are waging a battle for supremacy when it
comes to maintenance telematics. Regardless of the version, telematics
in general remains somewhat misunderstood, especially in terms of
the benefits it offers. Here's a look at how construction companies can
leverage telematics to optimize their equipment maintenance process
and improve their bottom line.
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Modern Contractor Solutions November 2024

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