While heavy machinery is certainly not the easiest thing to steal, successful thefts can pay large dividends if the thief is able to resell the equipment before authorities can catch up to the trail. Once assets and money change hands, a host of other problems can be associated with getting the equipment back. These valuable investments can lead to operational downtime and financial costs that can take a long time to recoup. The total deficits from construction equipment theft per year amount to between $300 million and $1 billion lost, according to ForConstructionPros. Associated costs can include project delays, equipment replacements and rush orders, and increases in insurance premiums.
Keeping track of equipment is an important component of theft prevention and avoiding potential damages to production, profit margins and industry reputation, as well as protection from liabilities resulting from unauthorized use of machinery. Equipment monitors can prove helpful in this eventuality, as they can be used to track equipment that has been stolen from the worksite or observe if the equipment was used during off-hours to some other, potentially negative purpose. In most operations, the equipment is simply shut down and locked overnight, but a determined thief or a disgruntled employee could access and swipe industrial assets or use them for some unauthorized purpose. Remote equipment monitoring solutions track a machine's usage and can easily be used to identify outliers.
Remote monitors and anti-theft devices are crucial to protecting heavy machinery at rail sites, according to Rail Engineering News. In remote sites and during time-sensitive building projects, the cost of transporting new machinery quickly can eat into profits and decrease the amount of resources available for investment in other areas. While curtailing theft or unauthorized use is not the main benefit of equipment monitoring systems, it can certainly be valuable insurance against a potentially costly occurrence.