How much did theft cost the UK construction industry in 2020?
But what is the cost of theft to the UK construction industry? And what tangible steps can companies take in order to prevent their valuable assets going missing? We’ve got some insights here to help outline how to protect your most valuable plant machinery.
Construction is a multi-billion-pound industry. However, it is also a lucrative target for thieves to get their hands on valuable, hard-to-trace equipment. Therefore, it is essential that everyone from site managers, company MDs, contractors and on-site staff have safety and security at the forefront of their minds when working on a site. Emphasising this throughout teams can enhance the focus on security and deter sticky-fingers being tempted by the expensive tools and machinery on sites.
The cost of stolen vehicles and plant machinery
In 2020, the cost of theft and vandalism to the UK construction industry was at least £800million. Considering many crimes go unreported, this is a conservative figure and the actual cost could be a lot higher. The true cost to businesses and contractors, however, lies in the fact that they will have to hire new equipment in order to be able to continue their work before they purchase new equipment, and that can lose several days' worth of work whilst re-equipping the site.
Tools are the most commonly stolen assets, as they can often be small and easy to move, yet still financially valuable. However, plant machinery is regularly reported as stolen, and the costs of replacing these can rack up to the hundreds of thousands of pounds.
Being aware of, and understanding, the risks of thefts and the vulnerabilities of construction sites is a key first step in protecting your assets and, ultimately, your bottom line and profit margins.
Are you looking for a solution to monitor, track and locate plant or construction equipment? Learn more about our solution for the construction industry
How can you increase security to protect your plant machinery and other assets?
As a site manager, project manager or contractor, you can adopt various security strategies in order to protect your assets and deter thieves from targeting your sites. These can include:
- Controlled entry and exit systems.
- Staff awareness training and stringent protocols to help protect on-site vehicles.
- Identifying, marking and registering all plant machinery.
- Investment in wider site security such as CCTV.
- Creating strong connections with local communities, like putting up signs to report suspicious activity, can also help. Obviously, local residents will not want crime near their homes, so this way constructors and the community can work together.
- Installing plant machinery tracking systems.
How can you protect your assets with ABAX Plant Tracking?
ABAX specialises in providing plant machinery tracking equipment that gives you 24/7 control over your plant machinery. It provides accurate GPS tracking on your mobile phone and gives you more peace of mind with regards to lost, misplaced or stolen equipment.
This equipment allows you to receive theft alerts with live positional updates within the map every 60 seconds on our wired tracking devices. You can also opt for a wireless tracking device, which will provide updates every four, six, 12 or 24 hours.
Tips! Set up to receive an SMS alert if units are tampered with or leave your site or an area unauthorised with the Geofence-feature.
Our tracking devices can be used to track and protect:
- Plant machinery. Ensure your most expensive assets are used correctly and stay on-site, where they are meant to be. You can install the tracking device on any of your larger machinery to make sure you’re always covered and know where your assets are. This clever little device also allows you to monitor usage hours and improve efficiency.
- Trailers. Keep trailers safe against theft and ensure they aren’t misplaced.
- Equipment and tools. Our small tool tracking hardware means you’ll always know where your tools are. It’s discreet and secure, so it won’t get in the way of work. It can also be installed by the user and monitored via the app to give you a full view of where your equipment is being used.
Want to know more about how ABAX can help reduce your risk when it comes to stolen plant machinery, tools, and equipment? We can talk you through your options and provide a cost-effective solution that offers a real return on investment and peace of mind. Discover more here and get in touch with the team on 01733 698888 to kick-start your journey to greater security when it comes to your valuable assets.
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