Spectrum Equipment Management
Construction equipment often comprises a significant portion of a contractor’s overall capital investment. Ensuring maximum return on this investment means more than keeping heavy equipment in good working order. It means making good decisions regarding the fleet utilization and financing. Spectrum Equipment Management harnesses the power of cloud computing, the flexibility of mobile apps, and the intelligence of Spectrum® Construction Software to provide a unified view of equipment costs and operations.
Back to Basics
Just as the latest cloud-based version of Spectrum was designed from the ground up, the functionality of Spectrum Equipment Management was designed by researching industry best practices and working with experts such as Dr. Mike Vorster, Professor Emeritus of Construction Science at Virginia Tech. These best practices are built into the way the software works, supporting the flow of information needed by the different individuals who perform the financial, operational, and field management of heavy equipment.
Decision Making Tools
With capital investment in heavy equipment typically well into seven figures for most companies, saving just a percent or two by optimizing fleet management makes a big difference. Decisions about the deployment and repair of specific machines should be informed by accurate total cost analyses. This means that the information a company uses to make these decisions must connect finances with operations. Spectrum Equipment Management provides analytical tools to help drive financial decisions, provides data gathering applications to help manage operational decisions, and combines both into one solution that delivers a complete picture of the state of a company’s fleet.
And because it is part of the Spectrum Construction Software system, total equipment costs can be automatically associated with the appropriate jobs and phases of work. This ensures accurate job costing and a true picture of how the use and management of heavy equipment affects job profitability.
The latest addition to the features of Spectrum Equipment Management is an Equipment Field Entry app, available for use on Apple or Android mobile devices. This app lets field staff quickly enter important equipment data from the job site and receive updates on scheduled preventive maintenance tasks. Able to work online or offline, this app synchronizes automatically with Spectrum Equipment Management, ensuring the application always has up-to-date information on equipment usage and performance.
- Records fuel and oil usage for each piece of equipment
- Tracks up to four different meters for each asset and allows for transfer of meters between machines
- Tracks an unlimited number of components per asset and accommodates the transfer of components between assets
- Full integration with the Equipment Field Entry mobile app
- Tracks warranties at the equipment, component and tire levels
- Automatically calculates depreciation, insurance and license fees on a monthly basis, inclusing these in total equipment cost calculations
- Depreciation method may be specified for each individual machine, based on year, meter or hours used
- Convenient look-up of equipment codes and cost categories
- Reports cost history by each equipment code with any user-defined dateselections and for any source of cost
- Fast and easy set up of recurring transactions
- Tracks equipment whether owned, leased or rented
- Assigns standard hourly billing rates for each equipment code and assigns special rates as needed for different jobs
- Eliminates duplicate entry through full integration with other Spectrum functionality including Document Imaging, Preventive Maintenance, General Ledger, Work Order, Accounts
- Payable, Accounts Receivable, Payroll, Job Cost, and Time & Materials
- Improve job cost reporting and generate more accurate estimates by having all equipment charged to the jobs where allocated and used
- Know the profitability of all equipment types and of individual machines
- Actively manage fleet average age and maximize the utility of all equipment
- Make smarter buy/rent/sell and repair/replace decisions based on accurate tracking of owning and operating costs
- Create accurate benchmarks of expected equipment performance and cost
- Keep track of the current location and historic usage of all fleet equipment
- Track rental revenue separately and maintain multiple rental rates
- Use the mobile Equipment Field Entry app to quickly input fuel and usage data from the field and keep track of important preventive maintenance tasks
The above Equipment Management application brief is also available for download by clicking here.