Brian Giamo – For Construction Pros
The CE market is already evolving, and as digitization continues to sweep the industry and change ‘the way things are done’, those who take action now can ensure their business is poised for long-term success.
The construction equipment (CE) market has been rapidly evolving since the pandemic ushered in changes to the ways people build and move.
Adding to the complexity that change introduces, the CE market involves many stakeholders, including fleet owners, dealers, rental companies, and original equipment manufacturers (OEMs), who all have unique challenges and priorities. As such, it’s highly unlikely for everyone to be solving the same problems and focusing on the same objectives, nonetheless operating from a shared perspective.
Those differences come to light, however, when the construction equipment they all rely on starts having trouble with uptime, performance, or productivity—the three top key performance indicators (KPIs) for any piece of equipment.
Every single stakeholder experiences similar challenges when these KPIs are impacted.
For example, each brand or type of equipment often comes with its own platform that houses telematics data and other vital information for maximizing the uptime and performance of the machines.
But, without a way for equipment stakeholders to easily view information about the equipment and assess where the issue might be occurring, the waterfall effect settles in: dealers, rental companies, and OEMs scramble to solve the problem and struggle to deliver an excellent customer experience, and fleet owners lack the visibility they need to efficiently operate, causing them to potentially seek partnership elsewhere.
The good news lies within the shared long-term goals of these stakeholders. Everyone wants smoother collaboration with their partners, more streamlined functionality within their tech stacks, and future-forward capabilities that allow them to meet and exceed KPIs – all things a co-equipment management approach unlocks.A Shifting Landscape
First, it’s important to look at how the landscape is shifting for each stakeholder within the CE market, as everyone is navigating a certain level of uncertainty that’s impacting how they operate today and how they may be operating in years to come.