We live in a world that practically runs on data, which is the way our technology has evolved over time. This affords several luxuries, chief among them being visibility—the ability to have an eye and ear on everything, all the time. The jobsite is thus a living organism, with a contractor’s every project, comprising of several assets—all simultaneously deployed—producing their own stream of information. The contractor then, is the brains of this organism, which needs to be in the best position possible to receive all this data, to make the best decisions possible. EquipmentShare then, is the vital nervous system that helps connect all those assets and their states with the contractor, to give total visibility into their operations in real time. With their state of the art telematics platform Track, EquipmentShare (ES) enables contractors to achieve the balance between monetizing the assets they own or rent and the benefits they can realize.
“The platform is built specifically with the contractor in mind, keeping in tune with the complex nature of the job site,” states William Schlacks, CEO of EquipmentShare. William, together with his brother Jabbok set the ball in motion for a better solution that would help them with the problem of specialized equipment rentals for contractors. They had noticed that in renting equipment, users are paying a monthly payment for something that they didn’t necessarily gain any equity on, which of course is the attraction of owning equipment, in addition to gaining tax benefits.
The platform is built specifically with the contractor in mind, keeping in tune with the complex nature of the job site, ours is a platform that connects all that
However, the downside of ownership is the overhead, the cost of owning assets, maintenance, storage and service. The brothers wanted ES to be the platform that solved both of those problems, something that tracks everything for a contractor to deliver a truly connected job site. Additionally, as William notes, “As is the case with any job site, if you measure something, you will improve it.” Track offers contractors the ability to measure data, not only surrounding the machines that they track or own and rent, but also employee data, and provides tools surrounding e-laws, compliance, fuel reporting and usage.
At the same time, the idea was clear right from the start that the solution is not to make difficult tech, but the best tech, which is invisible. The closer it can get to a contractor without them being aware of the underlying technology, the better. It was designed as a tool which is very obvious and easy to use, allowing contractors to see, track and measure data, that can be then passed on to teams that can leverage that data even further, reducing insurance costs, create predictive models that would help them see a little bit further into the future of how their machines may behave or when they might break down.
In one instance, a Track customer was able to save about 58 percent on their insurance through the solution. They were able to leverage the platform and substantially reduce their cost in premiums paid. William thus notes that these are some of the metrics that contractors should be aware of across the entire job site—something that would help them save thousands of dollars in rental and ownership.
As of next year, the company will have an all national presence, their product Track already enjoying global usage. As for where they are headed, the company believes everything is based on necessity, with some interesting developments surrounding IoT, the technology to truly connect everything on the jobsite. “We are here for our customers, to continue to build better solutions and solve their problems to make their lives easier,” concludes Schlacks.