The Most Important Factor in Selecting an Asset Tracking System
Due to the highly competitive nature of the construction industry, cost efficiency is always a primary concern when making investments in new business tools or processes. It’s important to carefully weigh the cost vs. the potential return on investment (ROI), while factoring in the timeframe. How quickly can you expect to see a return on your investment in terms of additional profit, cost savings or greater productivity?
There are a number of ways to save money on construction projects. But if you want to stay in business, you have a reputation to consider – so of course you only invest in business processes that won’t negatively impact quality.
The ability to quickly and easily manage your entire tool inventory, whether at one location or multiple jobsites, allows your workers to locate the right tool in the right place at all times for maximum efficiency. When workers can’t find the tool they need to do their jobs, it means lost productivity and missed deadlines.
Implementing an asset tracking system is a great way to cut costs through elimination of overstocking, reduced tool hoarding, increased accountability and greater productivity. Equally important, investing in the right equipment and tool tracking system delivers fast ROI, enhanced quality and improved worker safety by tracking scheduled equipment maintenance and calibration.
But there is much more to the decision. To maximize and speed up the return on your investment, a robust asset tracking system also should provide the capability to:
• Share inventory data for accurate reporting across your entire organization
• Monitor and schedule required maintenance
• Alert when the inventory level for an item is low
• Recapture tooling costs with automated billing for usage
• Manage tool purchasing and resale.
Additionally, you have a choice in the data collection technology that you use for tracking tools and equipment. For the most part, choosing between barcode and RFID scanning methods will depend on your particular tool usage and storage conditions. If a tool is stored in a case at the end of the day, you can apply a barcode label on the tool where it will be protected in the case and won’t rub off. On the other hand, for large equipment and tools that are left outside in the weather, or those exposed to rough and dirty conditions on a regular basis, an RFID tag is more durable.
An additional consideration when choosing the best asset tracking system is the availability of personnel to handle the checkout and return of tools and equipment. RFID technology enables a self-serve tool crib application, which reduces labor costs while still maintaining accountability. By keeping workers accountable for the valuable equipment they use, you can protect your investment.
The versatile ToolHound 5 system offers both barcode and RFID tracking for a streamlined inventory management system, maximizing tool use and productivity, saving worker time, and reducing tool budgets for overall profitability and prompt return on investment.