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Top Signs You Should Invest In Tool and Equipment Tracking

Making an investment in IT hardware or software can be a tough decision that brings up a number of questions. How will this new system affect the way my company operates? Will it cost me money or make me money?

These are valid questions that should be considered with any business investment, including the purchase of a tool and equipment management system like ToolHound. Here are some signs that you should implement a system to track your equipment assets.

High Tool Replacement Costs

The National Insurance Crime Bureau estimates that the construction industry loses $1 billion annually from equipment and tool theft, a figure that increases an average of 20 percent per year. Additionally, the costs associated with misplaced and hoarded equipment are estimated to be equal to the amount lost due to theft. The net effect of these costs can greatly impact the profitability of your business.

A tool and equipment tracking system helps you keep track of valuable equipment across multiple job sites and projects, so you know that all of your assets are accounted for. If something is missing you can track down where it was last seen and who had it, to locate it more quickly and, if necessary, expedite theft reports. Furthermore, when workers know that the tool inventory is being tracked and they are accountable, they are less likely to remove or hoard it.

If you’re spending too much money on replacing lost or stolen tools, an investment in a tool and equipment tracking system can save you time and money.

Lost Productivity

The ability to locate the right tool in the right place at all times is critical for your business. When workers can’t find the tool they need to do their jobs, it means lost productivity and missed deadlines.

ToolHound not only helps you keep track of where each tool is located at all times, but you also can track when a tool was last calibrated or if it’s currently in the repair shop. This helps you make sure that the proper tool is available when it’s needed on the job site, so you don’t have workers getting paid to stand around and wait.

If your workers are spending too much time looking for misplaced tools or waiting for equipment that’s unavailable and not enough time working to complete projects, you can save valuable time and money with tool and equipment tracking.

Maintenance and Safety Issues

To maximize tool life and reduce job site injuries, proper maintenance and certification of your equipment is important. The ToolHound maintenance module allows you to define and track regular maintenance tasks without changing the way you operate your business.

The cost of delays or on-the-job mistakes due to improper tool maintenance can be significant, not to mention the damage to your professional reputation. ToolHound helps ensure that inspections and regular maintenance are conducted according to industry standards, resulting in fewer work stoppages and stock-outs, longer asset life, greater tool resale values and, most importantly, a safer work site.

If you’re not taking adequate measures to manage maintenance and certification of your tools and equipment, it’s likely that your business can benefit from the ToolHound inventory management system.

To read more about the top signs you should invest in tool tracking, see the “Issues in Construction Tool & Equipment Management” white paper.