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An antiquated tool inventory management system can cost your company a lot of time and manpower. Time-consuming, painstaking inventory management systems, such as those that are paper-based or Excel-based, simply don’t offer the level of functionality and service that automated solutions provide.

Your inventory management system should be working for you – not the other way around. It should be able to pull reports instantaneously, tell you what tools are due for maintenance or certification, and allow you to see which employees have which pieces of equipment. Here are 7 things a tool inventory management system should be doing for your business.

1. Helping avoid stalled productivity

Your business’ productivity is directly related to your employees having the right tools to get their jobs done. If tools are missing from the tool shed or in need of maintenance, it can result in wasted time and missed deadlines.

2. Improving tool utilization

Always having the right tools for a job is imperative, and your inventory management system should be helping achieve this. Trying to get by with the wrong tools can increase the chances of an accident-causing injury or the job taking much longer than usual.

3. Reducing losses

Stolen or lost tools cost your company money, either in the cost of replacing the tools or for lost productivity when the job can’t continue.

4. Improving the functionality of tools in different locations

An adaptable tool control system that can work on two different levels is a requirement for many construction companies. Your inventory management system should track items shipped to work sites on mobile tool cribs while also tracking tool usage at the job site.

5. Tracking tool usage in multiple locations

Companies in many different industries need to be able to reliably manage equipment that is located across various jobsites. Having the right tool in the right place at the right time provides exceptional savings in money and time, while contributing to better quality control.

6. Managing regular maintenance and employee certification

A good tool and equipment management system also contributes to safer working practices and reduced company liability. The ability to schedule regular maintenance and track employee certifications automatically helps to ensure safety remains a priority.

7. Simplifying tracking and billing

Companies that handle equipment rentals and service need a powerful inventory management system. Knowing when a piece of equipment is due back in and the amount that is due is important, as well as having an automated system in place for when a piece of equipment or a tool is not returned.

ToolHound offers the ideal solution for tracking and monitoring the use of your tools. Our state-of-the-art system for addressing inventory management needs in construction, mining, oil and gas, and other industries consists of a comprehensive database coupled with accurate bar code or RFID-based tool tracking. ToolHound is effective, easy to use and monitor, and will deliver overall peace of mind.