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Construction risk management is an organized method of risk identification and measurement, followed by the development, implementation and management of options for addressing those risks. Risk management should be proactive instead of reactive, and in order to be effective, businesses should rely on available tools and techniques to predict and deal with future risks. Many construction companies have a dedicated risk manager; however, risk management is really the responsibility of everyone who is involved in some way in a project.

Businesses know that the most important risk management goal is to prevent problems before they occur, rather than waiting until there is a critical issue that must be deal with immediately. So, the best way to deal with risk management is to ensure there are work processes in place that are clearly defined, safe, efficient, and widely enforced – both at the project level and the enterprise level.

But what does tool management software have to do with risk management in construction? Well, tools, equipment and consumables are important to any construction company. When these items are not carefully tracked using a defined process and system, the company’s risk for projects that are behind schedule, unsafe and costly goes up significantly. With the right tool management software, you can lower the risk of:

• Tools and equipment theft
• Lost tools and equipment
• Hoarding of tools and equipment
• Misplacement of gloves, hats and uniforms
• Out-of-stock consumables
• Overdue tool and equipment maintenance
• Low productivity and wasted time

With a reliable tool inventory system, the risk of tool loss is minimized, but so is the risk of not having the right tool when it is needed or using tools or equipment that are unsafe because of overdue maintenance. Finally, when the risk of the above problems is reduced, the company’s overall bottom line is improved.

Case Study: Bechtel

Bechtel, a worldwide construction and engineering organization, needed a tool control system that would that would manage the risk of tool loss in two ways. First, it would track items in mobile tool cribs shipped to work sites. Second, it would track tool usage on the job site. ToolHound’s inventory control system benefitted Bechtel by providing accountability with its tool cribs. Now there is a record of who has a tool and who is responsible for its return. Each employee checking out a tool has a personal bar-coded ID.  Each tool also has bar code label, which is scanned using a handheld laser scanner when a tool is checked out. When the tool is returned, the tool bar code and the employee’s bar-coded ID is scanned. This accountability has led to a substantial decrease in risk for Bechtel.

ToolHound’s Tool Management Software Reduces Tool Loss Risk and More

ToolHound provides companies with the assurance that their tools, equipment and consumables are being efficiently managed and tracked. With their easy-to-use, reliable and scalable tool and equipment management software, businesses around the world can avoid stalled productivity and reduce losses due to stolen or hoarded tools and equipment at jobsites. Businesses can also improve accountability, efficiency and their bottom line while minimizing risk.