Tool Tracking Software: What Is It & What Are the Benefits?

When you run a business that handles several tools and equipment, you need a reliable and trustworthy system for tracking assets; that's where tool tracking software can help. This technology allows you to check, manage, and keep track of tool maintenance with barcode scanning or RFID tags that confirm the location of tools and physical assets. 

Even though assets can range from handheld tools to large machinery, tool management software is vital if you need to monitor the usage and storage of said equipment. Tool tracking software can also help cut down on losses and theft, making it an important asset for any construction business. In this article, we'll look at how tool tracking software works and some of its key benefits.

Benefits of Tool Tracking Software

Organized Maintenance Schedules

It's easy to fall behind and forget maintenance schedules when you're in charge of a construction company or other business with physical equipment. However, if you don't follow regular maintenance schedules, it can put your employees and equipment at risk. The maintenance and calibration of vital equipment in industries like construction and manufacturing can save lives. If you fail to properly maintain or calibrate your equipment on time, you could face a serious accident and be held liable for the damages.

On the other hand, manual maintenance checks can be time-consuming and cause more stress when running a company, so it's important to find a system that helps you quickly make accurate records for your assets and track them throughout each lifecycle stage. Tool tracking software exists for this purpose and can additionally provide alerts and reminders for upcoming tool maintenance checks and ensure that your operations run smoothly without delay while maintaining proper maintenance schedules.

Asset Recovery

Construction companies and other related businesses need to monitor where assets are and how many they have at one time. With numerous tools and equipment, it can be hard to control their location and volume. These manual efforts may even feel unproductive when you consider the estimated value of construction equipment stolen yearly is between $300 million and $1 billion, and less than 25% of that stolen equipment is recovered.

A lot of time and unnecessary tasks also become associated with finding stolen assets. To track down a misplaced or stolen asset, you might have to file a police report or insurance claim, invest in replacement tools or face delays and additional prices. While asset loss is bad for your business, it's bad for your customers too. They'll likely also have to face delays and additional prices, increasing your business's risk of negative reviews and negative brand reputation. 

Tool tracking software can help you identify and observe where assets are stored through RFID barcode technology, giving precise data on asset location to help you keep tabs on your critical assets and reduce errors when storing and organizing other equipment. 

Better Productivity

Work will take longer if employees spend hours looking for and organizing assets, causing them to miss deadlines and lose focus. Tracking and managing assets can take an average of 45-90 minutes daily per employee. Tool tracking systems are much quicker and empower you and your employees to monitor assets throughout the company and make data-driven decisions. One feature of tool tracking software: asset tagging, enables you to process and scan equipment quickly into the system. This removes the need for manually tagging and processing, speeds up processes, and makes the software more precise and secure. That way, your employees can focus on other tasks and feel confident that the condition of their tools and equipment is accurate. 

Increased Accuracy

Tool tracking software can help you quickly make accurate records for your tools and equipment and track both throughout each lifecycle stage. The software can also see repair histories, locations, and equipment ownership, enabling more informed purchasing decisions and enhancing investments.

Longer-lasting Assets

The sooner you can fix problems with tools and equipment, the sooner you can continue with business. If you don't spot errors quickly, you will likely have to replace assets, which can become costly and time-consuming, especially if done frequently. With a tool tracking system, you'll be able to notice any issues before they get worse. This prevents you from facing additional costs as you won't have to pay for an entire replacement. Above all else, your tools and equipment will benefit from the close monitoring capabilities of asset tracking software in the long run. 

If you have a tight budget and want to save money on maintenance, tool tracking can also protect your assets from damage and make them last longer. 

Book a RedBeam Demo

Managing assets, maintaining maintenance schedules, and remembering asset location can be tricky, especially when there are other, more pressing business tasks. Thankfully, tool tracking software combines the best manual processing with new technological advancements to help managers keep better inventory records and improve organization and efficiency on the job site. With RedBeam’s consolidated asset management platform, you can track down tools across all your job sites or facility locations, and get to work on your next project. Try RedBeam Asset Tracking Software for free today.