Benefits of Tool Inventory

Your tools enable you to carry out services for your customers. You must have everything on hand when you arrive at a job. It looks unprofessional to scramble around trying to find something. Tool inventory management lets you keep track of your tools so you know where everything is at all times. You can also track when your equipment needs maintenance. If you have employees, they'll also need access to the system to get the gear they need for projects.

Why Use Tool Inventory Management?

A tool storage and organization system is essential to help you know what tools you have and which are working correctly. When businesses don't properly manage their equipment, it can disrupt operations, especially if equipment unexpectedly breaks down or is unavailable when needed. Let's look at some of the advantages of tool management inventory.

Prevent Loss

You can quickly lose track of where everything is if you're working on multiple projects or have a large inventory. As a business owner, you understand how critical it is to locate a tool when needed.

Maintaining an inventory lets you access the tools you need for specific projects. Moreover, lost tools can cost your business a lot of money. Equipment is expensive, and if you misplace something, you must replace it to meet the project deadlines.

An inventory management system can help you see who checked out a tool and how and where they are using it. This arrangement lets you see which tools are in use. When you know where your tools are, you can effectively manage them and monitor how your team uses them.

Prevent Theft

Thieves can make a good amount of money reselling tools. A disorganized system becomes attractive to people who want to steal because you are less likely to notice something missing.

The cost of stolen equipment goes far beyond the money you spend to replace it. You also need to factor in the price of delaying work you can't do without your tool, the increase in your insurance premiums, the cost to rent or purchase new equipment and the damage delaying or canceling work can have on your reputation.

Use technology to keep your equipment safe. If you are working at a particular site, you can use geofencing to set a perimeter and receive an alert if the piece of equipment leaves the area.

Avoid Tool or Equipment Failures

When an essential piece of equipment fails, it can bring a project to a standstill, harming your business' reputation. You can avoid equipment failure by keeping up with tool maintenance. You risk disappointing your customers if you can't finish a project due to a breakdown. Sudden failure maintenance also tends to be more expensive.

You can track when your tools need upkeep with an inventory tracking system. Even if you forget, some software alerts you. Your inventory management system's data lets you know your equipment maintenance history. You can track your tools' repair costs and expected life span. Using this information, you can decide whether to replace or keep equipment.

Better Accountability

You can hold your team accountable with a bar code tracking system. When an employee checks out a tool, it will record who has it and for how long. Tracking equipment makes it easier to stay on top of usage and address issues such as lost or damaged tools. When you have responsibility in your business, employees look after the tools, and you can trust them to take care of your equipment.

Reduce Costs

When you track tool maintenance, you can ensure they are in working order and avoid premature replacements. Your system can also help you identify which tools you rarely use. Knowing this, you can decide whether a tool is worth keeping or replacing.

Improved Safety

Knowing when a tool needs maintenance also keeps your team safe. The bar code tracking system alerts you when your tool needs a service. When all your tools are in good condition and the correct working order, your team can use them safely and avoid any possible injuries.

How to Create a Tool Tracking System

Investing in a tracking system will help you reap the above benefits. Here are the steps you can take to set up your inventory management.

Apply Bar Codes to Tools

The first step is to apply bar codes to your tools and create a record related to the bar code ID. Make the bar codes yourself or order durable labels that can withstand harsh conditions.

Create an inventory system using Excel or invest in specialized software. When you upload your data, include information such as:

• Purchase date of the tool
• The equipment price
• The bar code ID
• When the tool is due for maintenance
• The condition of the tool

Categorize Your Tools

Organizing your tools by category makes it easier to keep track of them. Consider grouping frequently used tools together. It can save you time and make it easier to find things when you need them.

If your work teams usually do the same projects for clients, these tasks probably need the same tools. Instead of scrambling to find equipment, you can arrange tools according to jobs, vehicles or employees. Then, they can quickly get the tools they need.

Add Users to the System

The system should be accessible to all your employees who need to check out tools. They can quickly access the equipment they need and see which worker has the tools they need across the company. Set different permission levels to control who can check out tools.

Establish Policies and Procedures

Your system's effectiveness will depend on the policies and procedures you implement and how well you enforce them. Consider having a tool check-in and check-out procedure so employees can see availability and know when to bring back the ones they use. If you have a big team, you can assign one member to return the tools at the end of a project.

Choose Advantage Outfitters to Help You Organize Your Tools

An inventory management system helps you track your tools, preventing loss and unnecessary repairs. Equipment can be expensive to replace, so it's vital to know where the tools are. You can also use the system to alert you when your equipment needs maintenance or replacement. If you have a team, they must also understand the system's policies and procedures to safeguard your investment.

When you show up to a project, having all the equipment you need on hand is critical. Missing tools and a messy van can harm your reputation. At Advantage Outfitters, we set business owners up for success by fitting vans with the storage necessary to organize tools. When everything has its place, you can easily track and access what you need when you need it. Customize your van to your business — contact us today!