Tool Management\’s Many Forms of Savings

Time and Money is Only the Beginning

When it comes to tool trackers or tool management systems, savings comes in different ways. The savings, whether it’s time or money (or both) is the really the driver behind the ROI associated with the purchase. As you’ll see, the right tool tracking solution can bring forms of savings you may not have even considered. Let’s have a look.

Time is Money

According to Modern Contractor Solutions, “More than $1 billion in valuable tools, commodities, and consumables are lost each year.” This clearly identifies the cost of misplaced or mismanaged tools but what about the time savings?

Shawn Miller is a very busy tool coordinator at Minneapolis contracting firm, Gilbert Mechanical. Being pulled a million different directions every day, Miller had to find a way to better manage the tools on each project. He chose ShareMyToolbox as his company’s tool management solution. After rolling out ShareMyToolbox to his project teams he explained, “Everybody is fully on board and they get it. That’s so important. It provides real transparency to where the tools are and how the location of that tool applies to them.” He continued, “For example, they can do a search for a tool and find out it’s at the job they’re already working on. That saves a ton of time since hourly labor rates are expensive. In that regard, the solution pays for itself.”

In an article published in Construction Business Owner, the author confirms what Miller experienced, saying, “An automated tool control system can reduce the burden of labor shortages by allowing you to run a tool room with fewer staff and save money by not having to replace lost or stolen tools nearly as often.” He continues by declaring, “The ability to manage tool inventory remotely can significantly save construction companies time and money.”

Your Investment becomes clear

Another bonus Miller discovered since rolling out ShareMyToolbox was how the company’s management could see just how much it has invested in tools. He declared, “It was really the first time we could show the company just how much we have invested in tool inventory. It was alarming and helped justify the importance of having ShareMyToolbox for our tool management solution.”

Read our full article on Finding Savings with Tool Accountability at Blinderman Construction.

If you’d like to learn more about modern tool tracking applications check out ShareMyToolbox or call, 866.768.8665.

Click here: to see How our Tool Tracking App Works.

More Tool Tracking Tips available including these articles:

Article on how to stop Tool Hoarding

Tool Tracking Beacon Technology Guide

Technology Alone is Not the Solution to Tool Theft

Tool Tracking is a Clear Way to Improve Operations