man holding electric drill

How Asset Tracking Works

Asset tracking is a real-time system used to monitor and manage the location, use, and condition of assets like tools and equipment. It’s a valuable tool for organizations that need to track and manage many assets across multiple locations.

By now, you’ve surely heard the buzz about asset tracking and its benefits. But many folks still have questions about how it actually works. In this blog post, we break it down step by step:

1. Label

The first step in asset tracking is applying a tracker or digital label to each asset or tool. This gives each asset its digital identity, which the tracking system indexes and catalogs. The tracker allows you to monitor the tool’s location via the asset tracking software. Using a digital label is one of the most common and least expensive methods of tracking smaller assets. (The top choices are barcodes and QR codes printed on an asset tag.) You apply labels to each tool using strong adhesive or small screws, and then you put the label info for each item into the asset tracking software.

2. Scan

Each time a tool is assigned or borrowed, the attached asset tag is scanned to update the tool assignment. For this type of system, you use a barcode scanner, typically on a mobile device, to check tools in and out (ShareMyToolbox includes a scanner built right into the app’s functionality).

3. Track & Manage

Asset tracking software allows you to manage assets, view their location, and track usage. Most asset tracking software can set alerts for when an asset is checked out, overdue, or needs maintenance. In addition, asset tracking software can often be accessed from any device with an internet connection, allowing you to monitor your assets from anywhere.

There are several types of asset tracking solutions available in the market today. Many in the construction industry have turned to asset tracking solutions like ShareMyToolbox. (ShareMyToolbox is the top-rated small tool tracking app for construction professionals.) Let’s look at how the ShareMyToolbox app works and how it can benefit your business.

What is ShareMyToolbox?

ShareMyToolbox is a cloud-based inventory management and asset tracking solution designed specifically for contractors and field service companies. It allows users to track and manage their tools and equipment across multiple job sites, making it easier to track where everything is and who is using it. The system is accessible from any modern device with an internet connection, including smartphones, tablets, and laptops.

How does it work?

To get started with ShareMyToolbox, simply sign up for an account to start your free trial, then download the app onto your device. Once you’ve done that, you can start adding your tools and equipment to the system. You can do this manually by entering the tool information yourself or upload in bulk using our import template.

The system assigns each tool a unique digital identity, which it stores in the ShareMyToolbox cloud database. This identity includes the tool’s name, model number, serial number, and other relevant details.

Once your tools are in the system, you can start tracking them. Whenever a tool is checked out or returned, the user can use the app to scan the barcode or QR code on the tool, which automatically updates the system. This allows you to track who has the tool, where it is, and how long it has been checked out.

In addition to tracking tool locations, ShareMyToolbox provides users real-time information about tool maintenance, inspection schedules, and repair histories. This lets you stay on top of tool maintenance and ensure all of your tools are in good working order.

Benefits of ShareMyToolbox

There are several benefits to using ShareMyToolbox for your asset tracking needs. First, it can save you time and money by reducing tool loss and theft. With real-time tracking and location data, you’ll always know where your tools are and who has them. This can help prevent lost tools and costly replacements.

Another benefit of ShareMyToolbox is that it can help you manage your tools more efficiently. With real-time maintenance and inspection schedules, you can ensure that your tools are always in good working order. This can help prevent breakdowns and downtime, which can impact productivity and revenue.

Finally, ShareMyToolbox can help you streamline your tool management processes. By using a single system to manage all your tools, you can reduce the time and effort required to track them. This can help you focus on other essential aspects of your business, such as completing jobs and managing your team.

Overall, asset tracking is a valuable tool for any organization that needs to track and manage a large number of assets across multiple locations. Specifically, ShareMyToolbox is a powerful asset tracking solution for contractors and field service companies. It provides users with real-time information about tool locations, maintenance schedules, and repair histories, making it easier to manage tools across multiple job sites. With its cloud-based platform and easy-to-use app, ShareMyToolbox is an excellent choice for businesses looking to streamline their tool management processes and increase productivity.

Ready to see how asset tracking can work for you? Schedule a demo today.