Improve Your Bottom Line: How Tool Tracking Works for You
Operations managers and teams are growing more vocal about the impact of unaccounted-for tools on their jobs — and, rightly so. According to the accounting firm Accenture, only 30% of firms currently deliver projects on budget, and only 15% deliver on time. Losing or misplacing expensive tools (and repeatedly rebuying them) has a major influence on these grave statistics – and your bottom line.
While replacing missing tools is frustrating, disruptive, and expensive, we also know that figuring out a tool tracking system that actually works may sound like even more work and an even bigger headache. But the reality is, finding an effective tool tracking solution will work to improve operations, improve your bottom line, and likely your sanity, too.
In an article titled, “How to Improve your Bottom Line in a Tough Economy,” published in Construction Business Owner, author Dean Perry affirms the tool tracking / bottom line connection: “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.”
Perry continues, “The ability to manage tool inventory remotely can significantly save construction companies time and money. Put simply, tool and equipment tracking and management software quickly provides you a return on investment through:
- reduction in tool hoarding and equipment losses,
- tool control and inventory reconciliation,
- time saved during tool check-in and check-out,
- time saved by not searching for misplaced or lost tools,
- increased productivity because workers can find the right tool at the right time.”
Clearly, there is much to be gained from modern tool tracking systems — but you may still question the implications of rolling out an entirely new tool tracking system to your team. What effect will THAT have on operations, and will it cause its own headaches?
Here are three main things you can expect when rolling out this technology to your team:
- First, you’ll establish a list of everything you own. While this is often the most time consuming step, it sets up the application for tracking each item. (You have to know what you own in order to track it.)
- Next, you’ll assign tool responsibility to individuals and make it easy to transfer responsibility when a tool moves from person to person. (Accepting and transferring responsibility out in the field is critical and keeps accountability high even as tools move from person to person.)
- Finally, you’ll give everyone in the company the ability to easily search for tools and see who has what. (With the most effective tool tracking systems, you’ll deploy the system as an app on your team’s smartphones and tablets.)
Is there some initial setup? Of course there is. But tool tracking is not only a smart and strategic means to improve operations and your bottom line, the time to make this investment has never been better. Modern tool tracking systems have made the task of tracking tools and assigning accountability easier than ever before. Leverage the technology: let it work for you, and watch your bottom line (and yes, your sanity) improve.
If you’d like to learn more about modern tool tracking solutions that work to improve operations and your bottom line, check out ShareMyToolbox at Tool Tracking, https://www.sharemytoolbox.com/tool-tracking, or call 866.768.8665.