Inventory Management 101: How to Keep Track of Tools and Equipment

If your business owns a lot of equipment or tools, it can be hard to keep track of everything. From smaller tools like hammers, drills, and screw drivers to vehicles like forklifts, the proper management of your equipment can play a big role in how your business operates effectively. For this reason, tool tracking software is frequently implemented as a way to better monitor the status of your tools and equipment. If you’re new to inventory management and are wondering what the best system is for tracking and organizing the items in your warehouse, here are a few tips to keep in mind as you set up your software.

Monitor inventory

The first step of keeping track of your tools and equipment is making sure that you’re monitoring everything in your inventory. Tracking inventory is an important part of running your business, as it allows you to ensure that you’re staying on budget as you purchase new items while deterring employee theft. This can be a tedious task, as it requires tracking down every piece of equipment you may own, regardless of its frequency of use, but once you have everything listed in an easily accessible database, you’ll be grateful for the time you spent. For example, the records you create go far beyond a typical list including a name and description. With asset tracking software, you can tag related tools, add important user manual and documents, and even include images of the equipment. In this way, you can go beyond tracking equipment purchases and create a database that can be shared with new employees who need to learn how to identify and operate the various tools of your trade. A good Vendor Managed Inventory will help you cover what you’re supposed to deliver under the times accorded. By and large, customer satisfaction is the most reliable radar when it comes to business success.

Track repairs and warranties

Another useful feature of tracking your inventory through a tracking tool is the ability to monitor whether or not certain pieces of equipment are still under a manufacturer’s warranty. For example, if you’ve got a record showing that a component of your HVAC system is still under warranty, you can reference that information when you call to speak with an air conditioner repair service. Not only can this kind of knowledge save you from replacing something you just purchased or spending money on a repair you don’t need to, but you can also predict when you will need to service your tools. This can help you budget for expenses that would otherwise be seen as emergencies, allowing you to continue scaling your business instead of scrambling to cover a cost you should have anticipated.

Improve requisition

Having an organized list of your tools can also decrease how long it takes to request equipment on the job site or as you prepare to head out to a site. This saved time can allow for your team to be more productive, ultimately allowing them to focus on the aspects of their job that are far more important than searching for a wrench in storage for twenty minutes. Many tool tracking software solutions even allow businesses to set up a system in which tools are requested, picked, and delivered to employees all from a tablet, computer, or smartphone. Knowing that you’ll have the equipment you need when you need it is another time saver, allowing your business to run more efficiently. 

Utilizing asset tracking software is a great way to work smarter while managing a high volume of tools and equipment. By empowering your users to take an organized approach to tracking purchases, repairs, and requisition, you can spend your time more wisely and maximize both productivity and profit.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.