How Tool Inventory Management Software Can Benefit Your

Business

Tool Inventory Management Software: Adopting an Asset Tracking Strategy

• What does it mean to take an asset management approach to your company’s largest capital expenditures? For instance, what does it mean to track the life-cycle of your machinery, your tools and your equipment with tool management software?

• In order to answer these questions, think about how important it is to track these assets in terms of their usage. Think about how important it is to track the service and repair costs on these items, in addition to your company’s costs on consumables and spare parts. Think about how important it is to keep a running tab on tool counts so your company knows exactly what it has at any given time.

Tool Inventory Management Software: Adopting an Asset Tracking Strategy

• Finally, think about how tracking these aforementioned costs helps your company better manage these assets. Ultimately, it’s about making sure your company extends the life of these tools as much as possible.

Tool Inventory Management Software: Adopting an Asset Tracking Strategy

Inventory Tool Tracking:

• Most companies assume that their inventory costs only include their costs on raw materials, semi-finished and finished goods. However, your company’s inventory tool counts are also an important part of your inventory management costs, and like any asset, they must be tracked accordingly.

Inventory Tool Tracking:

• Not having the right inventory tool counts could lead your company to purchasing more than you need, or worse, not purchasing any at all. Imagine the impact on production when your company encounters lost time simply because it failed to keep track of current inventory tool counts.

Inventory Tool Tracking:

• Work stoppages are a common occurrence in manufacturing, but work stoppages caused by poor inventory tracking is inexcusable.

Improving Resell Values:

• At some point in time, your company may decide to upgrade its tools and equipment. Success often comes down to your company’s ability to derive the highest resell value on your existing assets. Increasing your resell value on all your tools is essential to making sure your company maximizes its returns.

Improving Resell Values:

• The right tool management software can not only help you track existing tool counts in inventory, but it can also help your company justify a higher resell value once you decide to upgrade your capital expenditures. In fact, it can help you make that all-important decision in the first place by giving you an idea as to the life expectancy of these assets.

Elimination of Manual Processes:

• Companies that manage their tool counts with excel sheets, spreadsheets, and other paper processes, are never able to maximize their returns on these assets. Instead of having an accurate inventory count in real-time, these companies rely upon outdated paper processes.

Elimination of Manual Processes:

• Mishandling and misuse are commonplace as employees try to manage these assets based on antiquated information. It’s the reason why damage occurs in the first place; employees without a real-time service and repair log are less likely to know the ins and outs of the machines service history.

Elimination of Manual Processes:

• In the end, they mishandle and misuse the equipment.

• Companies don’t just use tool management software to keep track of inventory counts. They also use the software to track the value, usage and life-cycle of these assets. Tracking service, repair, consumable and spare parts costs helps companies reduce their overall expenses to manage these assets. It’s about maximizing your company’s returns and not misusing the equipment and tools you already have.

Further Reading…

• For more information about tool management software and it’s benefits, Visit ToolHound today at http://www.toolhound.com