Tool Inventory Management For Construction Companies

Construction sites are notorious for using a large number of tools. Let's face it: if the workers don't have the tools we need to do their job, we can't complete the work, and the client isn't exactly pleased! 

So that's where having a solid tool inventory management platform comes into play. By knowing where everything is at your job site, things run a lot more efficiently at construction companies.

The importance of construction management software

Construction projects work on tight timelines, and we are responsible for sticking to them. If they get off track or are delayed, it can ultimately cost the construction company money. For each and every project, construction companies need to be sure that they have an accurate and up-to-date tool inventory management system in place that allows management and workers at a site to have real-time data about all their assets at any given time.

It can be a complicated process to keep track of your inventory levels – especially when multiple jobs are in process at the same time. If your company is sending tools out of state or out of the country, you must be able to reference where they are and keep up with their status to ensure they make it back to their home base safe and sound.

There are always unexpected issues that come into play that can throw a job site into chaos, such as broken equipment, inadequate inventory levels, weather conditions, and overlooked construction errors.

Still, the issue of not knowing who has a specific tool or when they'll return it and keeping up with each tool's maintenance schedule can be easily avoided with the addition of a construction management software program.

How a tool tracking system can help construction companies

It's no secret that construction projects are expensive, and so are the tools used. With tight budgets and even tighter timelines, companies are more mindful of the bottom line and how they are using their tools or, in some cases, not using them. Many asset tracking and management programs can accurately assess the economic life of a company's tool inventory and when it is time to repair or replace.

By recording and accessing up-to-date and accurate data on performance and costs for each asset via asset tracking, companies can address questions about:

• Costs to business operations from a financial and time standpoint
• How does repair compare to replacement
• How much has been spent repairing an item during its lifetime

These are all critical factors when it comes to budgeting and spending for construction companies.

Asset Panda's tool tracking software

Asset Panda's unique approach to asset tracking and tool inventory management has saved construction companies both time and money. Asset Panda provides a flexible and reliable platform to track, manage, and support construction equipment, adapting to how you work and allowing you to customize the system however best for your business. Asset Panda's cloud-based software platform, coupled with free mobile apps, gives users the freedom to access all of their assets at any time, from anywhere.

Construction company VerHalen, Inc. faced many challenges when managing and keeping up with its assets. Before Asset Panda, they had a massive book in which they would handwrite all of their data. 

They had no idea what employees were assigned which tools or how many tools were at a specific job site. Expensive pieces of equipment were constantly lost or misplaced, which led to spending money unnecessarily on replacing equipment. 

Employees were wasting time searching for assets that should have been easy to locate. The bottom line is that there was no accountability.

Nate Calawerts, asset management intern at VerHalen, Inc., said that everything changed when they added Asset Panda to their arsenal of management tools. In fact, it absolutely changed how they work.

No matter what industry you are in, tracking assets should be a top priority for your company. And Asset Panda should be your choice to help manage and track the tools and equipment you use daily. Sign up for a free 14-day trial (no card required) today.