Tool Inventory Management For Construction Companies

By August 29, 2018Asset Tracking, Blog, Use Case

Tool Inventory Management For Construction CompaniesConstruction sites are notorious for using a large number of tools. Let’s face it, if the workers don’t have the tools needed to do their job, then the work doesn’t get completed and the client isn’t exactly pleased! That’s where having a solid tool inventory management platform comes into play.

Construction projects work on tight timelines and are responsible for sticking to them. If they get off track or are delayed, it can cost the construction company money at the end. 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 users to know real-time data about all their assets at any given time.

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

 

“Construction projects work on tight timelines and are responsible for sticking to them.”

 

There are always unexpected issues come into play that can throw a job site into chaos such as broken equipment, weather conditions, overlooked construction errors, but the issue of not knowing who has a specific tool, or when it will be returned, and keeping up with each tool’s maintenance schedule can be easily avoided with the addition of a tool inventory management program.

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 cognizant 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 important factors when it comes to budgeting and spending for construction companies.

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 the way you work, and allowing you to customize the system, however, is 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 it came to managing and keeping up with their assets. Before Asset Panda, they had a huge book that they would hand write all of their data in. 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. 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 the way they work.

 “With Asset Panda, we are now able to hold people accountable for lost equipment. No matter where we are in the state, we can pull up the app and see where all of our assets are located. We can see how many tools are at a job site and what employee has what. If a tool needs to be used at a different job site, we can simply look on Asset Panda to see where that specific tool is and easily retrieve it.

Asset Panda has been revolutionary to the way we manage our assets.Thanks to the mobile functionality, our employees have a greater sense of accountability and responsibility to provide up-to-date data on the tools they are using and where they are located anytime, day or night. It has saved our entire team in the warehouse and out in the field ample amounts of time trying to track down certain tools.”

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 you use every day. Sign up for a free 14-day trial at www.assetpanda.com today.

 

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