Manual inventory systems can only take a business so far, often limiting the ability to scale operations or find efficiency. Tool inventory software naturally fills these gaps by actively addressing inventory accuracy, efficiency, profitability, and security requirements. Thus, 92% of owners in construction and trade businesses say they’re implementing strategies to integrate digital solutions into their workflows.
Despite this, startup costs, transition time, and training difficulties prevent many businesses from using tool inventory software to realize their full potential. Consider these reasons to embrace digital tool management in construction and trade businesses as motivation to put in the time and money to transport your workflow. Remember – over 9 in 10 of your competitors are already doing it.
What is tool inventory software?
Tool inventory software allows construction businesses to track asset data from one central system. The data collected and stored by the software includes:
- Purchase dates of tools
- Equipment and asset costs
- Barcode ID records
- Equipment condition
- Repair and maintenance history
- Site location
- Insurance information
- Service information
- Warranty information
In addition to this data, versatile tool inventory systems can track and store different analytics, depending on the business’s needs. Policies can be established and implemented for how this system is accessed and used within your business, so that it supplements, rather than disrupts your pre-existing workflow.
For example, equipment inventory can be managed from compatible devices without requiring in-person evaluations, providing real-time visibility over your business’s inventory across multiple job sites, warehouses, or field-service vehicles. Based on performance data generated by the system, you can make changes as you see fit without buying a different suite of tools.
What are the benefits of tool inventory software?
Most construction and trade businesses are adopting digital inventory software, due to the limitations of manual inventory methods. Creating and storing hard copies of data sheets costs money and time that your employees could spend elsewhere. Additionally, storehouses of records are susceptible to theft and fire.
Consider these benefits of tool inventory software as a starting point for what the system could provide your business. Many programs have different features, so ask the vendor what you’re looking for to confirm whether their software can accommodate your business’s needs.
It makes businesses more scalable
As businesses grow, their need for more accurate inventory control increases. In the construction industry, this means managing more sites and equipment, making more orders, and having more employees. While manual tool tracking methods require more manhours to scale with a business’s growth, tool inventory software can be upgraded through the vendor to accommodate a larger operation with no additional infrastructure required.
It makes businesses more efficient
Tool inventory software can track maintenance and repair histories on equipment, so you never have to pay twice for the same repair, due to miscommunication. The system can be set to reorder supplies once they reach a certain supply count, preventing your business from wasting time while orders are fulfilled.
Inventory software also makes managing multiple sites easier. Groups of tools and equipment can be assigned to a job, site, vehicle, or employee simultaneously. Location groups can be assigned to different sites within one area to be tracked and managed as a group.
It makes businesses more profitable
Software solutions save businesses money by eliminating manual inventory tracking methods, but they also do so by creating more effective workflows. The information provided by tool inventory software can be used to change schedules or shift personnel to accommodate client expectations or meet deadlines more efficiently.