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

1. How Tool Inventory Management
Software Can Benefit Your
Business

2. 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?

3. Tool Inventory Management Software:
Adopting an Asset Tracking Strategy
• 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.

4. 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.

5. 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.

6. 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.

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

8. 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.

9. 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.

10. 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.

11. 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.

12. Elimination of Manual
Processes:
• In the end, they
mishandle and
misuse the
equipment.

13. • 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.

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