How Tool Tracking Can Save Your Business Money

Whether you’re running a large enterprise or a lean start-up, you likely have a variety of equipment and physical resources in your company’s offices. From computers and office supplies to heavy-duty warehouse equipment such as forklifts, all of these assets need to be managed. Managing your tools and properly tracking them using tool tracking software can be a major boon for businesses looking to maximize their profits.
Here are just a few of the ways that tool tracking software can save your business money.

1. Tool tracking helps you purchase the proper amount of supplies

If you don’t know how much of your inventory is left, you won’t be able to buy the right amount the next time you make an order. This is true for commonly used supplies like printer paper, ink, or toner, as well as larger assets like computer workstations.
For example, as your business grows, you will likely have to purchase different technologies based on each employee’s skillset and job function.
Knowing that you still have a Macbook Pro loaned out to a freelancer or have an extra Windows PC from a different employee who left your business two years ago can prevent you from purchasing redundant equipment as your company scales.

2. Tool tracking decreases chances of theft

Another way to avoid purchasing unnecessary supplies is to make sure that you’re deterring employee theft. Tool tracking software makes it much easier to prevent employees from walking off with company property.
While workers sometimes need to bring a company laptop or device home with them for a few days to finish work outside of the office, there’s an inherent risk whenever somebody takes something out of your business and doesn’t return it.
When your employees know that you are tracking your assets, they’ll be much less likely to forget your company’s property at home, malicious or otherwise.

3. Tool tracking monitors warranties

If something in your business breaks down, it isn’t always the right idea to replace it immediately. In some cases, electronics and other expensive tools may still be under the manufacturer’s warranty.
These are the kinds of details that you can flag and track in tool tracking software, which can be the difference between replacing expensive tech or saving on repairs.
Of course, if one of your business’ assets is no longer under warranty, you’ll want to make sure you dispose of it by taking it to a business that specializes in technology and electronics recycling.

4. Tool tracking properly accounts for annual service costs

Beyond offering your company the chance to mark extra details such as warranties, you can also use tool tracking software to monitor recurring service costs.
If each of your graphic designers’ laptops has an annual subscription to Adobe Creative Cloud, for example, it may be useful for you to track when each subscription will automatically renew.
While knowing when to expect an expense isn’t going to save you money per se, having a heads-up can keep you budgeting for these kinds of expenses appropriately. 


From smaller batches of office supplies to higher-end equipment and tools, every business has a lot of value tied up in its day-to-day operational supplies.
Especially for larger corporations, the cost of replacing, procuring, and maintaining these sorts of items can cost a lot of money. Tool tracking software helps businesses maximize their budgets and supplies by making it easier to organize your inventory.
Using software that is easily accessible from a wide range of devices and allows you to track assets with photos and other product details can help you reduce redundant purchases.
The result is a database that truly represents your inventory and allows you to accurately budget your company’s expenses.


Navrajvir Singh
Navrajvir Singh
Entrepreneur. Strategist. Think Tank.

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