The Real Cost of Lost Tools

Any successful company takes control of any issues that are within its power to remedy. From a late employee to a maintenance check on a fleet vehicle, proud companies are always solving problems and establishing preventative methods for the future. Protecting the company should be the top priority of every executive, but sometimes there are still costly mishaps that can slip through the cracks. Especially when it comes to industries like construction, auto mechanics, plumbing, roofing, etc., there is a common money and man hour liquidator: lost tools.

When dealing with lost tools, it isn’t just the value of the tool that ends up hanging in the balance. If you combine the tool’s value, time spent looking for the tool, and time wasted at job sites, then money starts to burn through the companies’ pockets quickly. This can be devastating for any business. For that reason alone, it would be wise for any door-to-door service business or construction group to have their own asset management system to help quickly recover stolen or lost tools.

On any job site, it is natural for professionals to temporarily leave their tools in an open area or in an area where multiple people have access to them throughout the day. While this is time-efficient, sometimes it can lead to misplaced or lost tools on the job site. These lost tools then catalyze an unnecessary search effort to recover the lost equipment, costing the company money and time. Especially in cases of stolen tools, companies must be prepared to spend even more time searching for the item and the thief, as well as spend more money on costly tool replacements.

It is easy to make the mistake that every tool can properly be accounted for by a single employee or even an employee and record sheet combination. There is simply an easier–and in the long term cheaper–way to manage the locations of your tools: a sophisticated inventory management program that records the location of your entire inventory of important instruments. A system of barcodes or tags linked back to a central intelligence software that quickly and accurately manages the location and condition of stolen or lost tools.

ArgoTag is this program. With ArgoTag’s robust GPS tool tracking system, you will always have the ability to locate your valuable assets. No matter when or where you lost them, they can be found so that your company doesn’t waste precious time with arbitrary searches or expensive tool replacement.

When it comes down to it, your company will save more money in the long run with an asset management software because you will avoid going on wild goose chases for lost assets. Instead, both employees and managers will know exactly where their tools are located. Wasting valuable time trying to find a lost tool is the last thing you want an employee to spend their day doing. Bring efficiency back into your company with the perfect tool tracking system. 

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