Tool Tracking: 3 Advantages of Modern Technology

New, modern technology is being absorbed into nearly every industry in the world right now — even the construction industry, which used to be considered a “Safe Zone” from emerging technology. But, rather than bemoaning the loss of the “good old days,” many small and mid-sized, forward-thinking contractors are looking to quickly adopt technology solutions as a way to gain a competitive advantage over bigger, slower competitors.

Think about it: accounting and project management software has already made an impact on the way contractors of all sizes do business. Building Information Modeling (BIM) is now a requirement for construction in the UK. “Punch list” software applications are ensuring every detail of a project is checked off for quality.

And now, many contractors are saving time and money by utilizing tool-sharing applications that can be deployed on smartphones or tablets. You may ask, “Why try to be modern in something like tracking tools? Don’t spreadsheets and checkout lists work well enough? What’s the point of modern technology here?”

What’s the point? Well, we have three points, actually. (And you already know those checkout lists aren’t working.)

1. Be Modern: Get Organized

Shifting away from the old practice of managing tool inventories on Excel Spreadsheets, contractors are using these new tool-sharing applications to manage all aspects of their tool inventory. This ensures you can protect your assets because you have a reliable, real-time record of what you own. (Click here for more on getting organized.)

2. Be Modern: Find Tools Fast

Using technology in the field, contractors are avoiding job slow-downs by making it easy for field teams to find what they need and identify what is available. This allows teams to borrow more and buy less. (Click here for more on why and how to find tools fast.)

3. Be Modern: Build Accountability

Most importantly, contractors using modern technology are tracking tools as they move from job to job and person to person. This keeps accountability high and reduces the tool expenses for the business – making each project more profitable. (Click here for more on building accountability.)

Most companies see more than a 20% drop in tool expenses after implementing a modern tracking system. Without question, embracing and adapting to new technologies can have a noticeable impact on a construction company’s bottom line. The ability to quickly deploy a modern app that solves issues on the jobsite is a huge advantage to smaller companies. Be proactive: start looking at how your business will take advantage of new technologies to improve efficiencies and keep projects profitable. (Click here for The Key to Construction Tool Tracking.)

To learn more about modern tool tracking applications check out ShareMyToolbox at www.sharemytoolbox.com/tool-tracking, or call 866.768.8665.