Losing Tools on the Jobsite

How can you reduce accidental tool loss?

There are a lot of approaches to curbing tool loss. Rather than review all of the failed attempts at tracking tools, instead, let’s focus on the most productive. After all, it is your dollars at risk here.

The most effective approach uses a combination of quality tracking devices, smartphone technology, and software to manage tools — hands down the most effective way.

Many people assume that the primary loss in a missing tool is the cost of the tool itself. Still, most industry leaders say that you cannot calculate an accurate figure on the financial impact because of the hours of lost productivity spent searching for tools and how difficult that number of hours is to track. Further complications to achieving this number include the fact that many tools are not appropriately inventoried and cannot be accounted for financially for that reason.

Toolwatch conducted a study to determine these costs as an example. They determined that a misplaced $80 grinder ended up costing a construction company $300 because of the time spent looking for the tool and locating another grinder to send to the job site.

Some of the most common ways to track tools and equipment include marking with a permanent marker, creating an Excel spreadsheet of tools, and labels and scanners. These assets all have their issues. Even permanent marker wears off. Excel spreadsheets are labor-intensive to keep up. Older tracking software based on labels and scanners doesn’t provide real-time tracking.

For all of these reasons, the most effective approach uses a combination of quality tracking devices, smartphone technology, and software to manage tools — and do so in a live tracking approach that makes finding tools easy. This technology, in turn, saves money for the company in avoiding missing tools and the lost time it takes to search for or replace them.