- Free Version: Available for teams of up to 10
- Pricing: Premium plan $24/month (with a free 30-day trial period)
- Platforms supported: Available on mobile app (iOS and Android) or a web-based software
SafetyCulture (iAuditor)
Why use SafetyCulture?
SafetyCulture is a digital solutions provider that allows companies to digitize data and automate workflows, making their tool management software one of the most sought-after. The application’s numerous features allow employees to gather and store relevant information about their tools and equipment, track their location and current users, and ascertain the need for asset maintenance or upgrades.
Features:
- Gather salient data about assets used for operations and store it in a centralized repository, which technicians can easily view.
- Integrate geo-tagging functionalities into the system to secure tools and equipment.
- Download relevant digital checklists from the public library and use these during scheduled inspections.
- Raise issues on the spot and assign preventive or corrective actions.
- Generate reports with insightful analytics and immediately share them with the rest of the team.
Why use EZOfficeInventory?
This web-based software makes asset management easier by tracking all tools and equipment required in a company’s operations in real time. On top of accurately recording stocks, this also slates preventive maintenance to ensure asset longevity.
Features:
- Asset tracking with barcodes and RFIDs
- Asset lifecycle management
- Availability calendars and reservations
- Free Version: None
- Pricing: Starts at $35 for 250 items and an unlimited number of users, billed annually (with a 15-day free trial)
- Platforms supported: Web, iOS, Android
Why use UpKeep?
Made specifically for reliability and maintenance teams, this asset management digital tool provides companies information required for running their operations effectively. This can be seamlessly integrated with their other offerings like enterprise asset management (EAM) and computerized maintenance management system (CMMS) for increased efficiency.
Features:
- Parts and inventory management
- Preventive maintenance
- Analytics and reporting
- Free Version: None
- Pricing: Starts at $45 per user, per month (with a 7-day free trial)
- Platforms supported: Web, Desktop, iOS, Android
Why use Fiix?
This comprehensive digital solution for asset management helps companies get rid of paperwork by automating their processes from inventory to preparing work orders. Aside from reducing costs by securing tools and equipment, it also reduces risk by alerting managers of upcoming maintenance work.
Features:
- Asset tracking
- Maintenance notifications
- Reporting with analytics
- Free Version: Yes. Free Fiix includes basic features.
- Pricing: Starts at $45 per user per month, billed annually (first month is free)
- Platforms supported: Web, iOS, Android
Why use ToolHound?
This web-based inventory management system saves companies on operating costs, improves their efficiency, and maximizes their revenues simply by ensuring that workers get their tools when they need them. ToolHound offers three variants: On-Premise, Cloud, and SecureCrib, which utilize RFIDs and barcodes.
Features:
- Tool tracking
- Tool Identification with scanners
- Consumable management
- Free Version: None
- Pricing: Customized quote provided upon request
- Platforms supported: Web
Why use ToolWatch?
Considered one of the best tool management systems, ToolWatch drives productivity by streamlining workflows, specifically on tool and equipment inventories. Used mostly by companies in the construction sector, this also helps in field and warehouse management and provides support in health and safety.
Features:
- Heavy equipment management
- Asset inventory
- Tool and equipment tracking
- Free Version: None
- Pricing: Customized quote provided upon request
- Platforms supported: Web, iOS, Android
Why use Tooltribe Pro?
This cloud-based application allows companies to keep track of their assets in real time, reducing loss and time spent looking for them. Aside from its intuitive interface, Tooltribe Pro’s clients commend their support team for going the extra mile, like uploading thousands of tools and equipment into the system so they can focus on their operations.
Features:
- Inventory management
- Quick search capability
- Barcodes and QR code scanning
- Free Version: Yes. Tooltribe’s standard plan allows users to sell or rent tools.
- Pricing: Starts at $10 per user per month, minimum of 3 users (with a 30-day free trial)
- Platforms supported: Web, iOS, Android
What is Tool Management Software?
Tool management software is a task-specific digital solution that helps companies organize tools and equipment so workers can find what they need immediately. Managers can use the information documented in the system to replace or repair lost or damaged items, saving the company time and money. It can be a standalone program or a component of an enterprise asset management (EAM) platform or a computerized maintenance management system (CMMS).
Importance
According to a National Equipment Register (NER) report, stolen tools and machinery in the construction sector account for nearly $1B. On top of that, these losses cause downtimes during work hours, which translates to more money down the drain. Tool management software helps prevent those problems and more, as follows:
- Improves operations – Spending a few minutes looking for a missing wrench takes time away from actually working on something with that wrench. With digitized inventory, check-in and out functionalities, and real-time tracking, your technicians will know where their tools are and have them when they need them.
- Increases equipment longevity – With digitization, managers can include a wealth of information about a particular asset besides its brand name and date of purchase. One of the most crucial details included is maintenance documentation. The software helps reduce equipment damage by immediately notifying managers that servicing is due soon.
- Preserves oversight and strengthens collaboration – When different departments can view the complete inventory and the availability of assets required, they can determine their next best step. It also prevents unnecessary conflicts between teams.
- Enhances asset security – As aforementioned, losing tools and equipment costs a lot of money. Investing in a digital solution that can track and monitor these assets prevent that. And in case the unfortunate still happens, detailed reporting with analytics allows managers to get to the bottom of things so it doesn’t occur again.
- Reduces operating costs – With the practical features of tool management software, your company does not have to spend so much on replacing lost assets or repairing damaged equipment because everyone knows the exact location of these items and gets notified for routine maintenance.
Key Features
Whether you manage a team of ten mechanics or hundreds of people on a construction site, you probably have thousands of tools to pay attention to. Investing in tool management software is a judicious choice. Here are its must-have features.
- Asset inventory
- Tool catalog with detailed history
- Tool tracking with barcoding / RFID / GPS
- Check-In/Out with due dates and transaction notes
- Usage Auditing and Reporting
- Tool availability and reservation calendars
- Maintenance scheduling
- Retail management / Third-party supplier collaboration
Choosing the Right Tool Management Software
Any of the seven listed above is a good investment. Before you make your final selection, take another look at all of them below:
| Tool Management Software | Free Version | Paid Plan | Mobile App |
| SafetyCulture | Yes | $24/user/month* | Yes |
| EZOfficeInventory | No | $35/month* | Yes |
| UpKeep | No | $45/month | Yes |
| Fiix | Yes | $45/month* | Yes |
| ToolHound | No | Custom quote | No |
| ToolWatch | No | Custom quote | Yes |
| Tooltribe Pro | Yes | $10/user/month | Yes |
* billed annually
