For many contractors, small tools, repairs and maintenance can become significant expenses associated with running the business. Furthermore, many contractors lack the ability to accurately track and account for all of their physical assets and tools.
We have seen a number of our clients address this need by implementing a tracking system that manages fixed assets and inventory.
One such option is Jobsite Resources (http://www.yourjobsiteresources.com/), a company out of Westerville, OH, which specializes in developing customized tracking systems to manage inventory and fixed assets, using RFID (Radio Frequency Identification) scanners. RFID tags are placed onto every piece of equipment (including small tools), and are then scanned into the system for tracking. The technology also uses GPS monitoring for larger equipment such as cranes and trucks.
This technology is useful for larger contractors who would set up on-site trailers to house tools. Certain products are sophisticated enough to scan trucks, including all tools on the trucks, as the trucks leave the yard.
There are some obvious cost ramifications to implementing this type of tracking system such as planning, setup, ongoing service, employee training, etc, but there is also the potential for significant benefit. As before making any significant investment into your business, you should perform an accurate cost/benefit analysis.