6 Best Tool Management Systems For Your Business

Tool tracking and management with a computerized maintenance management system (CMMS), enterprise asset management system (EAM) or a stand-alone inventory solution can keep your important tools and equipment organized, so technicians can find what they need quickly, saving both time and money. And if something goes missing, you’ll know immediately and can address the problem as soon as possible.

Keeping tabs on your tools and equipment without good systems in place can be pretty challenging. Things get even tougher when you are in the construction or maintenance industries managing multiple job sites, geographical locations & employees.

Tool management systems can ensure your assets are ready to utilise when needed & in working order. Effective tool tracking & inventory management can be critical to your projects profitability and can in some cases can make or break your margins. 

When a particular item is lost, or misplaced or idle due to not being maintained it can incur unnecessary costs within your business, so having an equipment tracking system or tool management system can be a great investment.

A tool tracking system can keep track of your tools’, their usage and condition over their lifetime. It’s also useful for storing information such as model numbers, serial numbers, purchase orders, invoices, vendors, depreciation, maintenance history, warranty information & much more. Some systems are more flexible than others so this can change depending on the system.

Listed below are the Top 7 Tool Management Systems that you can use for your business. Keep reading to find out more!

#6 Asset Panda Review 

Asset Panda is a very widely used asset tracking system for many different applications. People love asset pandas user-friendliness and intuitive interface functions where you can configure and customize fields that suit your business needs.

Key Features:

  • Audit Planning
  • Chat / Messaging Features
  • Mobile Signature Capture
  • Multi-Company Functions
  • Multiple Level User Accounts
✔ Android and iOS applications with barcode scanning
✔ Supports images, videos, voice recording, and custom fields
✔ Customizable CVS import with field mapping
— Complex set up due to level of customization available— Somewhat unintuitive user interface— No offline mode in the mobile app— Data import is slow for larger data sets

# 5 ShareMyToolBox Review

ShareMyToolbox is a simple mobile first construction tool tracking system that allows businesses to keep track of who is in charge of tools and small equipment, designed to build accountability.

It is available on Apple or Android devices as well as having a basic portal, mobile users can search the company’s tool inventory, request tools, and accept tool assignments. It allows users to allocate tools and jobs to individuals via a comprehensive interface.

Key Features: 

  • Activity Dashboard
  • Approval Process Control
  • Asset Images
  • Employee Management
✔ User-friendly interface
✔ Ease of use
✔ Visibility and control of tool inventory locations✔ Low annual price
— Few system errors
— Unable to handle large transactions and editing data simultaneously — Largely self service option


#4 ToolWatch Enterprise Review

ToolWatch is an efficient tool management system that is ideal for different types of companies. ToolWatch Enterprise has been in the industry for 29 years. Their software can also be used in asset tracking, warehouse management, equipment tracking, materials management, and integration solutions. Aside from that, they also provide their own products like tool labels, barcode scanners.

Key Features: 

  • Job Costing and billing
  • Reports, graphs, and dashboard 
  • Organizational tree view
  • Tool and equipment management
  • Pick tickets and transfers
  • Materials and consumables management
  • Purchasing and receiving
  • Service and Calibration Reminders
  • System Administration
  • List maintenance
✔ User-friendly interface
✔ Responsive customer service
✔ Mobile app feature is easy and simple to use

✔ Allowing employees to see and manage the equipment, tools, and supplies they use on the job
— Network issues
— Synching issues with a mobile device
— Billing exports can’t be selected simultaneously
— Older technology

# 3 Hilti ON!Track Review

Hilti ON!Track is a cloud-based asset management software system that allows you to keep track of all of your construction tools and assets from anywhere. Like most tool tracking systems, it is designed for construction companies. Also, it can come in handy in assisting companies how to manage their employee training and certification, job site cost allocation, rental equipment, and other services.

Key Features: 

  • Asset Tracking
  • RFID/Barcode Scanning
  • Hilti Field Team
  • Asset Tagging
  • Durable Hardware
  • Onsite Consultation & Training
✔ Built for the industry
✔ Ability to buy Hilti branded asset labels
✔ Auto-fill for Hilti Tools
— In-flexible system
— Unable to fully customize columns in services— High cost solution with upfront costs— Hilti may use your asset data for sales related purposes

#2 Milwaukee One Key Review 

Milwaukee One Key is a free tool tracking software where you can customize, track, and manage your tools. Milwaukee One Key also has Bluetooth tools and equipment trackers, which can be very helpful when tracking your tools within 100 feet. It is available on Android and iOS.

Key Features: 

  • Tool Control
  • Tool Tracking
  • Tool Security
  • Inventory Management
  • Tool Reports
✔ Ability to register a new tool by scanning for nearby tools with the use of Bluetooth technology✔ Saving custom tool profiles✔ Very low cost

✔ Geofencing and Date-based Alerts✔ Auto-fill for Milwaukee Tools
— The mobile app has glitches 
— Mobile app crashes
— Issues with real-time tracking
— No customer support—Milwaukee may use your asset data for sales related purposes

#1 ToolPal Review 

ToolPal is a custom built tool management system built for the industry by the industry. Combining years of experience working with trade contracts ToolPal is designed to be user friendly & intuitive software that is highly flexible to different working conditions or projects.

Key Features: 

  • Apple & Android phone & tablet apps
  • Full Customisable
  • Inventory Management
  • Inbuilt Service Planning Calendars
  • Scheduled Custom Reporting
  • Location Management
  • Asset requests and planning tools including pick lists
  • Tool task management
  • Bulk scanning mode
  • Offline mode
✔ Custom built for Tool Tracking✔ Independent company not affiliated with any tool brand ✔ Easy to use interface✔ Low cost

✔ Ability to purchase custom branded asset labels✔ Extensive training and set up videos
—  No third party maintenance login
— No on ground support for implementation— Only business hours phone support

Though these applications may vary depending on your preference for your business, these tool management systems can definitely help you with organizing your inventory and managing assets that will definitely save you time and effort.

There you have it. These tool management systems are just a guide, but choosing the right app or software for your business is all up to you. The goals of these tools are to make your inventory management more efficient and organized.