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5 Best Tool Management Software

5 Best Tool Management Software

In every business setup, the maintenance department is tasked with tracking dozens, if not hundreds, of different assets that require testing, restoring, or replacing. This task requires various tools critical to completing a maintenance job appropriately and on time.

However, what if the electrician arrives at a job site without tools like a wire stripper or a multimeter? How can a contractor frame a house without air compression or clamps? In addition, any lost, broken down, or stolen equipment can negatively hinder progress and affect a company’s profits. Workers who are hectic on time shouldn’t have to waste any moment searching for the right tools to use. 

Fortunately, tool tracking and management are now easier with a computerized maintenance management system (CMMS), an enterprise asset management system (EAM), or a standalone inventory solution. This tool management software can help keep tools and equipment organized. That way, you or your technicians can find what they need for a particular job — saving both time and money in the process. Also, if a tool is missing, you will know immediately to address the problem as soon as possible. 

In this article, we’re going to take a peek at the best tool management software available on the market right now, as well as the benefits of using them.

What is Tool Management?

Tool management is the process of organizing, tracking, and controlling tools. It helps ensure that workers have the right tools for the job at hand and can complete tasks quickly and efficiently. Tool management also helps reduce lost or stolen tools, impacting a business’s bottom line.

Benefits of Using Tool Management Software

There are several benefits of using tool management software. Here are three of the most notable ones:

Increased Oversight and Collaboration

With tool management software providing detailed usage data, companies can track who uses which tools, when they are being used, and how often. This information can help companies identify patterns in tool usage and spot areas where improvements can be made. Additionally, the data can help managers spot underused or overused tools to make changes as needed.

Reduced Equipment Losses

A tool management system keeps track of equipment, which helps reduce potential losses that can cost a business time and money. In addition, tool management software can be used to prevent theft or misuse of equipment by alerting companies when tools are not being returned on time or if they have been damaged in some way.

Improved Workflow and Time Management

If your company uses tool management software, employees will spend less time looking for the right tools. They will not have to waste time searching for a tool that has been misplaced or wondering if it is in the hands of another worker who is also trying to complete their task. This can allow employees to work more quickly and efficiently, which means they might be able to get their jobs done sooner than expected!

Barcodes Vs. RFID: Which is Better?

You can simplify your asset management duties with the use of tagging. This method allows quick equipment identification via tag scanning using a mobile device.

Two common tagging methods are barcodes and Radio Frequency Identification (RFID). So which is the best for your needs?


Barcodes are labels that contain data in a machine-readable form. To scan a barcode, you need an optical scanner that can convert the barcode’s image into electronic data. This data can then track or identify the object to which the barcode is attached. Barcoding is:

  • Less expensive
  • Scannable with most smart devices
  • Easier to place on nearly any surface



RFID uses radio waves to transmit data from a tag to a reader. This allows for wireless identification and tracking of objects. RFID tags are more expensive than barcodes, but they offer several benefits, including the ability to track an item’s location in real-time and store more data than barcodes. They can also be read through various materials, which makes them ideal for tracking high-value items. RFID tags:

  • Don’t require a direct line of sight to scan
  • Typically more durable
  • It can hold a lot of data within its microchip


Why QR Code is better Than Barcodes and RFID

Now that you know a bit about barcodes and RFID, you may be wondering why QR codes are a better option. Here are just a few reasons:

  • QR codes can hold more data than barcodes or RFID tags.
  • They are easy to scan with any smart device.
  • QR codes don’t require a direct line of sight, unlike barcodes.
  • They can be scanned with a variety of devices and apps.
  • They’re relatively cheap to produce and easy to print on just about any surface.


When it comes to asset management, there is no one-size-fits-all solution. However, using a tool management system can help your business increase efficiency, reduce losses, and improve workflow. With the right system in place, you can rest assured that your tools are always needed and used correctly.

Best Tool Management Software

Now that you know the benefits of using tool management software, it’s time to find the right system for your business. Here are a few of our favorites:

Asset Panda

This cloud-based tool management system is ideal for businesses of all sizes. It offers a variety of features, including barcode scanning, RFID tagging, and GPS tracking. Users can also customize their dashboards to see only the information they need.


CribMaster has a tool management system that’s right for you with solutions for small businesses and large corporations. Their systems are used by many Fortune 500 companies and smaller organizations looking to improve efficiency and optimize asset management.


This cloud-based system offers a variety of features, including barcode scanning, RFID tagging, and GPS tracking. It also includes a module for managing tools and equipment rentals. Prodsmart is ideal for businesses of all sizes.

Asset Infinity

Asset Infinity is one of the leading asset-tracking and management solutions in the world because its tool management system is used by businesses of all sizes and offers a variety of features, including RFID tagging, GPS tracking, and data analytics.

DataMyte Digital Clipboard

Of course, we wouldn’t want to forget our very own DataMyte Digital Clipboard because our Digital Clipboard is perfect for businesses of all sizes and offers a variety of features, including a widget that lets you add and scan QR codes to products and into our app. Other tools in our arsenal include a workflow builder, checklist/task management, asset history, a custom dashboard, and more!



Making sure your employees have the right tools for the job is essential to running a successful business because, with the right tool management system, you can rest assured that your assets are always accounted for and used correctly. For more information on how to improve your asset management process, check out DataMyte today!



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