Independent research study by Building Services Research and Information Association calculates ROI within a year for ToolHound tool tracking system
Online PR News – 10-December-2013 –ToolHound Inc., a global supplier of tool management systems, announced that a complete return on original investment (ROI) derived from using the ToolHound tool and equipment tracking system within the first year has been verified by years of customer testimonials as well as independent research studies.
Investment in a complete tool and equipment management system delivers prompt ROI due to improved productivity, efficient use of resources and real-time inventory visibility. The ability to ensure that the right tool is in the right place at all times is critical for any organization with a tool and equipment inventory, such as construction companies, maintenance, repair and operations (MRO) departments, and contracting firms.
The ToolHound Tool and Equipment Tracking system enables savings realized through time saved by tradesmen and tool crib personnel when tools are issued or returned, less time spent searching for lost or misplaced equipment, streamlining inventory reconciliation, reduction in tool losses and tool hoarding, and resale of obsolete or excessive equipment inventory.
“within one year of adopting ToolHound, Agrium saved $92,000 due to reduced tool and equipment inventory loss”
In addition to multiple tool tracking customer testimonials regarding ROI, an independent research study by Building Services Research and Information Association (BSRIA) calculated real cost savings for two sample companies using ToolHound tool tracking:
Agrium Inc. is a leading producer of fertilizer and a major retail supplier of agricultural products and services in North America and Argentina. Agrium selected ToolHound to manage all personal protective equipment, maintenance consumables, and general safety equipment such as fire extinguishers, tools and equipment for the Environment, Health and Safety Department in their production plant in Fort Saskatchewan, Alberta, Canada.
According to the report, within one year of adopting ToolHound, Agrium saved $92,000 due to reduced tool and equipment inventory loss, compared to the preceding 12 months.
Ameco, a unit of Fluor Corporation, is a worldwide leader in equipment management solutions, delivering operations fleet services, construction site services and equipment distribution to construction, mining, government and industrial markets throughout the Americas and South Africa, as well as supporting projects in other remote parts of the world.
In an evaluation of a typical project where AMECO employs the ToolHound system, the BSRIA report found that AMECO’s savings in man-hours during the first year amounted to nearly eight times the cost of their original investment in the tool management system.
“Construction companies and engineering contractors have to make huge investments in their equipment inventory,” said Dean Perry, president of ToolHound. “Managing that inventory with a robust, easy-to-use tool tracking system not only protects their capital assets, it also enables them to realize a sizeable return on investment by saving time and reducing replacement costs.”
Since 1985, ToolHound systems have been deployed by companies of all sizes across a variety of industries, including construction, power generation, chemical processing, mining and jobsite tool and equipment services. Specializing in personalized technical support with on-site training and installation expertise, ToolHound offers a comprehensive portfolio of tool and equipment management solutions including Cloud hosting and customer controlled hosting with ToolHound OnSite and SecureCrib featuring wireless, RFID and barcode technology.
For more information about ToolHound Tool and Equipment Tracking, call (800) 387-8665, or visit the company's website at www.ToolHound.com.