Due to US tax laws, most construction companies can expense their tools and, as a result, treat them as consumables rather than capitalising them.
This situation can result in widespread asset losses and create enormous cost implications for companies, with tools and equipment lost due to theft, mismanagement, and lack of accountability.
The team behind ShareMyToolbox was looking for a way to solve this expensive, industry-wide problem. They needed to find a digital partner who could help them position ShareMyToolbox.com as the answer to the widespread asset losses and enormous cost implications faced by construction companies across the US.
The team wanted to present its business offering in a way that was relevant, practical – and user-friendly. Their goal was to create a product that provided an excellent user experience for everyone, from on-site workers in the field to head office logistics and resource managers.
Most existing systems on the market were taking a centralised inventory approach to checking a company's tools in and out. This approach relied on the company's warehouse manager.
Our response circumvented this approach, instead of relying on the warehouse manager, we developed an intuitive mobile app that was for use by employees in the field.
The app's sophisticated yet highly accurate, multi-platform monitoring system allows companies to track every tool in their business with ease.
The ShareMyToolbox app uses the latest technologies in the mobile and cloud computing space to offer real-time tracking, sharing, and management of entire company inventories of tools and equipment.
The mobile app makes tracking and tracing the whereabouts of tens of thousands of tools simple. It provides field visibility into a company's full tool catalogue – and as a result, makes company employees more accountable for their toolbox contents.
In less than 36 months ShareMyToolbox was in use by over 10,000 users across three continents.
ShareMyToolbox companies on average reduce tool loss by 48%.
ShareMyToolbox companies report an average savings of 21 hours per week by managing tools more efficiently. This includes warehouse administrators and field personnel searching, finding and transferring tools.
Over 10,000 users
Growing rapidly in popularity around the world
Reduce tool loss by 48%
Reduce the risk of losing tool by tracking the ownership of the tools
Save 21 hours per week by managing tools
Reducing the time wasted in tracking the whereabouts of existing equipment