Glossary
Essential Terms for Tool Tracking and Inventory Management Software
Start Tracking NowAsset Catalog
A centralized repository of information about all the tools and equipment within an organization.
Asset Depreciation
The process of calculating the reduced value of tools and equipment over time.
Asset Types
The different categories of items that can be tracked, such as high-value tools, bulk items, consumables, and equipment.
Barcode
A machine-readable optical label that contains information about the item it is attached to.
Bulk Items
Items stored and managed in large quantities, tracked in bulk, as a group, like shovels, and are expected to be returned.
Checkout
The process of formally providing a tool or piece of equipment to a user.
Consumables
Items that are used up or discarded after a single use. Consumables are tracked as a group and auto removed from custodian based on time as they are consumed.
Custodian
The individual responsible for the care and management of a specific tool or piece of equipment while it is in their custody.
Equipment
Larger, non-handheld items used to perform various tasks or operations given out for a fixed duration.
Field Portal
A feature functionality that empowers field teams to manage their tools and equipment, including requesting and transferring tools in the field on the go.
Field Transfer
The process of transferring tools or equipment from one user to another user in field or on the job site.
GPS Tool Tracking
The use of Global Positioning System technology to monitor the location of tools and equipment.
Inventory Management
The system of overseeing and controlling the ordering, storage, and use of a company's tools, equipment, and other assets.
Maintenance
The actions taken to preserve the condition and functionality of tools, equipment, and other assets.
Maintenance Management
The system for creating, scheduling, and tracking maintenance service orders for tools and equipment.
Materials
Raw or processed components used in the production or maintenance of tools, equipment, or other assets
Multiple Stores
The ability to manage tool and equipment inventory across different locations or stores within an organization.
Order Management
The process of handling tool and equipment requests, order dispatch, and check-in.
Purchase Orders
Digital orders used to procure tools and supplies from external vendors.
QR Code
A type of two-dimensional barcode that can store a large amount of data and be quickly scanned using a smartphone or other device.
RFID Tracking
Radio Frequency Identification technology used to automatically identify and track tools and equipment.
Scan and Go Transfer
A feature that allows quick, on-the-spot scanning to transfer tools between different locations.
Store Transfer
The process of transferring tools or equipment between different storage locations or facilities.
Tool
A handheld device or piece of equipment used to perform a specific task.
Tool Audit
The process of verifying the accuracy and completeness of an organization's tool and equipment inventory.
Tool Catalog
A comprehensive database or list of all the tools and equipment owned and managed by an organization.
Tool Checkout
The act of formally providing a tool or piece of equipment from the organization's inventory to a user(custodian).
Tool Check-in
The act of returning a borrowed tool or piece of equipment to the organization's inventory.
Tool Crib
A designated area or room where tools and equipment are stored and managed.
Tool Hoarding
The practice of individuals or teams retaining tools and equipment for their own exclusive use, rather than sharing them with the broader organization.
Tool Inventory
The collective set of tools and equipment owned and managed by an organization.
Tool Store
A designated location or facility where tools and equipment are stored and managed.
Tool Tracking
The process of monitoring and managing the location, usage, and status of tools and equipment within an organization.
Warehouse
A large storage facility used to store and distribute tools, equipment, materials, and other assets.