Because Sarbanes-Oxley holds corporate officers personally responsible for distortion of company performance, and CEOs and chief financial officers must personally certify financial reports. A monitoring system that tracks tool inventory is vital to Sarbox compliance.
An automated tool management system is much more than a toy to solve problems in the tool warehouse. Tracking tools using barcode labels or RFID tags provide a way to secure the valuable investment a company has in its tool inventory. Combined with a powerful database, a company can use these specific pieces of information about each tool to profit through better business decisions, potentially saving hundreds of thousands of dollars while improving efficiency, increasing returns on asset investments, reducing liability and helping employees make smarter purchasing decisions.
About the Author: Don Kafka is president and founder of ToolWatch, which provides solutions to manage corporate assests.