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ToolWatch Implements RFID Technology into its System, Forever Revolutionizing the Tool Tracking Industry
ENGLEWOOD, Colo., Jan. 13, 2005—ToolWatch Corporation is making tools smarter by implementing Radio Frequency Identification (RFID) technology into its flagship ToolWatch SE software system. Now, companies can know the location of their tools and equipment, inventory levels, maintenance history, and safety issues with a few simple keystrokes.
ToolWatch is a software company that serves organizations of all sizes with a need to manage inventories of tools, equipment and supplies. The company created the first packaged tool tracking software system nearly 15 years ago, giving the construction industry an easy way to electronically track and manage their tool assets. With RFID technology, ToolWatch has taken its highly effective tool tracking system to the next level.
"A comprehensive tool tracking system such as ToolWatch SE prevents loss and improves efficiencies, saving businesses tens of thousands of dollars each year. RFID technology simply maximizes the benefits of ToolWatch SE," said Don Kafka, president and CEO of ToolWatch.
ToolWatch SE is the company's flagship tracking system. With an easy to operate, comprehensive user interface at its heart, ToolWatch SE offers customizable features to meet the needs of any organization wanting to manage tools, equipment and supplies. RFID technology advances ToolWatch SE's barcode tracking system by embedding tools with identifying tags that link to such information as serial numbers, purchase date, original price, maintenance schedules and authorized users. Knowing such information not only helps a company keep track of its important tool assets, it also gives intelligence to the tools, ultimately reducing loss and improving efficiencies and the bottom line.
ToolWatch's current barcode system is still an effective way to manage tools and prevent theft, but unlike barcodes, RFID tags are more durable and more difficult to remove. Plus, RFID tags can be embedded with more sophisticated information, so companies can more effectively manage its tool assets.
Using ToolWatch RFID software, businesses can track any manufacturer's tools as long as the tools are tagged with RFID technology. Bosch Digital Power Tools is already manufacturing select tools compatible with the ToolWatch system. New Bosch power tools will include product and serial number information already burned to passive RFID tags secured inside the tool. Customers who already have a complete inventory of tools can request passive RFID tags with the serial and product number burned in from Bosch or other tool manufacturers. Then, a qualified service professional can install the tags directly into the corresponding tool.
Once the tools are labeled with RFID tags, ToolWatch SE tool tracking software and mobile scanning hardware will handle the rest. Users simply scan the tools using a handheld device, and download the information into their ToolWatch SE system. From there, users can keep track of everything from the location of each tool, to the last person to use the tool, to the replacement cost of the tool. ToolWatch SE enabled with RFID technology turns data into knowledge and intelligence, so businesses can make informed decisions about the utilization, productivity and life of their tools, equipment and supplies.
ToolWatch SE enabled with RFID technology is available now. Because ToolWatch SE is customizable, prices vary, depending on customer needs. New Bosch tools embedded with RFID tags will be available within 60 days as special order through regular distribution outlets for an additional charge of two to three percent. RFID tag for inclusion in existing inventory will be available through Bosch Factory Service centers in the same time frame at a cost of approximately $5.
About ToolWatch Corporation
Founded in 1991, ToolWatch is the world's leading provider of tool tracking and management systems, combining easy-to-use ToolWatch data collection devices with a powerful database system. Its technology enables the tracking and management of equipment inventory from the office, tool crib or any field location, delivering significant savings of both time and money to companies of all sizes. In addition to its core competency of tool and equipment management, ToolWatch systems also facilitate billing, purchasing and theft prevention functions. ToolWatch has more than 6000 installations in 20 countries around the world. Its client base includes General Electric, AT&T, J.E. Dunn, Parsons Electric, Inc., Peter Kiewit Sons', Inc., Turner Industries Group, L.L.C., Caterpillar, Chrysler Motors, Lockheed Martin, Procter and Gamble, Lucent Technologies, W.G. Yates & Sons Construction Co. and Walt Disney World.
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