SYSTEM AND METHOD FOR AUTOMATIC TOOL TRACKING, MONITORING, AND INVENTORY MANAGEMENT

Systems and methods for automatically tracking tools and managing tool inventory. Tools may be assigned to a work group or crew. Tools are tracked and monitored to determine whether the tools are with their assigned group, relocated to a different group, missing, or left behind at a job site. For relocated tools, the tool tracking system may identify and output the time and the group to which the tool has been relocated. For tools that are missing, the system may compute and output the group or crew, time, and location in the form of a street address, latitude, longitude, and/or map where the missing tool was last seen. The system may also send out real-time notifications (e.g., SMS text messages, emails, phone calls) to designated personnel so that an appropriate action can be taken. The tool tracking system also acts as an inventory management system for tools.