Adding asset tags to your tools will make team smart tools. What does this mean? You will now be able to keep track where your tools are but also who has checked this it out and when. You now have created an audit trail for some of your high value assets, from an acquisition and operational cost perspective.
The best way to maximize the utilization of your tools, specially your high value tools, is to know where they are, what they are used for and for how long. When integrated with a scheduling tool you now have active control of your tool utilization, which lowers the need to acquire more tools than you actually need. This program will basically pay for itself.