Don Kakfa, CEO, ToolWatch Corp., says if tools aren't functioning correctly, extra spending is happening on purchasing additional tools. He explains that by tracking tools, contractors get the biggest benefit by reducing cost and liability.

Peggy gives listeners a firsthand look at how contractors are using connected tools today. She explains how some companies are implementing tool tracking strategies, what the short and long-term benefits are and why companies should adopt this technology.

Peggy introduces connected tools in construction and says not only do they save time on projects, but they also save on costs. She explains these tools are here now, and the use of technology in construction is only predicted to grow in the next few years.

Graham Cooper, senior account manager, ToolHound, says tool tracking systems provide information immediately at your finger tips. He explains knowing where inventory is located at all times ultimately leads to cost savings and prevents downtime.