A device for managing inventory, such as tools and equipment, includes a user interface in operable communication with a processor and a storage medium; a transceiver in operable communication with an antenna and the processor, the transceiver operable for communicating with a tool or a piece of equipment; and a notification device in operable communication with the processor. The processor determines if the tool or the piece of equipment is within a specified range of the device for managing tool and equipment inventory.

 
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