As a small machine shop that is growing one thing that we are running into is not always knowing where a certain cutting tool body might be when setting up for another job. For example:
We have different sizes of U Drills but we do not have multiple sizes of each. We use these often in our turning centers but sometimes in our mills as well. Sometimes when setting up a job we may not realize that this drill is actually in our mill turn machine when we need it for our lathe. It would be useful to be able to make a product (or some kind of item) and be able to assign its location to a machine (then back to a toolbox location when its done) and have the ability to see a list of what is assigned to a particular machine (from both shop floor license and admin). We also used standardized milling tool assemblies and this would work well for locating specialized tools such as boring heads etc for us. I can see having this ability to locate tooling to be useful for larger shops with many machines.
