A system and method of a tool control program that provides real-time tracking of critical data points relating to production tools between the point of issuance to a designated user to the point of return of each production tool by the designated user, including intermediate events such as sharpening, repair and damage analysis, whereby each critical data point is capable of being linked to a unique asset number assigned to each production tool and a unique designated user number in real-time providing for management, regulatory compliance and/or employee accountability relating to each production tool. The tool control program having an integrated software relating to scanning production tools in relation to the critical data points, such that real-time data analytics can be obtained and utilized for risk management and asset visibility.