Ripped off image, but basically the same organization in a lot of the shops AF wise in my limited experience ...
Everything was cut and shadowed in vidmars.
The drills and reamers under 1/2" for fractional, numbered, and lettered where kept in their metal boxes everything larger was cut in.
Consumables for the lathe were taken out of stock and checked off, so they would typically stay with the lathe or mill.
End mills, slitting saws, etc were cut and shadowed in.
Large items for the mills and lathes were kept on racks / shelves and shadowed or labeled.
Hand tools were all cut and shadowed in.
Universal world wide numbering system scribed on more or less the majority of the stuff in the machine shop, so it was identifiable.