A casing running tool is provided, including one or more sensors built into the casing running tool; an electronics housing that includes one or more power sources for powering the one or more sensors; one or more circuit boards for converting sensor data for transmission and transmission means for transmitting sensor data. The one or more sensors sense tool status and operational parameters of the casing running tool. A system is also provided for detection, processing and transmission of one or parameters of tool status and operational status of a casing running tool or associated tools in a casing installation or casing while drilling operation. The system includes a casing running tool; and a processor for receiving sensor data for processing and transmitting processed data in real-time for viewing by an operator. A method is further provided for performing a casing installation or casing while drilling operation.