For some years now, mobile devices and applications have been developed to create the Internet of Things (IoT). As long as a device has connectivity to the internet, it is possible to use it anywhere in the world. Data is no longer stored on local servers, but rather in the Cloud. As a result, everyone can access that data and use it across many applications.
What will be the next steps in this development? And how can we utilize the Internet of Things in the rental business?
Renting equipment, cars, working platforms, and any operational machinery is subject to customer usage. Companies need to register cars that use oil and gas and drive many kilometers, or machinery that uses operational hours for maintenance. The purpose of the registration is to ensure maximum efficiency in the utilization of equipment. With the Internet of Things, by installing meters that register the specific usage, companies can have a complete overview of any and all assets in their rental fleet. So why not take the possibilities of the IoT a bit further when it comes to the rental business?
Image 1: IoT provides equipment-driven companies with a complete overview of any and all assets in their rental fleet
Geolocation & Geofencing
Geolocation has already been a feature of mobile devices for many years. The geolocation functionality is available for equipment of any sort. This allows companies to see the location of their equipment at any given time. Using geofencing, which shows specific “fences” around a customers’ locations, can activate their rental periods when equipment reaches their borders. A combination of monitoring the usage and the location of the equipment can lead to an automated rental process. Companies can bill their customers for the usage of the equipment as well as the time period.
DynaRent currently has functionalities for tracking the usage of any asset in your rental fleet and the storage of its location. Furthermore, by bundling rental orders with customer geofencing and equipment usage data, DynaRent can bill the customer in a usage-based and time-based manner. Also, by combining geolocation of the asset with the customer fence, you can automatically halt rental orders when the equipment leaves the borders. The rental order can then reactivate when the equipment reenters the fence.
The Internet of Things will continue to evolve and take over more and more manual processes. By incorporating these advancements, DynaRent aims to provide complete fleet management, service management, and automated monitoring of all usage across the fleet.
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