The equipment rental market is expected to be valued at 145.22 billion US dollars by 2026, according to a report by Fortune Business Insights. Simultaneously, the industry is seeing several trends such as low-code, cloud-based digitalization, Industry 4.0, and so on, which makes you wonder — what is the right technology and solution to equip your business to be in the best position for a competitive and profitable future?
As a business in the equipment rental or industrial manufacturing space, you may have an abundance of software options available. However, it would be helpful to know the advantages of each solution, to help you decide if it is the right fit for your rental business.
We have enabled multiple global businesses to streamline and consolidate their rental operations with our rental solution, DynaRent, embedded in Microsoft Dynamics 365 for Finance and Supply Chain Management. During our experience of nearly two decades, we are often questioned: What are the benefits DynaRent offers as a rental solution?
This article will share the benefits of optimizing and digitalizing your rental operations using DynaRent for Dynamics 365 F&SCM, so you know what to expect with the solution.
What is DynaRent for Dynamics 365?
Before we dive into the benefits DynaRent offers, let’s take a quick look at what the solution is. DynaRent is an end-to-end, cloud-based, rental-specific solution embedded in Dynamics 365 F&SCM. It manages your financial, operational, and administrative processes in a single location, streamlining all your business processes.
What are the benefits of our rental solution – DynaRent for Dynamics 365?
1. Leverages all the D365 capabilities
As DynaRent is embedded within Dynamics 365 F&SCM, it respects the D365 business logic and is certified for Microsoft Dynamics. It follows the monthly upgrade policy of Microsoft, ensuring that the solution always runs on the latest version through continuous updates in line with Microsoft’s release schedule. This future-proofs your software, reduces maintenance hassles, and guarantees evergreen software for your business.
2. Improves rental operations
With a 360-degree view of all your assets, rental data, and processes, you have end-to-end visibility across your rental equipment lifecycle. Based on the data available, you can better anticipate business needs, improve rental operations, and enhance customer experience.
3. Reduces complexity of integrations
The solution standardizes and automates each process in your rental business. As it is a single solution that takes care of all your operations, you don't have to worry about disconnected systems or communications silos. It avoids the complexity of manual integrations and offers easy user adoption with uniform systems.
4. Decreases time and costs with a template-based approach
With end-to-end process automation, you reduce the effort and time required to do the same process manually. DynaRent offers simplified procedures with guided procedures to model business processes aligned with your organization's strategy.
You can use standard templates for your rental fleet's billing, utilization, maintenance, etc. Additionally, you can define business-role-specific training, allowing you to be operational faster and keep costs down.
5. Boosts collaboration with a single source of truth
As a single, cloud-based platform, DynaRent streamlines your daily operations and improves profitability. It can manage all the rental, financial, sales, logistics, and service processes in one system, offering a single source of truth to the users. This makes it easy to enhance communication and exchange information among different departments.
6. Maximizes equipment utilization
With insights into equipment availability, status, and location, you can efficiently minimize service gaps and schedule rental orders. The solution reduces overhead costs and ensures your assets are always fit for hire, with timely repairs, checks, and upgrades, quickening the entire rental process and maximizing asset utilization.
7. Increases planning and scheduling accuracy
DynaRent allows relevant users to see a visual summary of each equipment work order comprehensively with the intuitive graphical dashboard. You can see the applicable maintenance, transport tasks, and utilization for each piece of equipment, resulting in easy and efficient planning and scheduling.
Additionally, you can remotely access relevant information for each scheduled worker order via a mobile app (DynaRent mobile) for mobile users.
8. Adaptable to your business requirements
DynaRent offers over 150 standardized business processes, such as rental, fleet, supply chain, assets, and contracts management. However, you have the option to choose functionalities that fit your business needs.
From daily rental operations to elaborate planning, DynaRent handles simple tool rentals and complex project-driven rentals. The rental solution manages multiple revenue streams, rental/sales kits, bulk items, and serialized inventory.
9. Enhances decision-making with analytics
The analytics add-on solution of DynaRent – Analytics for Rental and Lease offers strategic, tactical, and operational KPIs of assets across the different rental lifecycle stages. Using pre-built, plug-and-play analytics and business intelligence, you can measure specific metrics and make informed business-critical decisions.
10. Empowers field service engineers and technicians
Your rental company’s field engineers and technicians can be empowered with access to data anytime, anywhere through an add-on mobile app for DynaRent. It enables your field staff to avoid costly downtime with prompt equipment repair services. The logistics of your rental business also become smooth as the transport teams can view all transport work order details on the mobile app.
11. Manages lead-to-cash processes
The solution speeds up the process of converting rental opportunities into sales with an automated sales marketing add-on, DynaRent for D365 Sales. It handles the entire lead-to-cash rental process in one location to sell better to your prospects and customers.
You can connect your DynaRent ERP to the CRM system effortlessly, generate quick rental quotes with a unified data view on rental equipment availability, and close deals faster.
12. Access to the latest innovation
We constantly aim to enhance the DynaRent solution with new features and add-ons to stay ahead of the rental market trends and customer demands. Apart from our mobile app, analytics solution, and DynaRent for D365 Sales, you can access various valuable add-ons to DynaRent, allowing for greater business agility and expansion.
Our innovations include: DynaRent Customer Portal to empower your customers with information on their rented equipment and usage. And our soon-to-be-released scanning solution – Anywhere for Rental, that supports self-checkout and mass returns.
Here is a video testimonial on the DynaRent solution by Ainscough Crane Hire, a UK-based crane rental company.
“DynaRent is a game-changer from a business perspective. We have a far clearer indication of the nature and time of any potential work. It doesn't matter if the staff is in the field with a tablet and telephone or at home with their laptops — if it's a basic crane hire or a complex job requiring multiple cranes — the DynaRent system can manage all of it.”
– Simon Baines, Head of Business Support, Ainscough Crane Hire
Want to explore more about DynaRent for Dynamics 365 F&SCM?
If you are interested in taking the next step toward digital transformation and want an end-to-end software solution that offers pre-configured software packages, DynaRent might be a choice to consider.
You can easily add greater value to your rental-specific processes with the DynaRent solution if you are an existing Microsoft Dynamics 365 F&SCM user or looking to implement D365 F&SCM.
As a rental solution, DynaRent handles the entire rental lifecycle of your business: pre-rental checks, on-rent, off-rent, workshop, and rental-ready.
You could explore more about the DynaRent solution by checking out this factsheet, which offers you insights into:
- The solution’s features and benefits
- The different industries the solution supports
- The features of each optional add-on solution
- How DynaRent can help your business