Key challenges to digital transformation in the rental industry

Nov 20, 2018 8:00:15 AM

If there’s one thing everyone can agree on about digital transformation, it’s that change is constant - and happening faster than ever before. In addition, we can agree that these changes are inevitable for any industry your company is operating in.

The digital transformation is moving fast. Also in the equipment industry, it is an important point of attention. Hence rental models for equipment are morphing into service-oriented approaches. As a result, customers only pay for what they use. Digital transformation is key to your company’s ability to work with service-based models and stay competitive and profitable.

What are some roadblocks rental industries come up against when they begin working with the digital transformation shift? At To-Increase we’ve found that equipment-driven companies struggle with:

  1. Legacy systems
  2. Lack of collaboration
  3. Lack of data analysis

Equip field resources with mobility solutions
Image 2: Challenges to digital transformation in the equipment rental industry

In many cases, the IT department and IT systems get mired in costs and complexity when it comes to rethinking their platform approaches. Consequently, it prevents them from looking at how innovation and improvements to business practices could improve their long-term revenue stream.

We’ve found that companies can take a streamlined and methodical approach to move through cost and complexity so that they can make smart decisions about digital transformation. Simply put, they need to:

  • Understand customer behavior
  • Change company culture to accept specific innovations
  • Get a solid ROI calculation that justifies costs

Are you curious how To-Increase plays a proactive role to help customers embrace digital transformation? Click here to read how we helped our customers with their digital journey. Contact us below if you have any questions or for a free demonstration.

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