The rental equipment management has come a long way since the Great Depression that began in 1929 and lasted until about 1939. Apparently, the concept of equipment rental was initiated during that intense worldwide economic depression, when someone had offered money to a man for the use of his truck, instead of buying it outright. In the last eight decades, the lifecycle management of rental equipment has evolved into a key process that is not just a value differentiator, but also a deal breaker too, for most rental companies across the globe.
What is equipment lifecycle management and why is it critical?
Equipment lifecycle management is the process that manages the end-to-end stages of company’s equipment, throughout its lifecycle or period of ownership — starting with its acquisition through to the usage and finally the disposal.
As companies scale up their businesses, they are constantly faced with equipment-related challenges in terms of how they can procure the right assets at the right time, ensure quality standards compliance, keep them in safe working conditions (by ensuring timely inspections) and finally, gain access to all the key information and insights. And those companies that address these challenges effectively are likely the ones that can:
- Maximize their equipment usage for optimal utilization and profitability, especially through IoT. Ensure that field resources are equipped with mobility solutions to work perfectly with ERP.
- Streamline their processes and sustain positive experiences for customers. Dispatch equipment on time and price competitively for the future contracts.
- Seamlessly connect front-office and back-office operations and finances for the business.
- Ensure that the right equipment is procured at the right time and future-proof their equipment requirements.
- Manage rental services and resources, based on needs and automation. Ensure pre- and post-delivery inspections for customer satisfaction.
At To-Increase, we help companies address critical challenges related to equipment lifecycle management effectively and derive the above mentioned benefits that contribute to their success. Our DynaRent Equipment Lifecycle Management solution has five well-defined stages which help companies to effectively rent-out, procure, purchase, service, maintain, return, bill, sell, monitor equipment and report sales as well.
Different stages in DynaRent Equipment Lifecycle Management and how they can help
It is the stage where the purchase order is made in the ERP system, based on the requirements of the orders, tasks, or jobs that are created. Also, the shipment can be tracked until the equipment is delivered.
Once the purchase order is received, the item can be added to the inventory/stock by creating a business object in DynaRent. All the specifications can be added, so that they can be searched based on specific requirements. You can also enter these into a rental request (quote or order).
Procurement and inbound management stages help ensure that the rental companies can procure the right equipment at the right time and that pre- and post-delivery inspections can also be performed seamlessly to ensure customer satisfaction.
Once the asset is part of the inventory/stock, you can activate it as a fixed asset (taking the value out of the stock and into the fixed assets). This enables the asset (equipment) to be rented out on rental requests (quotes and orders) in DynaRent.
With inventory management, your global fleet can be managed effectively, and the equipment can be scheduled based on the requirements. The transport can be set up to where it needs to be at the time of deployment. Alternately, you can reserve a similar piece of equipment that is closer to that location to save expenses.
Here, the asset can be retrieved from the repository and transported to its deployment location. This can be arranged automatically in DynaRent with transport work orders and tasks, which can be easily managed through a transport plan board.
During the usage phase, periodic, corrective, and/or recall service and maintenance tasks can help track the equipment effectively. They also trigger service and maintenance work orders and tasks, when certain thresholds (based on time or consumption) are reached. These service and maintenance work orders and their tasks can be graphically planned, monitored, and followed up on by making use of the DynaRent Service plan board.
Once the rental period has passed, and the equipment is no longer in use, you can return the asset or use it again directly on another rental request. This is also done through an automatically processed work order task that DynaRent generates and can be followed up on in the Transport plan board.
When the item is returned, it is checked, inspected, and in some cases, serviced, repaired, or maintained, after which it is added to the repository to be used again for its next task.
Image: Equipment Lifecyle Management within DynaRent
- The grey boxes represent Standard Dynamics 365 FOEE functionalities
- The blue boxes represent DynaRent D365 FOEE functionalities
Learn more about how DynaRent can help streamline your equipment lifecycle management
With DynaRent, you can also leverage its rich dealer and asset management functionality, which supports various common-to-complex equipment processes and lifecycles. Designed to address needs for multiple industries and business scenarios, DynaRent also offers a standard package that can be efficiently configured for your organization’s needs.