Growing businesses are constantly faced with new challenges in maintaining their equipment. As a company scales up, so does its need for assets and the demand for more service and maintenance on those assets. This is a process called equipment (asset) lifecycle management.
Equipment lifecycle management is a process that manages the usage and maintenance of your asset throughout its lifecycle or period of ownership. Each piece of equipment is bound to a few stages within its lifespan, which varies from asset to asset. The following stages demonstrate how we maintain equipment lifecycle management within DynaRent.
Image: Equipment Lifecyle Management within DynaRent
- The grey boxes represent Standard Dynamics 365 FOEE functionalities
- The blue boxes represent DynaRent D365 FOEE functionalities
DynaRent Equipment Lifecycle Management
This is where the purchase order is made in the ERP system based on the requirement of the orders, tasks, or jobs that are created. Also, the shipment is tracked until delivery.
Once it is received, we add the item to our inventory/stock by creating a business object in DynaRent. All the specifications are added so that they can be searched on the basis of specific requirements. You can enter these into a rental request (quote or order).
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. Your global fleet can be managed, and you can schedule the equipment. 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 that are easily managed through a transport plan board. During the usage phase, periodic, corrective, or recall service and maintenance tasks will track the equipment. 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 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.
Software solutions for asset management
The equipment lifecycle management database is updated (availability, location, status) at every stage/phase of the rental request (from available in the depot/yard, soft reservation on a rental quote, or firm assignment after registration on a rental order, to not available in case of a malfunction or a critical maintenance inspection that is due). All this to ensure the accuracy of the rental stock availability and an overview of the availability of the equipment throughout the asset’s lifecycle. DynaRent for Microsoft Dynamics has proven its worth and is built on years of experience in the equipment-driven rental industry,
Join our webinar on October 11th to see how we can help you to streamline your equipment lifecycle management. In addition, we will show you how to reduce time and costs for your company. Click here to register for the webinar. If you have any questions, please contact us below.