Equipment rental business is no longer a simpler operation that can work with manual processes and siloed information. You need a unified solution that offers an overview of operations, enables mobile updates, provides complete information, insights, internet of things, and much more.
Given the complexity of running an equipment rental business, what you need is the right technological support from a solution provider who understands the industry and can support you at every stage.
We give below the many benefits that you can reap from having an equipment rental solution for your business at different levels.
IT department: When it comes to the CIO and the IT department, an ideal rental solution should be able to assure them that though it offers complex functionalities, it will not add to their costs and stretch their bandwidth. What is more, a modular solution, which can be agilely implemented and can be easily configured instead of needing coding, and syncs with the ERP seamlessly can make the solution more attractive. If the solution is also able to provide business intelligence and IoT, then it could make it even better.
Top management: In most businesses, the CEO and the senior management are most concerned about the overall view rather than the operational details. An ideal equipment rental solution should be able to give them the top and bottom-line of the organization along with the list of assets and their health. This kind of information can be of help in the strategic decision-making along with the business intelligence reports from within the company and the industry on the whole.
Image 1: Example of an overview dashboard in DynaRent of the equipment rental activities
Finance department: Some of the main concerns that the finance department would have in any business are about the investments (in this case the equipment) that provide the most return, speeding up the billing-collection cycle, budget control, cashflow prediction, reporting, and other such factors. An equipment rental solution that can help in all these aspects with mobility, syncing with ERP, and offering various financial and operational reports would be the ideal choice.
Operations and logistics team: This is the team that is on the ground keeping an eye on what equipment has been rented, where it is located when it has to reach the client so that they can plan how it can be done. For this team, the prime requirement is a graphical planboard that allows them to have an overview of everything. These details can help them plan service, maintenance, and transportation to minimize costs and ensure highest level of customer service.
Sales and customer service team: Of all the teams in an equipment rental company, the ones that are customer-facing are these teams along with the field staff. For this team, it is vital to have an updated 360-degree view of the customers and their history. With this information, they can provide correct quotes to customers with appropriate discounts and rebates. What is more, they will have a good grip on assets that are in demand and those that are not.
Field staff: The people who are responsible for the actual delivery and pickup of the equipment need help not only with logistics and transportation; they also need to be empowered with mobility, IoT, analytics, and other information. The equipment rental solution needs to provide them with information for interaction with customers, billing, routing, and also allow them to log in their hours from a mobile device of their choice.