8 October 2019

Want To Get Insights Into Rental Equipment Inventory and Availability?

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The success of any business depends on its ability to make smart decisions on time. The equipment rental business is no different.  Let us take a look at how a smart equipment rental solution can help in keeping track of inventory and offering an updated availability overview of all the assets. 

Here are some of the areas of focus you need to concentrate on to make smart decisions:

  • Ensure that the equipment list is always updated with the current status: The status of your rental equipment is not going to be static. It will not only move about, but there will also be changes in its condition, and you need to be aware of all the details at any given point of time.

  • Keep an eye for the state of the equipment and ensure maintenance happens on time: One of the most critical aspects of assets that are part of your rental business is that they should be in good working condition. You need to keep an eye on their usage and maintenance requirements to maximize profits.

  • Track your expenditure on equipment repairs and maintenance: There are two kinds of expenses that are linked to your equipment. One is the actual cost of maintenance that can go up if you do not schedule preventive maintenance at regular intervals. The other expense is the opportunity cost lost when you want to rent out a piece of equipment, but it is not in working condition or that you have to spend on repairs during the prime renting season affecting your rental income adversely.

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  • Plan your logistics and transportation to minimize movements: The renting of equipment includes the delivery of the asset to different locations, and this translates to logistical efforts and increased expenses. However, with a graphical overview of your assets and where they need to reach along with the schedule can help you plan to minimize movements and cut down costs.

  • Watch out for market demand changes and improve your equipment portfolio: The demand for assets is dynamic, and you need to look at the equipment trends in your collection to invest in the ones which are most in demand. This kind of business intelligence based on internal and external factors can help you make the right decsions.

  • Avoid spreadsheets to keep records and updates: The equipment rental business is complex and cannot be managed with spreadsheets and paper records. You need the means to store, update and access information that is not siloed and gets updated in real-time so that the right decisions can be made on time.

  • Get intelligence on how and where your assets are used: You would be billing the customer based on the agreement you have on the usage of the equipment. However, when your client is based at a different location, you may not be able to track its movement or usage.

What you need is a solution that offers you the means to do all the above. A solution that is cloud-based and offers a graphical planboard, service management, business intelligence, mobility, IoT, and syncs up with your ERP. DynaRent is a complete solution suite for equipment rental companies and offers all these features in one package.

How Equipment Rental Software can help you

Michiel Toppers
Michiel Toppers,
Michiel Toppers,
Senior Director of Product Management

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