Key features to look for in an equipment rental software solution

Jul 23, 2019 9:00:00 AM

Three Main Features That Equipment Rental Software Solutions Must Have

If you look at the recent trends in the way rental companies’ demands have changed, you will notice a noticeable shift. The recent change in trends indicates that they have started to look at rental as a flexible offering through various channels to both retail and commercial customers. The main shift that stands out in recent times is the way traditional equipment renting services are moving to online services. Another critical aspect that stands out is the need for round-the-clock collaborations with third-party entities.

As with many other sectors, there is also a shift in the way customers expect services. Not only do they want more renting options, but they also seek new equipment and objects to rent. On top of that, there is an increasing emphasis on mobility – not only concerning service but also in the way the Internet of Things can be leveraged to provide better support and service. These are some of the upcoming trends that are obvious from a glance. We are sure a more in-depth dive would reveal many new demands and areas of improvement. The one common thread running through all these changes is the underlying dependence on technology and the need for innovative thinking.

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Rental companies not only need software that is robust to withstand the demands but also be adaptable enough to change with the changing requirements. Consequently, we can see the need for reliable software solutions that are programmed to handle the specific demands of the business, which includes commercial and operational factors. It has become increasingly vital for rental companies to have the right ERP solution in place. An encouraging trend is that rental outfits can access Independent Software Vendor (ISV) solutions that factor in the challenges that rental companies face. Which in turn means that the vendors can work on creating solutions that are tailored to have innovative as well as traditional elements in them.

Which brings us to the subject of the three features that we feel are essential for equipment rental software solutions to have:
Preset software bundles specifically for rental services:

Given the complexities of the rental industry, we can agree that it would not be possible just to implement an off-the-shelf rental solution and start working with it. However, as a first step, it would be good to have to have industry-specific templates. This way, you have the means to trace the functionalities related to your needs and increase efficiency. You can even go a step further and standardize the training processes adding to the efficiency factor. Some solutions focus on the management of lifecycle services. Rental companies should pick out software solutions where the vendor has combined advanced technology with the pre-configured packages to ensure quicker deployment.

Solutions that offer adaptability:

Even in an industry as niche as rental services, change seems to be one of the constants. Consequently, while this sector demands robust solutions, they also need the option to be flexible when required. While such features as quote-to-invoice or asset management are needed they also need the opportunity to add mobility or move to different online channels when required. Sometimes, it is a matter of collaborating with third parties or expand offerings or add locations and so on. The fact is, it becomes difficult to predict what demand could arise and the software must be able to support these changes. What is required is an open platform with a modular offering, which means that the foundation is stable but offers possibilities for changes with not much disruption.

Focus on innovation without compromising security:

If you are from the rental sector, you must be aware of the volume of sensitive information that is part of this industry. As a result, you need to be able to provide customers with the assurance that their data is secure. What is more, the security aspect will have to go together with ease of information sharing which is role-relevant. The integration aspect must be another consideration. What you need is a vendor that rates high on all these aspects, the top of the list being flexibility, well-designed templates that are industry-relevant, structured access, and security.

Want to get the best equipment rental solution for your company? Download the tip sheet below to understand the qualities that you should look for in an equipment rental solution and the questions you should ask when evaluating the equipment rental solutions that are available on the market.


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Key features to look for in equipment rental software

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