How can you keep up with trends in the rental industry?
The rental industry or for that matter any industry would benefit when the business knows the upcoming trends. There is no doubt that you will be able to stabilize your business and shape the direction it is going to take if your business is armed with the forthcoming trends. We feel that when it comes to rental industry, the direction of the upcoming trends would be affected by the market you are in and the kind of services that you offer and the way your competitors operate.
But is it even possible to predict the upcoming trends in the rental industry? The answer to this is both yes and no. Yes, you can predict some trends with the help of the following:
- The world business trends as they relate to the rental sector
- Having a thorough understanding of your business
- Studying empirical data related to your sector
- Combining your data records with Big Data to draw inferences
- Making some calculated and savvy guesses based on the data
No, you cannot completely predict the upcoming trends for any sector, but the good news here is that neither can your competition. However, let us look at the ways in which the right solution to manage your rental business can also add to your prediction of upcoming trends in the market.
Study the related world business trends: This point is self-explanatory to a large extent. But let us explain this with a simple example. If you are in the business of renting equipment to the construction industry, it would help you to study the trends in this business to get an idea of the direction of your business. At the same time, it would also help to study the trends in the sector that manufactures the equipment you buy and rent out.
Thoroughly understanding your sector: While this may seem like a given, you would be surprised to know how many companies neglect to attain the depth of understanding as long as the business is thriving. Once again, a good solution and your records of the past as well as interaction at every stage of the sales funnel can provide you with many inputs, thereby allowing you to predict some upcoming trends.
Empirical or historical data: The data lying in your rental solution can be invaluable in the prediction of trends to come. They do not say that history repeats itself without any reason, because history can be an indicator of the future trend with a few factors that you will need to extrapolate.
IT helps with Big Data: When you combine the data, you have in your IT systems with Big Data, you have a larger base to draw inferences from and this makes the prediction closer to the truth. For this to produce the desired results, you need to have the right mechanism to record all the nuances of your rental transactions.
The last point we have mentioned above is about drawing insights from all the data that you have accumulated from various sources. This requires not only proper record keeping, better communication and coordination but also agility of thought.
Want to become an organization that is agile and prepared to face challenges? Click here to learn how we helped our customer, Eazi Access do all this and more.