Investing in technology that fits your company can positively impact your rental business and revenue. However, trying to incorporate every technological trend into your business, as tempting as it might be, could be a costly mistake. As a rental company, your decision to pick a software solution must align with your long-term strategic goals and technology strategy.
To-Increase has been catering to the equipment rental and industrial manufacturing industries since 2005. In our experience, we have seen many companies struggle with reducing the number of solutions to manage their business and implement standard processes across the organization.
To assist rental companies facing such challenges, we’ve built standardized rental business processes in our equipment rental software, DynaRent, embedded in Microsoft Dynamics 365 for Finance and Supply Chain Management.
This article will share the rental-specific standardized processes built into our DynaRent solution and the value it adds to your business.
Why must equipment rental companies look for standardized rental software?
End-users in the rental market are becoming more sophisticated and want products delivered in less time with reduced costs. For equipment rental companies to meet the demands of their customers, they must work efficiently. And standardized software is the key to working efficiently for rental businesses.
Standard software embedded in ERP aims to offer a streamlined, template-based approach that provides your organization with operation-wide consistency, reducing effort and complexity overall. It helps keep costs down and future-proofs your business for expansion.
With a standard rental software solution, such as DynaRent, the time to value is decreased, allowing companies to benefit from pre-built rental-specific processes that take care of your current and future business requirements.
Related reading: How Can Equipment Rental Companies Standardize and Automate Rental Processes?
What do we offer in terms of standard rental software - DynaRent?
At To-Increase, we strongly believe in making the journey to streamlining business processes easier and quicker for customers. Based on industry best practices, we enable equipment rental companies to have a faster time-to-value with DynaRent.
DynaRent leverages the full Microsoft technology stack as a cloud-based solution and takes care of your entire rental lifecycle from lead to cash. The solution works as a native extension of D365 F&SCM, offering a single solution for the complete management of your business. It is a straightforward solution that saves costs, improves efficiency, and ensures evergreen software for your business. As a stand-alone solution embedded within the D365 F&SCM ERP, it avoids the complexity of manual integrations and offers easy user adoption with uniform systems.
Here is an overview of how DynaRent handles the rental lifecycle
What are the standardized processes built in DynaRent for Dynamics 365?
With extensive experience in the rental market, our product and development teams have built standardized rental-specific processes in the DynaRent solution. These processes are clearly defined across the rental lifecycle in the solution, making it easier to standardize throughout the organization.
DynaRent has built-in rental-specific processes in seven business areas:
DynaRent handles purchasing, be it for buying equipment to be rented out, procuring supplementary items, or any other service you may need for your existing inventory or rental fleet. The solution also supports ‘sub-rental’ processes.
You can create, record, and approve purchase orders and sub-rental orders in the solution and check information on the order status: open order, received, invoiced, confirmed, or canceled.
Project-driven rental is a rental type in which you rent out a combination of equipment and services to a project. Multiple rental orders are linked to one project, such as standard rental items, related consumables, personnel working hours, etc.
With DynaRent, you can manage complex contracts and set up project-specific pricing for rental, sales, and hours. You can also invoice for fixed-price projects based on the time and material (T&M) functionality in D365 F&SCM.
With robust functionality on invoice profiles, calendars, and rental types, DynaRent supports invoicing for the following types:
i) Transfer to project
ii) Project invoice proposal
iii) Hour-based project invoice proposal
3. Rental and sales
DynaRent manages the entire lifecycle of your equipment from pre-rental checks, on-rent, off-rent, and workshop, to being rental-ready again. The solution can combine rental equipment with the sale of consumables on the same invoice, making it a quicker and more efficient process.
You can also increase sales with DynaRent's AI-based feature, 'Product Recommendation Engine,' to get insights into frequently bought/rented-together products and propose them as 'recommended items' to your customers.
4. Fleet and warehouse management
DynaRent manages your fleet across several legal entities to maximize utilization, reduce downtime, and increase profitability. You have visibility and control over all sites of your equipment due to unified processes.
The solution manages both bulk items and serialized inventory, and you can get information on equipment availability, status, and location.
The logistics around your equipment — where it is, how it’s moving, inbound and outbound logistics, and transport planning are all taken care of by DynaRent.
With the information at your disposal, you can plan your fleet to:
- Pick and ship rental orders accurately
- Handle and monitor mass returns
- Execute quality checks
- Report damages using the digital scanning solution
- Manage the delivery of equipment
- Handle equipment returns
6. Service and maintenance
Equipment maintenance in DynaRent runs efficiently on a comprehensive, template-based work order system to carry out and manage all kinds of service tasks to reduce equipment downtime.
It offers the following maintenance plans:
i) Scheduled maintenance, such as time-based maintenance and consumption-based maintenance.
ii) Unscheduled maintenance, such as corrective, delayed, or emergency maintenance.
With finance management simplified, you can enhance financial decision-making, reduce costs, unify business processes, decrease complexity, and adapt to regulatory requirements in the solution.
Some of the activities you can do with DynaRent:
- Gain 360-degree financial visibility into all assets
- Manage multiple revenue streams
- Have an automated invoicing process
- Handle all contracts, renewals, and credits in one location
- Use standard templates for billing
- Calculate rental rates quickly
- Combine multiple invoices with consolidated invoicing
Here is a video showing how DynaRent can handle rental orders in a standardized manner
Ready to transform your rental business with standardized processes?
If you are an equipment rental company that wants to consolidate your technology on a single platform offering standardized, industry-specific processes, DynaRent might be just what you’re looking for!
In addition to the above-discussed business areas, we offer over 150 standardized business processes, making it easy to manage end-to-end operations and guarantee a future-proof solution for your business. You can check out our solution factsheet to explore more about the DynaRent solution.
The factsheet will offer you insights on the following:
- The powerful combination of DynaRent and D365 F&SCM
- The solution’s features and benefits
- The features of each optional DynaRent add-on solution
- How DynaRent can help your business