According to the American Rental Association (ARA), the equipment rental industry has been growing at a rate four times faster than the rest of the post-economic crisis economy. Equipment rentals are poised for even greater growth throughout the rest of 2016 and into 2017.
What is your company doing to get the most out of this thriving rental market? Are you squeezing out all the inefficiencies in rental contract management, shipping, billing, service and other day-to-day processes?
Technology can be a rental business owner/manager’s best friend; investing in equipment rental software is the key to reducing costs, boosting efficiency in labor and equipment maintenance, supporting growth and continuous improvement – in short, getting the most out of the thriving equipment rental market.
When in the market for an equipment rental solutions, here are the top 15 capabilities you’ll need:
- Real-time visibility of rental availability filter by equipment type, model, kit, manufacturer, location, warehouse, capacity, rental fleet size, what is on rent, etc.
- Equipment rental contracts and quotes generated for customers with one click from the contract entry screen.
- Easy transfer of used equipment in and out of rentals – means never leaving rental income on the table again.
- The ability to put serialized and non-serialized items on the same equipment rental contract.
- Integrated accounting and financial management so that you never miss a billing again. Also the ability to support multiple billing methods for preferred customers.
- Full integration of rentals with purchasing, inventory, service, and other aspects of your business.
- Service orders created from equipment rental contracts automatically updated in service dispatch.
- Equipment rental contracts inter-relate with service work, such as pre-delivery inspections, check-in inspections, etc .
- The ability to easily drill down into the details of equipment rental fleet and equipment asset utilization.
- Improved and simplified equipment maintenance for rental fleets.
- Automatically run reports on a set schedule and have them distributed, the ability to analyze data within the system or export to Excel if you prefer.
- Earned and accrued equipment rental income is easily calculated in an analysis schedule to allow for accurate financial reporting.
- The next equipment rental billing, if desired, can automatically escalate billing from daily to weekly to monthly.
- Business Intelligence tools to analyze the data your employees use every day – such as current book value, profitability for period to date, year to date, lifetime to date, etc.
- A business technology partner who can support your team, train you on a dummy system with your own data on your
Trying to manage rental equipment with generic software can be a frustrating ‘square peg in a round hole’ application. Software built for equipment rentals, on the other hand, addresses all the issues that arise when handling rentals.
In the thriving equipment rental market, how is your business doing?