Every rental business aspires to reduce its expenses while increasing profitability. The rise of robust IT and software resources has made this goal achievable for companies across many industries.
Here are some ways equipment rental software improves the cost-efficiency of your business.
Organise and maintain your equipment
When running an equipment rental business, the one thing you can't afford is to lose track of your equipment.
Keeping track of your assets is vital, so you can give clients what they need whenever they need it, monitor the equipment condition, and manage your stock levels.
With the asset tracking features enabled by rental software, you can find the current location of your equipment and ensure that your assets are returned on time and don't fall into unauthorised hands.
Moreover, you can scan your assets with tagging tools such as barcodes and QR codes to receive information on their condition, cost, who is using them, and when they require maintenance.
The result… narrow down the time you lose to poor handling, manual and inefficient tracking, or late maintenance. Save on what you'd spend on re-purchases and replacements, increasing your profits and improving your asset lifecycles.
Exercise better control over inventory management and purchase
Using the purchase control features of your rental software, you can set minimum and maximum stock limits, ensure you have enough stock to hand, and only place purchase orders when necessary.
With your forecasting capabilities, you can also:
- Avoid deadstock
- Avoid double booking
- Predict future resource demands
- Predict new resources requirements
- Give your clients more assurance over delivery
You can also control where the stock needs to be delivered and ensure your warehouses run efficiently.
By going digital, you automate your purchase orders, invoices, and billing and end the increased risk of human errors in your calculations, accounts, and finances, which can lead to tremendous losses.
Get ready for the future of the market
Resource planning tools also prepare you to make better decisions and become more responsive to changes in the market.
Forecasting features, for example, instantly let you see your high-demand resources based on past transaction records and let you maintain your resource planner seamlessly. With a complete picture of your availability, you can also identify resource defects, gaps, and other operational weaknesses that need to be resolved.
The power of forecasting and analysis doesn't end there.
Thanks to more accessibility and insight into your employee records, you can also receive notifications about lapses in employee records or if resources are allocated to work outside of their qualifications.
In other words, streamline and optimise your resources so that your operations always meet your industry's compliance needs and standards.
Boost sales by creating customer loyalty
As your new software takes over the brunt of effort and time-consuming operations such as having to rekey information or trying to locate necessary documentation stored around the depot, your team can focus on higher value-added tasks, focus on customer service and create a better customer experience.
Your company's professional reputation is secured through these efforts, and you reap the benefits of fostering a loyal client base and strong advocates for your services.
Equipment rental software makes your operations smarter
As the demand for rental equipment grows, so will your operations.
With equipment rental software, you can effectively meet this demand with minimal bottlenecks, keeping your teams and clients happy.