The equipment rental industry has offered huge savings to many consumers and companies. Instead of making an expensive outright purchase for projects that are one-time or seasonal, renting construction equipment is one example of how a company can save money by getting the equipment they need, frees up cash flow for their own equipment to purchase, and the cost and effort to store and maintain that machinery.
Because this has also created a profitable niche for construction equipment rental companies, there has been an increase in competition. Whether you are new or have been in the business for a while, you realize that it will take a lot of effort and time to meet customers’ demands and manage your inventory and operations. Business owners know that there are a lot in the system that may be exposed to human errors. Of course, the goal is to stay ahead of the competition to keep the bottom line where they want it to be.
So the question is, what can you do given the increasing competition and challenges in operating in construction equipment rental companies? How can you increase efficiency, productivity, and profit without increasing your costs? Is there software that is built specifically to support your niche operations?
Before you delve into which construction equipment rental software, it is best to understand why you need to have one.
Real-time information and coordination are key to an effective operation, with clear insights into service, maintenance, transportation, and logistics. For all stakeholders to have access to this information will increase the probability of more efficient delivery of services to your customers.
An easy business solution is to allow access and clarity across the employees and management into the front and back end of the business. Available equipment, scheduling of deliveries and inventory management require employees to be on the same page, ensuring better coordination at all levels, consistently.
Jeff Weiner said, “data really powers everything that we do.” But data that is not verified or is inadequate can’t be trusted, and can lead you astray.
Business analytics features that could provide insights are the basis for better planning and execution. Heavy equipment rental software should be able to show trends, for example, which equipment is in high demand in what months. This is crucial to your pricing strategy. You will be able to compete and maximize your margins and inventory year-round.
You will also be able to know which equipment to invest in and get more of. You will have real-time and verifiable data leading to good business strategies and decisions.
An efficient operation will bring a better bottom line while an inefficient one will ding the company not just in terms of employees’ time, but will increase cost and expense.
Rental equipment software should be able to provide efficient operations with the following features:
· Online Store Front
· Managing your inventories
· Payment Portal
· Express Check-out
· Business Analytics
This means business owners will be empowered to manage all aspects of their operations from asset location, routes, personnel, service, and maintenance to name a few.
Construction equipment rental software will enable you to save time and money. Tasks that may be done with a number of employees and more time can be done by fewer employees accomplishing it in less time. This will make sure that you are able to reach your targets and delight customers, which often results in repeat business and referrals.
Technology has enabled business owners and even consumers to track everything that is happening, even when you are not there. The Internet of Things (IoT) features of equipment rental software will allow and prompt you to know movement and usage beyond the terms in the rental agreement with your customers. Since there is no need for human intervention, undisputed information may be used in billing the customers based on agreed upon terms and conditions.
IoT will also help you monitor, review, and plan on better logistics and maintenance of your equipment.
Customers are always your first priority. It takes more effort and cost to be able to attract new customers than to keep renting to customers who have had a good experience with you, especially in a niche field like heavy equipment rentals. A customer’s experience with your company could bring you more customers if they have a good experience and offer you referrals. It could also mean repeat business for satisfied customers. Thus, customer satisfaction programs should continually evolve as well.
One such program is providing better pricing or discounts to loyal customers. They provide continued revenue to the company and you want to serve them for life. You also want them to refer your business to their family, friends, and network. But coming up with effective referral and incentive programs may be an unnerving task without real data and numbers to look into. When you have rental equipment software, you will have more confidence to present, recommend and approve these programs.
The demand for real time data is on the rise. Donator Dorio, founder and CEO of FLIK said that “Without a systematic way to start and keep data clean, bad data will happen.”
With all the details and information of the construction equipment rental company, it will be impossible to have the data that you need when you need it. This is what construction equipment rental software does for you. After all, you need data in the fastest possible time, thus increasing revenue while lowering your cost.
Call Frenter's equipment rental software. We listen to your specific needs and we deliver solutions. We want to become your partner in your journey to success.