When starting a new business, it is a challenging task to manage your assets and your day-to-day operations. For startups whose assets are the products to be leased or rented, keeping track of your inventory and managing it always presents difficulties. But this does not have to be the case, as there are tools that will help business owners efficiently manage their inventory and operations to reach their sales goals, reduce their time spent, and automate the process.
The equipment rental business is projected to bounce back this year to the level it was before the pandemic, as more people are now enjoying 'normal' activities. Even a side hustle can compete with the pros in this industry, if you have the right software to stay efficient.
Equipment rental business software is a tool that provides solutions from point of sale, starting when a customer browses, rents, then going all the way to the back-end of operations. This is the backbone of any equipment rental business that provides a system to manage your inventory providing real-time information for the customers, employees, and business owners.
This software helps you know what is available for rent, keep track of your equipment, and helps you maintain your assets. It provides visibility on the important information that will give you insight and control on how to improve and manage your business.
Many organizations are now using equipment rental management software to streamline processes that improve operational costs and increase sales and profits.
Your equipment is not just your assets, these are your products. With rental business software, you will be able to track it in real-time; if your equipment is out for rent, is it available for rent or when will it be available, who rented it, and for how long. This is information that is readily available by utilizing this software. Knowing all this information protects your assets and helps you reduce and avoid incidents of theft or loss of your equipment. It also allows you to maximize opportunities for more sales by accurately tracking the location of your products.
A very important aspect of the equipment rental business is the upkeep or maintenance of your assets. This is to ensure the longevity of your equipment. As you increase your inventory, it will be easier for you to schedule the maintenance of each and every item with this tool. This will give you peace of mind as you know when to do your maintenance without the worry of missing it out which may negatively impact your operations and bottom line.
Maintenance plays a major role in maximizing the useful life of any asset, and in the case of the equipment rental business, it can yield a higher return on investment. Proper and timely maintenance of assets will play a big difference.
The equipment rental management software helps you schedule maintenance for your equipment. But there are different types of maintenance; the most popular that we all know is preventive maintenance.
Depending on the required maintenance of the manufacturer, we will be able to know and predict if an asset maintenance schedule will be based on usage or time.
The software provides more information in terms of its usage and this data will be critical in determining when to do proactive and predictive maintenance. This will positively impact your business as owners will be able to maintain the asset in a timely manner. This ensures that your equipment is in its best condition, preventing any sudden failure or breakdown especially if it is out for lease or with a customer.
Software can easily track your inventory. Gone will be the days when you need to do it manually, which may have been prone to errors. Real-time information on your inventory provides all the details that you need to make a good decision.
This information gives you information to do your rental projection, maintenance schedule, and purchase the parts and other materials needed for maintaining your asset. You will even be able to plan the needed manpower for your maintenance and project's upcoming or seasonal expenses.
Reports are crucial in any business. Software for rental businesses makes real-time reports possible. You can extract accurate information anytime you want or need it. It is centralized or available to all stakeholders creating a more effective coordination, meaningful discussion, and collective and informed decision as everyone has a bird's eye view of the business.
Generated reports include what equipment is in demand and the demographics that use your services. These reports provide critical data for planning and projections, making everyone in the organization accountable and responsible for their tasks and functions.
Gone are the days of doing things manually. You may set your customized alerts when it comes to the number of lease days, inventory, schedule of maintenance, etc. all critical in your day-to-day operations.
For example, you can create alerts when equipment should be returned and be part of your inventory. You could also create and if certain equipment is out of stock. Or even an alert when your go-to supplies for your maintenance have gone below your required level.
Good decision-making processes are based on informed and reliable data. You don’t have to wait for a weekly, monthly, or quarterly review as you could have all this data and information at your fingertips. This means that a change or adjustment in strategies or how the way you operate can be done on a per-need basis. This is the value of having all these data points readily available in one click. That means time, money and resources will not be wasted. Thus, making every cent and effort count.
Some essential reports for your operations are asset lifecycle reports, depreciation reports, and asset utilization reports. These reports can guide you with the details, timeline, and revenue stream based on demographics that could take so much time otherwise.
Real-time information is not a thing of the future. This is what the internet and cloud-based solutions have given almost everyone, like those who use equipment rental software. All decisions are not based on assumptions or good guesses, instead, it is based on the information available right now, at this very moment.
A very practical example of this is knowing where exactly your equipment is and the time it should be with your client. From that moment, with all the information at hand, your transportation and logistics team may adjust or use different routes to be able to reach the destination on time.
Rental business software is one of the essential software for any company, regardless of size, in this equipment rental industry. One should consider this as part of the investments just like your physical assets. It should never be perceived as another expense or just to be part of the bandwagon, rather it should be an intrinsic part of your organization and operations.
The cost will be a minute part of the operational expense when one will consider the overarching contribution it will have to your business. From front end to back end, this software will provide seamless integration of all aspects of your operation. Just like Frenter, it provides you with an ultra-easy tool that anyone can use, to build and develop your business in ways more than you can imagine.
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