Digital Tools for Smarter Equipment Rental Decisions

While equipment rental can be lucrative, there are many losses to incur if there is a consistent lack of operational efficiency. Current market trends across this and other industries will tell you that human capabilities are insufficient.

Your rental process needs to be bolstered by competent tools that offer functions that support inventory management, predictive maintenance, and the gathering of relevant data for informed decision-making. Below is a look at the non-negotiable essentials.

What Kinds of Functionality Do You Need in the Equipment Rental Industry?

Defined Workflows

Rental software needs to drive a consistent and predictable inspection process. Therefore, there needs to be a fully digital checklist that serves as a reference point for evaluating any rented equipment. The expectation is that over time the effectiveness and speed of inspections will improve.

Relevant Notifications

You may have an existing ERP system that provides you with crucial data, helping to ascertain maintenance costs, customer preferences for demand forecasting, maintenance scheduling, etc. Integration is an essential part of the current market. Therefore, you need a tool that is going to seamlessly sync work order statuses from your existing system.

Imagine being able to automatically send service status notifications to the relevant parties without lifting a finger.

Photo and Video Logging

Documentation is great, but a picture paints a thousand words. You need an equipment rental management process that allows you to easily track and capture assets before they leave and after they return. AI-powered blur detection is a plus, as it allows you to easily settle damage disputes with crystal-clear imagery.

Information Repository

There needs to be a single source of truth in your rental space. Data storage and access can be as much of a competitive edge as it can be your biggest problem. Any tool you use needs to store inspection data analytics insights in one place. Automatic urgent equipment notifications are a plus.

Reporting and Dashboards

Sound decision-making requires valuable insights. The focus here is on useful information that comes from well-processed raw data. Ultimately, your ability to improve operational efficiency depends on the extent to which you can easily ascertain your fleet condition, asset damage, equipment downtime, etc. Reports should be logical and easily accessible.

Why Do Equipment Rental Companies Need Robust Tools?

Equipment rental is an industry that requires business owners to constantly provide properly working items to customers in a revolving door kind of fashion. The customer’s only obligation is payment. That means the business is responsible for availability, maintenance, dispute resolution, delivery, etc.

This kind of business model creates a lot of potential for losses from missed maintenance, untruthful customers, subpar equipment availability, etc.

The idea of digital inspection tools is to remove the mistakes that are to be expected when the whole operation depends on only human capability and experience.

Are You Ready to Optimize Your Equipment Rental Business?

What does your operation look like currently? Are you ready to take advantage of the kind of functionality and technology that has been alluded to above? Record360 is your end-to-end solution that covers all the bases mentioned and more! Request a demo today or give us a call at (206) 489-3290!