For startups managing assets and keeping track of them and managing operations is not an easy task. Keeping track of assets is important for both the lessor and the owner. However, in this blog, we will focus on the lessor viewpoint. For organizations who take assets on lease or rent, they need equipment rental software that can help these organizations in keeping track of assets and also assist in managing them. So, let us begin!
What Is Equipment Rental Software?
Equipment rental software is one of the important software that you require, especially when you are a startup or new player in the market. It is helpful to organizations in several ways such as organizing operations, managing assets, streamline processes.
It enables the organization to take control of equipment with real-time data assistance and visibility. Today lots of organizations are using equipment rental software.
According to the Business Wire, “The latest five-year forecast from the American Rental Association (ARA) calls for equipment and event rental revenues in North America to surpass $61.5 billion in 2019, including $55.8 billion in the United States and $5.7 billion in Canada, up 5.3 percent compared to 2018.”
Also Read: Is Leasing Equipment Beneficial for Start-Ups?
What Are the Benefits of Equipment Rental Software?
The benefits of Equipment Rental Software are discussed below:
1. Equipment Tracking
You can keep track of assets, with the help of equipment rental software. It lets you know who is using which asset, you can also know what the current status of assets is either it is in working mode or not-working mode.
It is very helpful in saving assets from theft and misplacement. This is one of the main reasons that this software is utilized. When you are using assets that are rented it is important that you keep track of them otherwise your pocket will be burned badly.
2. Upkeeping on Time
Maintenance is very important for all organizations; it plays a crucial role in the organization's bottom line. If maintenance is not done on time it can lead to increased maintenance expenses.
That is why this software allows you to schedule maintenance on time and implement maintenance on time. Maintenance minimizes the chances of sudden failure and repairing time is also minimized.
3. Implement Preventive Maintenance
Implementing maintenance is one thing but which type of maintenance is used on assets is another thing. Because there are many types of maintenance that exist but mainly it can be divided into two categories. Proactive maintenance and reactive maintenance.
Whereas proactive maintenance mainly uses preventive maintenance and predictive maintenance. These maintenances save assets from sudden failure as maintenance is scheduled for an asset before breakdown.
This maintenance is helpful in predicting failure and also helpful in identifying potential issues.
When equipment is maintained then asset downtime decreases, and it is helpful in increasing return on investment (ROI).
Also Read: How Do Rental Companies Manage Their Assets and Equipment?
4. Inventory Tracking
For effective maintenance of assets, you need to ensure that inventory is available in stock. If an inventory is not available in stock, then you might not be able to do effective maintenance because we know during maintenance old parts are changes and new parts are installed.
So, it is important to keep track of inventory so that no work is repeated. You can easily keep track of inventory with this software.
5. Generate Reports
Since this software is automated it is helpful in providing accurate information about assets, moreover it centralized information. As a result, creating reports as per the requirement becomes quite simpler.
For instance, if you want to know enterprise asset performance then you can analyze data when the asset was last maintenance provided with and after that how it is performing then you can see key performance indicators (KPIs).
Reports are crucial for understanding performance and with maintenance reports, you can identify pitfalls and you can resolve them with reports.
Reports have a significant amount of data that helps the organization's manager in making informed decisions not just based on assumptions.
What Are the Features of Equipment Rental Software?
Features of Equipment Rental Software are discussed below:
1. Receive Alerts & Reminders
This software provides customized alerts and reminders that are very helpful in business. For example, when the inventory level goes below the set count number then the system will alert you so that the business does not suffer from inventory issues such as out-of-stock.
2. Accurate Analytics
You can get various analytics depending on your requirements. For example, you can get asset lifecycle reports, depreciation reports, asset utilization reports, and so on.
These reports help provide detailed information and detect pitfalls. You can get a complete view of your transactions where you are spending and what is the outcome and so on!
3. Real-Time Information
Real-time information is very useful. It lets you know where your assets are located where they have been. Real-time information is useful for transport and logistic let us give you an example.
Suppose a truck full of inventory going to one destination. But there is a lot of traffic but with the real-time information, you can avoid those traffic areas and send inventory to the destination without getting stuck in traffic.
Equipment rental software is one of the essential software for the construction industry. It is useful for all industries which have rental pieces of equipment.
This software helps in providing valuable insights that will grow your business. Equipment rental software is a type of asset management software that assists in manage work orders, maintenance, equipment tracking.
Also Read: How Does Negative Inventory Affect Your Business?
Frequently Asked Questions (FAQs)
1. What Are the Benefits of Cloud-Based Equipment Rental Software?
A. You can make changes in the work schedule or change maintenance work priority with the help of mobile applications with the help of cloud-based equipment rental software.
B. Receive alerts, notifications, and reminders as per the work on your smartphone.
C. Cloud-based technology ensures that the data is safe and secured. It is the responsibility of the cloud service provider.
2. Which industries used Equipment rental software most?
Several industries utilize this software such as the construction industry, sports industry, manufacturing industry.
Those organizations that do have a requirement for a particular term of period and those organizations which are a startup and want to gather equipment without much spending.
3. How to decide which equipment rental software is best for your business?
You have to do a lot of research and development in order to find your best software. You have to look at all the features and benefits the software is providing then you need to look is that what you want for your organization if yes then you have found your software.