How Do Rental Companies Manage Their Assets and Equipment?

For rental organizations their assets are not just valuable, they are a direct source of income as well. That is why asset rental organizations need to keep track of their asset & equipment movement. And this is where asset rental tracking software comes into play!

What Is Rental Tracking Software?

Every asset rental organization wants to generate revenue and operate effectively.

However, most organizations fail in achieving these objectives. There can be several reasons behind it such as the technology or the process.

Rental tracking software is used to track asset and equipment movement. It eliminates the guesswork and lets you know the exact location of assets and equipment. This improves accuracy and provides you with a complete rental and maintenance history of each asset.

How Do Asset Rental Organizations Manage Their Assets?

The rental organization can manage assets via labeling & tagging their assets and equipment. Asset tagging is a very effective strategy to manage your assets.

It provides several advantages, through tagging you can identify your assets, they are very helpful in the check-in check-out process as well.

When assets and equipment are tagged, it increases security for assets, as we know the valuable assets are prone to theft.

Also Read: Why Leasing Equipment Is More Beneficial Than Buying It?

Which Technologies Are Used for Tagging Assets?

For asset tagging, there are several types of technologies that are available such as barcode, QR Code, RFID, NFC, etc.

Let us discuss them.

Barcode

This was the first technology that was very effective & reliable in terms of asset tracking. Barcode is a series of black and white parallel lines. They are very economical in price. Everyone must be familiar with a barcode you can see them almost every product.

RFID

The technology of RFID (Radio-frequency identification) is very similar to the Barcode but expansive in terms of implementation cost. However, the only difference in RFID technology is quicker in comparison to Barcode technology. It uses radio waves to track product information. It enables digital data encoded in RFID tags.

GPS

The global positioning system (GPS) is one of the best options for real-time location tracking. It is a very precise, reliable, and effective method for tracking assets. However, GPS tags is also an expensive option for asset tracking.

How Labeling Assets Is Beneficial for Rental Organizations?

Moveable assets are tagged for proper utilization and identification. Here are some benefits of asset labeling for rental organizations.

Monitor Maintenance

When assets are used continuously then it's also important to keep that asset maintained. And if it is not done routinely, then it can result in asset failure that may lead to expensive maintenance.

Hence, asset tag also assists in tracking & keeping maintenance expenses under control & provides maintenance history. The asset tag allows you to get the most of the information out of your assets.

Real-Time Tracking

Tags provide real-time information about every asset which can be very useful for asset rental organizations. If an asset is not available due to lack of maintenance then you can find it with asset tag data and take action accordingly. According to the Global News Wire,  “Real-time Location Systems growth of nearly 20% CAGR through 2025”.

Data Analytics

Real-time tracking gives important analytics information for how stock and inventory management can be managed effectively and how it can improve productivity.

Real-time asset tracking analytics can also give an inside out knowledge of an asset, permitting organizations to properly design upkeep with the help of data.

Also Read: What Are the Benefits of Barcode Scanner Software?

What Information Can Be There in a Label or Tag?

Tags have very limited memory; thus, it is important that you include only crucial information. You can keep the following points in mind when tags are created for rental assets and equipment.

Unique Identification

Every product shall be given a unique identification number so that each asset identification can be done easily. The number pattern shall be designed in a way that employees can recognize without any problem.

For example, if you are an audio-video rental company then you can put your camera with model name, number, and anything identifiable at your convenience.

Add Organization Logo

When you add the organization logo, it will assist you in standing out. Moreover, it would be more convenient if you add the company name. In case, if an asset or equipment is lost then it can help in recovering the rental asset.

Categorization via Color

There is no doubt that a rental organization has assets and equipment in abundance. Therefore, sometimes it is difficult to find the required asset.

However, when an asset is tagged with color it is simpler to find the asset. For example, you can choose red color tags for those assets which are consumables and green tags for those assets which are fixed assets. Through this way, your assets will be more sorted and it will be simpler to find.

When you use a barcode or RFID tag for tagging assets, it eliminates the manual process and makes an automatic process.

Here is an example, writing a manually serial number or asset number is prone to data error and it's a slow process as well.

On the other hand, with a handheld scanner, all you need to do is scan asset and it automatically retrieves data quickly. Thus, the automatic process is fast, precise, and saves your time.

Similarly, tags can be used for managing inventory. As inventory levels increases, physically entering data gets tedious, and fulfilling order turns into a slow-going procedure.

Envision the time spent manually determining the items you're giving out. It's a significant reason for decreased productivity. Your checkout and return process becomes a lot quicker with a barcode and RFID tag scanner, and errors are reduced.

Also Read: Importance of Assets Auditing for Equipment & Tool Rental Companies

Conclusion

The rental organization needs to manage & keep track of their assets and equipment. Asset tags play a crucial role in managing assets effectively. It can enhance asset life & keep asset maintained, decrease asset theft, and provide real-time asset information.

If your organization deals in leasing assets then tagging them is mandatory for you to keep them safe and optimized. However, tagging assets is only half work! The other half work is accomplished with rental tracking software or asset management software which will take your business to another level.

Frequently Asked Questions (FAQs)

1. What is an asset rental organization?‍

The asset rental organization is that organization that provides assets and equipment on rent to other organizations. For this purpose, the agreement is made and payment is done as per the deal. For how long will the asset be held by another company that is also mentioned in the agreement.

2. What is an asset tag?‍

An asset tag is used for asset tracking with rental tracking software assistance. The asset tag allows organizations to monitor and manage assets efficiently. They are useful for collecting data about assets. Overall, the primary function is the tracking and detailed monitoring of valuable assets. Asset tags are used in manufacturing, hospital, oil and gas, education, government, etc.

3. What are some other real-time asset tracking technologies?‍

QR Code (Quick Response code), BLE beacons (Bluetooth low energy), IoT (Internet of Things), NFC (Near field communication) are some other real-time asset tracking technologies.