In a rapidly evolving equipment rental industry, every rental business is aiming towards sophisticated solutions that help boost their revenues. This is where rental software can help your business to streamline operations and improve profitability.
Here are 5 ways a rental software can help your business achieve efficiency at every operational level:
Table of Contents
Equipment Tracking and Availability
Keeping track of thousands of pieces of equipment can be challenging, especially during busy operational hours. It is overwhelming to keep tabs on which equipment is moving from one place to another, which ones are rented out, and to whom.
Rental software provides you with real-time information about every piece of equipment. You can assign barcodes to your equipment and easily know what is available and where it’s rented out. There are multiple search and filter options in the software that helps you categorize equipment by location, orders, or models. For example, your construction rental business has multiple sites and every site has its own set of equipment to use. The software can help you categorize this equipment by location so you can easily track it from anywhere, anytime.
Knowing equipment availability can help your management teams in allocating tasks and schedule orders accordingly. Rental software shows a snapshot view of equipment availability on the dashboard so you can quickly know which equipment is available and can be booked for future orders.
All equipment details are visible in the software, including the history of the equipment, when it arrived, and who has rented it over time.
Order Management and Payment Options
The influx of hundreds of orders in a day can be a tedious task to manage manually and might be prone to human errors. From bookings to assembling each item to managing shipments for orders can be many cogs to coordinate for a business.
The right rental software simplifies the order management process for your business. It can easily manage numerous orders and highlight essential order details on the dashboard for your convenience. This automation benefits you to manage orders efficiently and helps you to save time and resources to dedicate to strategic tasks.
Many businesses have to manage orders for a long period and draft bookings of the same items repeatedly. With robust rental software, you can easily manage recurring ordering and also replicate bookings when needed.
Order payments can be a risky challenge if done incorrectly. It might be tough to track down multiple payment methods and determine whose invoice they belong to. Rental software can help you to integrate with multiple payment options to seamlessly manage order payments. It also keeps track of which orders are paid for and highlights orders that are overdue for payments so you can easily keep a check on payments.
Equipment Maintenance and Scheduling
Your customers expect to receive equipment in top-notch condition. How can you ensure that you rent out or sell equipment in the perfect state? The answer: Timely maintenance
With rental software, you can set up a preventative maintenance roadmap to ensure that the equipment is in ideal condition. This will make sure the equipment is maintained as per standards before it’s rented out or sold. For example, ski rental businesses need to perform binding and tuning tests on skis to ensure they meet safety standards and customers do not receive faulty equipment.
Rental software can help automate the maintenance process where you can automatically send checked-in equipment into maintenance and make sure your equipment is always checked out in the top-notch condition.
You can even set start and end dates of maintenance and even mark your equipment as unavailable during the time. This helps schedule your orders accordingly. The software makes the equipment available after it is maintained as per requirements. Well-maintained equipment helps retain the customer’s confidence.
Online business Store
Rental software provides businesses the capability to set up their online store. Businesses with a strong online presence can attract a large number of customers globally. Your online store is open twenty-four hours and seven days to cater to customers’ demands at any time anywhere.
You can conveniently showcase attractive high-quality images of your products, feature top-selling items and add specific details for customers to order online with the right specifications. You can run ‘deal of the week’ or promotional campaigns based on your hot selling items. This can gain attention and attract customers to buy your products online.
Reports and Analytics
Rental software provides real-time reporting and analytics to help businesses evaluate key business metrics. You can easily generate reports on asset utilization, sales growth, and depreciation. For example, business owners can determine the downtime of equipment to ensure quantity is sufficient and does not hinder performance.
Real-time reporting in rental software provides visibility into data and can be analyzed in terms of achieving business goals. As a result, it helps in making strategic decisions to achieve maximum goals.
Conclusion
Rental software includes industry-specific features required to manage the dynamic and evolving equipment rental industry. A one-stop software solution that improves operational efficiency, simplifies operations, and saves time and money.
