Digital transformation has been sweeping across businesses of all sectors and industries. Thanks to key events like the COVID-19 pandemic and Brexit, this type of business transformation has become even more essential. For the equipment rental and leasing industry, digitally transforming can improve customer service, experience and internal efficiency.
Keep reading to discover some more benefits of digital transformation for this industry…
With an industry-specific solution, your clients can do all of the following (and more):
All of these activities can be performed more efficiently than if you didn’t have an industry-specific solution. This improves customer service and experience as everything is available via one portal and your customers can easily self-serve. An added bonus? They can also enjoy an omnichannel experience.
Often, equipment rental and leasing businesses rely on disparate systems to store their essential data. Technology can centralise this data which makes it easier for your employees to:
Overall, data centralisation helps to reduce the workload and pressure on your teams.
Take your customer service team and account managers. Detailed equipment descriptions mean customers are less likely to need to contact customer service for help. And if customers do need to reach out to you, having all the key data in one place means you can quickly build personalised quotes and swiftly close customer deals.
Digital technology can improve your rental business’ inventory management process. It’s easier to keep track of all your equipment, in terms of availability, location, maintenance and repairs. For example, IoT-enabled devices allow you to collect and analyse real-time information on your equipment. This then means you can:
Thanks to real-time data, you can better monitor the utilisation of your equipment. This means you can be more flexible when managing your assets and make more informed business decisions, including:
As part of asset management, you’ll need to ensure your equipment isn’t transferred to third parties without the owner’s permission. GPS tracking can help you monitor this. You can see every equipment’s physical location in real-time, organised by type, client and ID number.
This can help you:
The rental and leasing industry is booming as more and more companies are seeing the value in renting equipment as opposed to buying it outright. Great news for equipment rental and leasing businesses! But it does mean there’s more competition and higher customer expectations.
To ensure you’re equipped to adapt to the evolving landscape, you need to digitise your business. A watertight digital transformation strategy can maximise the value of your decisions.
In our cheat sheet to digital transformation, we cover the four secret ingredients to a successful transformation project. Learn more via the button below.