The world is undergoing a lot of changes led by a steady increase in construction projects and infrastructure spending around the world; this has, in turn, resulted in the equipment rental and leasing industry witnessing an all-time high.
As companies figure out new and innovative ways to reduce costs, competition in the infrastructure and construction market remains cutthroat. Organizations are now looking to rent the latest equipment rather than freeze up their assets by investing in machines whose costs may outweigh the benefits. All this, in return, translates to increased demand for equipment rental and leasing, it results in less capital expenditure. It also involves less hassle in handling the equipment and gives more options to move on to better technology.
These circumstances have led to the equipment rental and leasing market witness high demands along which come with their unique set of challenges; it is imperative that equipment rental and leasing companies up their game when it comes to being a step-up of the curve and utilizing the most of the lucrative opportunity.
One such tool to help any organization to handle any market condition or challenge is the equipment rental and leasing software. The ERP solution can help alleviate the majority of problems that your business might be facing. Technology has changed the approach of managing the equipment rental and leasing business. Now, you have software that is in line with the ERP software and also provides more benefits than that like IoT, BI, etc.
Equipment rental and leasing software requires an ample investment but offers almost irreplaceable capabilities that can help your business reach new heights. Columbus has helped numerous customers over the years. We, at Columbus, provide you the best equipment rental and leasing software for your business and also help you with the answers to every question that they might have. We always ensure that your decision to invest in equipment rental software should not only be based on structured plans but also on well-versed thoughts. Columbus has compiled a list of frequently asked questions especially for you:
FAQ related to equipment rental and leasing software
With the ever-increasing demands of customers, the industry of rental and leasing equipment is getting complex day by day. Any organization needs to make sure that it is swift in making decisions that help reduce cost and increase profits to cultivate.
What should I do to make sure that my plan for equipment rental is perfect?
Any planning can be rendered useless if there is a lack of knowledge to employees working on the ground in real-time. Consider the case where your ground team is barraged with a question they don’t have the answers to or that your transportation team is blindsided and unable to access the drop point for a recently collected equipment. All this information and much more can always be available to your employees on the equipment rental software. A graphical planboard that offers a synopsis to permit operation and transport-related planning effortlessly.
How can I manage deals of package rental?
When your business gets an equipment rental request, it is often accompanied by additional demand for a supplementary piece of equipment like renting cement mixers will need renting of tippers and trucks.
Therefore, renting multiple types of equipment can be complex as it increases the demand for the organization to keep a tab on numerous equipment within various vicinities, which can lead to potential loss of opportunities or profits if the logistics are ill-managed.
The equipment rental and leasing software will help you place together rental and leasing kits so that you can predict the desires of customers and offer them the best packages. It also gives your business a proactive approach and ensures that your customers have all the equipment that they need.
What will happen if a customer wishes to extend the rental of the equipment but I have already promised the same equipment for rental to another customer?
Considering an ideal scenario – the customer will return the rented equipment as per his/her last rented date. But there can be a case that the customer’s project gets extended beyond the agreed deadline, and he wants to extend the rental when something like this happens where in the first customer is asking you to extend the lease. Still, you have promised for the rental of the same equipment to another customer. For sure, you can neither deny the first customer for the rental extension, nor can you step back from your commitment to another customer.
In this scenario, with the help of the equipment rental and leasing software, the same equipment can be rented from other divisions within your parent company, or use sub-rental functionality to lease from a third party company and honor your commitments without delay.
Is there a way where the equipment rental and leasing software can help me know about the equipment having the highest demands and revenue? Can I also know about the equipment that is not in demand?
It is crucial for a business to be aware of which area or function is raking in the most profits and has a high opportunity for expansion. The scene with the rental and leasing industry is not different. They should have all the information about the equipment’s, which are high in demand and revenue. This can be done for you by equipment rental and leasing software. You can make a better portfolio with all the obtained information. It also allows you to see the demand trends. You can also check how much amount you spent on repairs and maintenance, which can help your position yourselves in a far better way.
How can I guarantee that the same equipment is not doubly-booked for rental?
Having the best equipment rental and leasing software can help you ensure that your teams can stay updated about the system from the mobile devices and prevent any such human errors from happening in the first place.
Information on mobile helps you make sure that teams are working better. Paperwork is also reduced. The best benefit of equipment rental and leasing software is that it will sync automatically with ERP to guarantee that the finance and administration teams are always about the updates.
With the mobile-friendly equipment rental and leasing software, it can be made sure that issues like booking the same equipment two or more times, missed, or lost entries do not happen.
What will happen if the customers do not utilize the rented equipment as per the decided conditions?
Rental IoT functionality, which is already present in the equipment rental software, helps you locate the location of equipment and how much it is used. This makes sure that customers can be billed for the extra usage. In addition to this, IoT can help you better strategies the transportation and logistics and make sure that any misuse or contract violation can be tracked in real-time.
In what ways should I take care of the rental equipment to safeguard maximum revenues?
You must make sure that when you rent out any equipment, the condition of that equipment should be good. Along with this, you need to also safeguard that the rental potential of the equipment is not affected by the demand for service, and maintenance.
With the feature - service and maintenance of your equipment rental and leasing software, you can manage and plan maintenance to make sure the maximum availability of rental equipment.
Will equipment rental and leasing software allow me to maintain transport and fleets?
Transportation and fleet management is yet another aspect of the industry that companies associated with equipment rental and leasing have a problem with. The condition is that if you want to minimize the cost, you also need to do timely delivery of your rented equipment to the customers.
Subsequently, you will need to make sure that your vehicles take the shortest routes while they go around. As a part of the equipment rental and leasing software, transportation, and fleet management help you greatly by providing the perfect solution for this problem.
How or in what way equipment rental and leasing software can help me provide information as to how I can enhance the experience of my customers?
The experience that is offered to your customers at every service point in the journey has a massive outcome on your customer withholding and repeat business. You must offer an intuitive and user-friendly experience. The Rental customer engagement tool helps you to make sure that every customer has the best experience. It also supports all the teams in the company to have the latest information.
FAQs do help you to gain a preliminary understanding of the ERP product and benefits. Still, there are quite a few additional things that need to be taken care of to ensure that you make the perfect choice in terms of getting the right equipment rental software for your business.
You must have:
- A list of questions or clarifications from the stakeholders that play a part of the decision-making process.
- The estimates of budgets available from the finance and administration department.
- Proposals from equipment rental software dealers along with elucidations on how they plan to solve the unique challenges of your business.
- One must not forget to negotiate with the equipment rental software dealers to make sure that your software solution package deal includes training and support to ensure a smooth transition for your employees.
With the above steps, we feel that you will be able to ensure that you will make the best decision while purchasing your required equipment rental software.