Efficiency in providing the right rental equipment at the right time is no longer a competitive advantage—it’s a necessity. Whether you are a party rental company seeking to know where all of your folding chairs are going or if you are a hospital attempting to locate that one lost defibrillator, the monitoring of hundreds or thousands of pieces of equipment is a difficult task in any industry – trying to not only keep track of all of the equipment while finding out what is where and how much is in the repair shop, but also keep the business running as quickly as possible. And that’s where the rental inventory management software comes in.
Rental companies regularly face challenges when it comes to managing bookings, recording time/usage, scheduling maintenance and avoiding double-booking mistakes — while also making sure assets are in the right place at precisely the right time. Spreadsheets or outdated systems do not cut it when it comes to keeping track. With the right rental inventory control software in place, however, you can reduce (or abolish altogether) the following “pains”:
One of the best parts of using such a system is the visibility in real-time. Managers and employees can view in real-time where each item is, and if it's available or when it will be returned. This helps prevent overbooking or delay of orders and enhances customer satisfaction because their orders are not likely to be delayed or cancelled.
Rental inventory management software also aids in maximizing utilization. Idle or misplaced equipment in a warehouse represents lost revenue opportunities. With analytics and historical data built into many platforms, entrepreneurs can analyze what items are making the most money and which may be performing under their benchmarks. These are the insights that lead to better purchasing decisions and capital allocation.
Another benefit is the scheduling for maintenance. If equipment malfunctions while on rent, it can lead to unhappy customers and expensive repairs—especially if service needs to be called in. Sophisticated software can automatically schedule maintenance reminders on the basis of usage information or the number of rentals, maintaining the asset’s life for longer, and decreasing the occurrence of emergency servicing which may be costly.
Compatibility with other types of business systems is another important thing to keep in mind. Most of today’s rental inventory management tools can integrate with accounting platforms, CRMs and e-commerce storefronts. This saves time, reduces errors and means information passes from one part of the hospital to another more easily.
Furthermore, being mobile-friendly is critical in today’s world. Whether a member of the crew is scanning bar codes in the warehouse or checking for availability from a job site, mobile apps that let you tap into cloud-based construction equipment rental software can now put you in fuller control.
And for expanding rental companies, it’s all about scale. The best rental inventory management software can also scale with your company, providing modular features or tiered pricing packages that can adjust to greater volume and complexity as time goes on.
In the end, investing in the right software is about more than just inventory management -- it's about setting up your rental operation for sustained success. This increased accuracy, which can improve asset utilisation and ultimately customer satisfaction, leads to higher margins and more repeat business.
Frederick Barnett is the author of this article. To know more about Software For Construction Companies, please visit our website: orion-soft.com.