The use of construction equipment rental software
The market for construction equipment rental business is constantly shifting and is quite competitive. This means your rental company should be able to adapt and react at a moment’s notice.
A construction equipment rental software can offer you the data and agility required to remain the market leader. Having real-time visibility and the ability to track all your construction equipment is the key to profitable construction jobs.
No matter what you are charging your client, you should be able to track costs, measure utilization, mobilize assets and be able to charge costs for a particular task or job site.
Top reasons for using construction equipment rental software
One: It keeps your equipment up and running
A construction equipment rental business needs to invest in expensive equipment that undergoes complex and frequent maintenance. This is important since a simple oil filter change carried out regularly can increase the lifespan of your equipment.
Ongoing maintenance sure isn’t easy to carry out, especially while equipment is rented out. That’s what rental software is for! It comes with a preventive maintenance module that allows managers to schedule service events on the basis of an equipment’s predicted usage.
Simply connect to your favorite mobile device in order to dispatch your technicians and track service activities. The service database can be instantly updated with details captured in the field. Your equipment requires being properly serviced whether in your yard or in the field. This software solution tracks the location and activities of each equipment, making sure that the required maintenance can be easily carried out.
Two: It generates insightful revenue reports
Every company wants to maximize its revenue. One of the greatest benefits of having a rental software in place is that you can track the profitability of your assets and also the revenue generated from your clients.
At times, you might not know that your biggest clients are actually not your best customers when it comes to profitability. That is because they might be renting out equipment for shorter periods or with low rental prices.
Know your revenues in detail with the required reports
Heavy equipment rental software generates reports to let you know which client generates how much revenue compared to the amount of revenue that is written off. It will also inform you which of your construction equipment earns you the maximum revenue compared to the value it costs to maintain the equipment.
Three: It exercises inventory control
When you don’t have a proper system in place to track your construction inventory, it leads to poor inventory control which eventually ends up in the diminishing capital.
Think about it for a second. You believe your tractor is at a particular job site but it is actually lying in a yard not earning any revenue. What is worse is that you might have to write off equipment as it is stolen or lost. Moreover, you might even charge your customers wrong since they didn’t get the right equipment.
All these scenarios are only because of inadequate inventory control which can also cause poor customer service. Luckily, the construction equipment rental software will not only improve your inventory accuracy but also ensure that you charge appropriate and proper rates to your customers for the right equipment.
Four: It is accessible anytime, anywhere
Even today, many companies use traditional ways to track their equipment like manual data entry on paper or spreadsheets. Accessibility is a major downfall of these manual methods. These files are mostly stored in a particular location or in cabinets so everyone cannot have immediate access and this leads to delays in decision making.
However, in this digital age, managers should have instant access to information. Cloud-based rental software offers immediate access to managers, no matter where they are and enables them to make real-time decisions by utilizing updated data.
Five: It brings consistency in information
Building and maintaining relationships is extremely important to the success of any business. A rental business, no matter what type, is no exception. Being aware of the needs and wants of your clients can help you make them your returning customers. You are not going to be able to build long-term relationships if there is no mechanism in place to streamline customer interaction.
Maintaining long-term relationships with your clients is important for rental businesses
With rental equipment software, you have the chance to run reports and analytics on your customers. This will keep you informed about their preferences and trends allowing you to build a solid partnership with your clients.
Six: It discourages abuse or theft of service
Accidents can happen, particularly, in an industry like construction. Equipment that is either damaged or not returned promptly can add to the already burdened operations. This is because of the extra time required to retrieve or repair assets. According to a Rental Management Magazine, damage waiver fees range from eight to fifteen percent of the rental fees.
Proper documentation with equipment rental software can help you enforce the damage waiver clause and process insurance claims faster. Furthermore, real-time utilization reports even aids in reducing disputes and optimizing billing.
Using the construction equipment rental software, the tiniest details let you see the everyday activities in case you suspect the machine is used at a different site than reported.
Seven: It prepares you against a disaster
You never know when nature strikes you with a flood or fire that destroys company records and physical files if you store them on site. Furthermore, ransomware and hacking pose yet another threat to the company servers if they are not notified of their electronic data. You are at risk of losing important information if not careful.
Fortunately, you have the privilege of having a solid backup plan by utilizing rental management software. It enables companies to store their equipment and inventory data at a secure location and off-site. This literally saves years of critical transactions as your company moves forward.
In case unforeseen events take place, companies can easily return to their business and restore back their data.
Still wondering if you should go for construction equipment rental software? Ask us!
EZRentOut is the leading construction equipment rental management software, used extensively by organizations and small businesses globally, for streamlined rental management to increase business productivity and revenue.