Rental asset management systems have a major impact on the way rental companies do business, create value, and collaborate with other entities. Keeping track of reservations and rental gear is a part of everyday logistics for rental businesses.
Companies that use homegrown systems to track assets experience compromise employee productivity as the team struggles with laborious and error-prone manual processes. This can inevitably result in fewer sales and less revenue. The solution – A robust rental asset management that streamlines and automates labor intensive tasks.
How automation improves employee productivity
With a robust rental management tool, your employees can track the location, status and life cycle of every asset and make knowledgeable decisions. Accurate asset tracking helps them avoid conflicted bookings, asset theft/loss, delayed transactions, and overall makes their job much easier.
Here are 5 features of an rental asset management software that can help significantly improve employee productivity:
1.Automated preventive maintenance
When assets are being rented out continuously, they are subjected to a lot of wear and tear. It is important to keep those assets maintained because if not done routinely, they can result in asset failure, unplanned downtime and decreased productivity.
Rental asset tracking software records the servicing and maintenance schedule of all relevant assets so you can focus on preventive maintenance instead of reactive one and save your resources, energy and efforts.
Automating your preventive maintenance will not only extend the life cycle of your critical assets but also increase team productivity. Use the software to create work orders and assign tasks to the relevant resources. Check on the maintenance status in real-time and stay up to date with alerts.
You can also attach a servicing checklist to ensure that the right protocols are being followed during maintenance. This enables effective team collaboration and provides complete transparency and accountability.
2. Connected workforce
Absence of a rental asset management software results in lack of data flow which means that employees don’t get the first-hand asset information they need to perform their duties and make actionable decisions.
As data resides in unreachable silos, employees do not have all the information they need to make key decisions. With a robust rental asset management tool in place, employees get a centralized platform to exchange assets information in real-time which eventually boosts their productivity.
They can view which assets are rented out, which ones are assigned to relevant employees for maintenance and which ones are booked for recurring orders. You can also up alerts for relevant staff members so they get real time updates on actions and always stay informed.
3. Automated transactions
The process of renting out the right assets, keeping track of the time your assets are rented out for and then manually billing the customers can be very labor intensive. You have to locate the assets, check the timelines and record the details.
In contrast, if your rental business is equipped with an efficient asset management tool, people can easily check-in and checkout the rental items, the time would be recorded and your customers would be charged automatically.
An effective rental asset management software also enables you to charge credit card payments at your point of sale (POS) terminals making online transactions easier and quicker for your employees.
If you are dealing with recurring orders, then the software automatically bills your clients for every order instead of your employees manually pushing bills every time.
4. Automated inventory control
Furthermore, with a robust software in place, your employees don’t manually have to check if you have sufficient inventory stock in place and instead, the software will notify you in case of low order threshold. You just have to create purchase orders, the software will enable automated transactions and your inventory will be restocked in no time.
With a rental asset management software in place, you can centralize vendor information to make the procurement process easier and less time consuming for your employees. Furthermore, once the inventory orders have been placed, you can track the progress on your orders so you can plan your future rentals accordingly.
5. Custom reports
With a rental asset management software, you would be able to improve your business operations by recording and analyzing critical performance data. With all the real-time information being recorded, your employees can generate reports based on various factors including asset values, utilization, depreciation and retirement. They can make key business decisions based on these reports and can schedule assets and inventory rentals accordingly.
Reports can be generated on employee interaction with the equipment leading to more transparency across your organization. You can also create staff performance reports with a list of staff members along the number of orders they are assigned to. With the staff performance reports, all employees can be held accountable for the assets that are in their care. They will be able to perform their tasks in a timely manner and can take better care of the equipment.
EZRentOut is a cloud-based rental asset tracking software. EZRentOut offers companies in numerous industries seamless rental management along with a host of other features. These include asset tracking, maintenance management, customized webstore, and much more. Try us out today!