The Benefits of an Online Lab Equipment Rental Software

lab equipment rental software

The need for lab equipment rental software

Lab equipment rental businesses have to deal with a large variety and volume of equipment. For an inventory manager, keeping track of all this equipment can be really overwhelming. To this end, a lab equipment rental software can make this job a lot easier. A solution such as this helps organizations and businesses easily rent out specialized equipment like microscopes, centrifuges, thermal cyclers, autoclaves, etc. It allows procurement staff and lab managers to easily acquire the lab equipment they need, receive quotes, and submit rental requests with custom specifications and criteria within minutes.

Using this technology, lab managers are able to reallocate valuable resources and rent out lab equipment from a single store or website, with unparalleled efficiency. It also helps managers receive side by side comparisons of important factors like equipment specs, costs, and availability.

Below, we’ll talk about how an online rental software can help your lab rental business achieve efficiency!

Track equipment maintenance

While rental companies should always rental business trends and opportunities, the most crucial task for them is to ensure they rent out high quality products at a good price. Smart equipment rental businesses understand that controlling the costs and schedules related to equipment maintenance is crucial for success. Lab equipment rentals are continuously striving to improve their business operations by increasing visibility, agility and labor efficiency. To achieve that, businesses need an equipment maintenance tool that helps them optimally manage their lab equipment within the rental operation, while also minimizing total cost of ownership or operation.

An online lab equipment rental software allows rental businesses to do just that. It helps them streamline lab equipment maintenance and create service tickets as needed. Equipment maintenance becomes a lot more streamlined this way, as the system allows you to repair, upgrade, or clean items before they are made available for rent again. This software also automates pricing and profit calculation by warning equipment managers if a particular lab equipment costs more to maintain than the revenue it generates. It does this by tracking and updating the maintenance history of every product in your inventory, and allowing you to draw up reports about long-term rental asset viability. 

Keep up with custom specifications

Remembering everything you have to do in a day and remaining organized can be a little overwhelming. It is possible for you to forget crucial appointments, to communicate important information to your staff, or to simply request urgent actions on certain orders. An online lab equipment rental solution offers you complete visibility into whatever needs to be done on a regular basis, so that you don’t miss out on anything and properly cater to your customer’s needs.

With online lab equipment rental management, you can set notifications to keep everyone up-to-date on all pending and completed tasks. You can even create reservation reminders. For instance, you might talk to a client today but the shipment won’t be taking place for another four months. You can set an alert for this so that all reservation and order details can pop up on your dashboard when it’s time. You can also share critical reservation notes with your team members efficiently and easily.

Streamline your lab equipment rental process

You can smooth out your entire rental process from quote to contract. An online lab equipment rental programme allows you to create or import your list of lab equipment with the click of a button. Whether it is incubators, microscopes, balances, spectrophotometers, or any other lab equipment, you will know the value and location history of your inventory. The salesperson, for example, needs to know what equipment each lab has, what the outstanding invoice balances are, and whether the equipment is available in order to fulfill requests, He can easily access data on his clients and equipment using any mobile device. All this data allows the quote generation process to be efficient and accurate. You can even keep tabs on data relating to rental business insurance or invoicing trends.

Using lab equipment rental management, you can set the checkin and check-out date to prevent the ‘double booking’ of products. As soon as you send a quote over to your clients, you can reserve products for them. You’re able to compare each dispatch to the reservation pick list to streamline equipment flows and minimize inaccuracies. You can also use the check-in feature to keep track of equipment being returned by customers after use, and immediately tag it if it needs to go for service or repair. The software also allows you to temporarily remove items under maintenance from your availability list, helping you keep your inventory up to date at all times.

Get real time insights for added value 

The fast moving rental market requires rental businesses to have real-time data on the status and location of the equipment they own. An online lab equipment rental software offers a completely integrated resource planning environment alongside data that is accessible from any mobile or desktop device. This means equipment managers can instantly access information regarding payment, customer history, budget, stock status, pending tasks, equipment availability, maintenance details, etc. in real-time.

All of this information helps equipment managers make the right decision. For instance, you can set maximum and minimum thresholds based on the real-time stock data so that you always have enough stock on hand. This also ensures that you purchase lab equipment only when you are running low on certain items, and therefore lowers the chance of redundancies. Lab equipment can take up a lot of space, and certain lab inventory like chemicals and solubles need to be housed in specific conditions. Having an optimum level of equipment inventory can therefore help you utilize your space well, save on storage costs, and reduce the number of unused equipment. Furthermore, the software even generates real-time reports on rental equipment utilization and availability that give you autonomy over your rental operations.

Conclusion

From generating invoices to tracking equipment maintenance, lab equipment rental software helps you stay in control of your rental operations. Keeping a close watch on your rental equipment is extremely important to achieve a profitable ROI. Rental equipment software helps you do just that by facilitating the necessary business processes quickly and accurately.

About EZRentOut

We’re EZRentOut, a lab rental software used by hundreds of labs to manage customers, orders, and payments from one centralized location. If you want any questions answered, get in touch at support@ezrentout.com.

Don't forget to share this post!