Hire management is a complex and difficult task that requires thorough organisation, identification, and maintenance. Companies that hire out equipment should make every effort to ensure that their assets are always available, reliable, and in good condition to satisfy customers’ needs and expectations. Aside from that, they must figure out the best inventory, logistics, and price strategy to maximise profits and competitiveness.
Over time, hire technology, also called hire management software, has helped to change the hire industry forever. From manual tasks and paper notes to digital platforms and smart devices, this technology has helped hire companies to accelerate their operational processes, improve customer service, and increase their efficiency.
Let’s examine how these innovative technologies have evolved over the years.
From manual to automated
One of the most remarkable advances that technology has made in the hire equipment industry is the transition from manual processes to automated ones. Today, it’s impossible to imagine when equipment hire managers didn’t have computer programs at their disposal to automate the management of inventory, orders, contracts, invoices, and reports.
This software is further enriched by functions such as:
- Equipment tracking: Hire equipment managers can now spot and eliminate the risks of theft and track the rental devices in a real-time model by using GPS, RFID, or IoT devices
- Rental maintenance: This functionality allows hire equipment managers to do inspections of their hire equipment in the format of a mobile device using electronic checklists
Thanks to these advances in hire technology, hire businesses no longer need to stick to the archaic “pen and paper” way of managing their hire assets.
From reactive to proactive
Along with the many other major and impactful changes that hire technology has brought into the hire industry, the shift from reactive to proactive decision-making is one of the most significant.
From planning to execution, and improvement, hire managers no longer need to exclusively rely on their intuition, experience, and mistakes to improve their rental equipment management strategies.
Features that allow managers to predict and enhance their hire management capabilities include:
- Predictive analytics: This feature helps hire businesses gather historical and current information about equipment hires, customers, and markets to forecast demand for hire equipment in the future, thus giving insight on likely trends, patterns, and behaviours
- Artificial intelligence: AI makes it possible for the employees in hire businesses to develop and apply machine learning, natural language processing, computer vision, or speech recognition algorithms that could automate and assist with equipment rental management
Thanks to these features, staff members at hire businesses can take a more proactive approach to managing their hire management capabilities.
From isolated to integrated
Technology plays the role of the catalyst, which caused the dismantling of the old hire management structure and transformed it into an integrated system. Modern hire managers no longer have to work in isolation, as there is faster and better sharing of information, resources, and collaboration.
Features that enable rental managers to connect and communicate with their rental equipment, customers, and partners in real-time, anywhere, and anytime include:
- Internet of Things (IoT): IoT architecture lets hire equipment managers connect and control their hire equipment, sensors, and devices over the internet, and share and exchange information and data
- Mobile applications: With the advent of mobile apps, hire management has, over time, become more flexible, letting customers make orders, follow the hire process, and access services through their smartphones and other devices. This has allowed customers to become more engaged, and this helps make them more satisfied with the quality of hire products
With the availability of mobile features, hire technology also allows hire staff to work remotely while they’re out on the field.
The future of hire technology
Moving forward, the future of hire equipment management software seems to be oriented towards increased use of emerging technologies for improved customer experience and sustainability. Software solutions will combine AI, ML, and data analytics to provide computer vision, predictive analysis, automated decision-making, and personalised customer experiences.
Moreover, the focus on sustainability may motivate the creation of features that make the energy-efficient use of resources, the reduction of waste, and the development of the circular economy possible.
Incorporate hire management software into your business
Moving from old-school manual procedures and simple databases to a new generation of systems that employ innovative hire management technologies has changed the way hire equipment businesses operate.
If your business hasn’t incorporated this game-changing software solution yet, you need to speak with a hire software provider today and start taking your hire business to the next level.