For many equipment hire companies, one of the biggest challenges is keeping tabs on equipment that was hired out to customers and equipment that’s still in their possession.
This can be a daunting task for large-scale equipment hire companies that hire out their assets to many clients every day. Without a proper system to keep track of all these hires, hire businesses can face a plethora of problems, such as equipment getting stolen or lost.
However, with the rise of hire management software, many equipment hire companies have been able to find solutions for many of the challenges they face, and this includes keeping track of their hire equipment.
These hire management software systems come with built-in equipment tracking software to help companies know where their equipment is and who hired them out. This blog post will explore some of the benefits of equipment rental tracking software for equipment hire companies.
Improves billing verification
One of the biggest benefits of equipment rental tracking software is being able to verify billing. With the accurate tracking information the software provides, hire companies can make sure that they’re charging customers accurately based on their usage of the hire equipment.
With accurate billing, hire businesses can avoid disputes that may occur due to overcharging customers and also improve customer satisfaction by providing them with accurate and transparent billing details.
In addition, the tracking software will allow hire companies to identify hire equipment that’s underutilised so that they can adjust their hire rates accordingly.
Prevents loss of hire equipment
Two major problems many equipment hire companies have to face are theft and loss of equipment. These are common issues companies that hire out small equipment face, since these items can be lost or stolen easily, but theft and misplacement of large equipment isn’t unheard of either.
Equipment rental software allows equipment hire companies to track the locations of their hire equipment. If the equipment is moved outside the designated area, the company will receive an alert which will prompt them to carry out an investigation.
This will help equipment hire companies to reduce the chances of their equipment getting stolen or lost.
Identifies idle assets
Some hire equipment may be more popular than others, but without a proper system, this can be difficult to determine. With equipment hire tracking software, hire companies can identify which of their hirable assets are popular with customers.
In addition, they’ll be able to ascertain which equipment doesn’t get hired out much and just remain idle. With this information, equipment hire companies can determine which of their hire assets are the most profitable and worth investing in.
Alternatively, they can also identify which assets aren’t bringing in money so that they can sell them off.
Helps keep equipment maintained
Hire equipment must be kept in pristine condition at all times. This especially applies to heavy equipment, such as construction vehicles. However, some equipment hire companies may find it difficult to know which of their equipment needs repairs.
With tracking software, equipment hire companies can see how much their hire assets are being used and be able to schedule routine maintenance on time based on their usage, ensuring there’s a lesser chance this equipment will face wear and tear.
This will help equipment hire companies keep their hire equipment in excellent condition and safe to be hired out to customers.
Enables data-driven decision-making
With tracking software, equipment hire companies can collect vital information on hire trends, equipment usage patterns, and maintenance history. This data will help them make important decisions.
Details like which equipment should be purchased, which areas of customer service should be improved, and which pricing strategies should be implemented can be ironed out with data-driven decision-making.
This ensures that for each decision made, hire companies have factual information and a solid basis for why they opted to make such changes.
Invest in equipment rental tracking software today
The equipment tracking capabilities of hire management software have helped equipment hire businesses everywhere manage their hire equipment efficiently while reaping benefits such as improved customer satisfaction, better asset utilisation, and enhanced efficiency.
At MCS Rental Software, we offer some of the best hire software solutions in the industry. If you’re looking for a way to track your hire equipment, give us a call today.