Equipment hire businesses have become increasingly popular over the years, but one common problem all these businesses face is inventory management. And as a hire business grows in size, the more difficult it is to manage inventory.
Fortunately, the availability of hire management software that comes with rental inventory systems has made managing inventory easier than ever before. In fact, studies have shown that inventory management systems can help reduce time spent on inventory activities by 50% and efficiency can be increased by over 30%.
With rental management software, also called hire management software, that features a rental inventory system, hire businesses, both large and small, can keep better records of their inventory and their customers’ requirements, and reduce inventory management costs significantly.
In this blog post, we’ll explore the challenges equipment hire businesses face and how hire management systems can solve them with hire inventory systems.
Manual inventory management processes
Even today, there are many equipment hire businesses that use traditional methods of inventory management, such as manual data entry. This may be a reasonable solution for smaller hire businesses, but as they start to grow their operations, manual inventory management methods quickly become obsolete.
With hire inventory systems in hire management software, hire businesses can automate their inventory management processes. These systems will handle routine tasks such as managing customer accounts, tracking stock levels, and generating inventory reports, without any need for manual input.
Additionally, these inventory systems provide a centralised location to store hire-related information, making it easy for everyone in the organisation to access the information they need quickly and securely.
Analytical decisions about inventory
Making decisions about inventory can be a challenge for most large equipment hire businesses, especially when it comes to deciding when to order more stock and pricing. With a rental inventory system, equipment hire businesses can accurately analyse inventory-related data that can help hire businesses stay on top of things.
The system can provide real-time insights on data such as stock levels and customer orders that can help hire businesses make more informed decisions, identify areas of the businesses that need improvement, and develop strategies to optimise hire operations.
Secure payments and effective payment history tracking
With cyber criminals running rampant on the internet, many potential customers of equipment hire businesses may be reluctant to make online payments.
However, hire management software can help hire businesses set up safe and secure online payment systems. These payment systems will make sure that the payment details of customers are processed safely.
Also, hire management software can help hire businesses keep track of payment histories easily and identify which items were hired out by customers and which have already been returned. In other words, hire management software can help hire businesses control their finances more efficiently.
Better visibility of business operations
As a hire business grows, so does the number of operations. With many operations going on at the same time, it can be difficult for a business to keep track of all of them.
With hire inventory systems in hire management software, equipment hire businesses can have greater visibility of their operations and be able to generate reports, create quotes, and identify which items are popular and most profitable.
On-time billing
Getting paid on time is important for business, but without the right software, equipment hire businesses may have trouble knowing if their customers have paid on time.
Hire management software offers automated billing features that allow hire businesses to identify any discrepancies in payments so that they can follow up with customers and have them resolved.
By knowing which customers are making their payments on time, hire businesses can keep track of their most valuable customers.
Find the perfect rental inventory system
With a good hire inventory management system, equipment hire businesses can keep track of inventories efficiently and make better business decisions.
At MCS Rental Software, we offer a selection of hire management solutions for businesses in industries, from construction hire software to plant hire software. Get in touch with our team today to discover your ideal hire management software solution.