Increased revenue is the ultimate goal of any business and in the equipment hire industry, this goal is no different.
With the rise in competition and infrastructure projects, more businesses are choosing to hire the equipment they need rather than purchasing them, allowing businesses to save their capital investments without compromising their ability to access the latest technology.
While this is an encouraging prospect for equipment hire companies, it also means that there’s an increase in competition. Aside from the apparent benefits of rental software solutions, equipment hire customers will often reach out to suppliers seeking information about whether these solutions can grow their revenue and prevent any revenue losses, which most businesses have fallen victim to over the last few years.
Here are a few ways that rental software solutions can help prevent losses and improve revenue.
Improving equipment availability
Hire software solutions help hire businesses manage the complete lifecycle of an asset from the point of purchase to it being disposed of once it’s no longer in proper working condition. Using this feature in the software helps businesses maximise the availability of equipment.
For example, when the equipment is not booked or is in a slack period, your hire business can schedule maintenance and repairs. In addition, you can also consider the performance of the machine to schedule any preventive maintenance that’s needed.
Taking these steps will ensure that the availability of your equipment is increased and can generate more revenue.
Scheduling deliveries and pick-ups
One of the biggest challenges when it comes to revenue in the hire business is the time it takes to pick an asset from one customer and deliver it to the next without any delays. This is where the scheduling of the pick-up or delivery of an asset needs to happen without any downtime or overlap.
A number of rental solutions offer a dashboard feature giving real-time information about the usage and the location of the asset. Using this information, you can streamline or direct the movement of your asset so that there are no challenges.
When your hire business has a complete overview of the asset’s location and even the movement of the asset, you can make sure that equipment isn’t being overbooked or that you’re not missing out on any maintenance requirements. Having a proper system to control transportation costs can go a long way in decreasing your overall revenue losses.
Gaining better insights into business trends
Today, data is king and when it comes to decision-making, data plays an integral role in offering intelligence from within the company and at an industry level.
Business intelligence allows you to derive insights and make the right decisions about maximising your revenue. Whether you want to determine the rate of your hire equipment or determine the types of equipment that you will need more of in the future, having the right insights can give you multiple options for revenue generation.
By having a keen understanding of the marketing trends and market indicators, your hire business should be able to draw from internal and external sources to get a more detailed and holistic view of the industry and what you need to do to prevent any losses.
Ensuring proper usage of assets
Rental software solutions can also track the movement of your asset to help you determine if the customer is using the asset as agreed.
In the event that it’s being overused, the customer can be billed for the additional usage of the asset.
Tracking the equipment is also a great way to make sure that equipment is kept in reasonable condition and you can plan your maintenance schedules accordingly.
Rental software solutions—prevent your hire business’s revenue losses
Technology plays a major role in the way the hire industry operates and businesses can harness many of these advancements to boost revenue and minimise losses.
By evaluating the problem areas in the business and taking the necessary steps to resolve these problems, hire businesses can start making a real impact on their profitability with rental software solutions.