In recent years, most equipment dealers have become aware of the trend that equipment rental has become increasingly popular and continues to gain ground. So the big question is: "Is your organization able to keep up with this trend and increase profitability?" First, let me paint a picture of how the traditional or manual business processes for rental currently work at most dealership organizations.
The old-fashioned way
Rental departments receive several requests every day by phone and e-mail, the representative notes the customer's requirements for the equipment, the time frame in which the objects are needed and where they are to be delivered. Usually it is only after contacting the customer that it is determined that the rental object they need has already been rented or is available at another location, so the delivery time cannot be met. In some cases, hiring from a third party is then chosen to meet the customer's expectations.
Another common problem is in periodic billing for rentals. To keep track of this manually is difficult, time-consuming and with an increased risk of errors. It often happens that equipment stays with the customer longer than initially agreed upon, maintenance is not properly tracked, and there is no full understanding of how much revenue each object generates.
Success guaranteed!
In this blog, I provide some tips derived from the software functionalities of Dysel's Equipment Life Cycle Solution.. This can significantly increase the profitability of your business and make the rental department more efficient.
1. Real-time equipment management:
Imagine having accurate, real-time data on your rental fleet. When your representatives receive an equipment rental request, they can view the status of all items at all locations, as well as telematics data and customer information. Within a few clicks, they can turn the request into a contract. In addition, you can send the field service technician to repair the equipment at the customer's location and access work orders or invoices in real time. If hiring from a third party is required, the system will calculate the rental margin and track the equipment as it does with your own rental equipment.
2.Optimized use of equipment:
The most challenging situation your finance department faces is inventory management because it disrupts cash flow. Equipment life cycle improves visibility into your own business and into your customers. You can monitor KPIs of your assets, make better decisions about inventory, parts and maintenance. With the built-in business intelligence you can identify trends regarding the sale and rental of properties, so you can create accurate forecasting reports and make informed investment decisions.
3.Automated billing:
In automating all your rental invoices, you have the choice of sending invoices every day or periodically. You can also set rates at the level of an individual customer or set a discounted rate for your regular customers. You receive notifications when objects are out of contract or need maintenance. With Dysel's Equipment Life Cycle solution, your organization saves time and resources, efficiently manages and maintains inventory, increases customer satisfaction and grows business.
Noor Shaikh is Marketing & Sales Executive in North America at Dysel and knows all about the ERP software challenges for equipment dealerships.
