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5 Key Features to Optimize Inventory for Rental Business

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Now is the ideal time to start preparing and readjusting for the upcoming season as Fall draws to a close. 

Long-term inventory optimization depends on planning ahead and putting the right inventory management procedures in place at the beginning of a new season.

It’s a good idea to consider tools to help you manage your inventory for your rental business. What if what you need isn’t a long list of tools, but instead one complete package? It’s more than possible; it’s in use at rental businesses all over the world.

This article will highlight 5 essential features which will act as the solid foundation for your equipment rental business. 

Let’s look at five features to incorporate into your inventory management procedures in order to position yourself for success in 2023 and beyond.

Optimize Products with Tags and Categorize Them

Organizing your inventory can be overwhelming, especially if you’re just starting out or as new stock comes in. The first step to making your products more searchable and making it easier for you to find them is to tag them (physically and digitally).

You may categorize all of your products using RentMy’s tagging feature, making your inventory uniform and simple to browse. This is ideal for getting new employees up-to-speed quickly when they’re just starting off and aren’t yet familiar with your inventory. 

Get Overall Reports to Highlight Insights & Opportunities

When purchasing new stock for your inventory, you can make better choices if you have knowledge of the performance of your current inventory. This is the rationale behind RentMy’s investment in our full reporting suite. 

Users quickly gain insights into the performance of items and can arrange them according to important performance factors like turnover and rental duration.

Additionally, you may open each product to see how trends evolved through time to learn when they perform at their peak. You might discover some unexpectedly shocking findings. 

This is essential so you are not caught off guard when deciding whether to buy new stock, replace or sell old stock, and make plans for the months to come.

Maintain Seamless Tracking to Gain Overall Control

Inventory counting can be a difficult undertaking. It is repetitive and takes a lot of effort and focus to perform well. But it needn’t be as difficult as it might seem at first. 

By distinguishing between various stock kinds, tracking solutions assist you in maintaining control of your inventory. Within RentMy, trackable and bulk are the two primary tracking techniques.

Stock that is limited in quantity and of high value is trackable inventory. It enables you to assign each stock item a special identification number so that it may be easily traced. 

Moreover, bulk inventory is used for low-value items that don’t need to be tracked separately. Since they can only be tracked as a number, ordering replacements or extra stock is simple.

Maximize Inventory Accuracy through Product & Asset Management

Your inventory is always moving, and statuses allow you to observe if items are reserved, picked up, or returned. Understanding what stock is available when and how many are set aside for prospective orders is crucial. 

This feature helps to resolve availability problems and enables you to safeguard against shortages or overbooking.

By integrating RentMy, there are a few different ways to accomplish this. The first method is to quickly view upcoming orders by hovering your cursor over a product name in your inventory.

The dynamic calendar shows you when rentals are starting and ending for a more in-depth perspective. This enables you to see your inventory clearly and determine how to plan your upcoming orders.

Supplier Management System to Improve Quality & Services

You can efficiently manage your vendors with the use of a supplier management system. It offers total transparency over supplier data, performance, risk, and spend.

Through automation and centralization, it enables the streamlined and straightforward management of your third parties.

RentMy offers an robust supplier management system that will assist you to keep track of the supplier’s ID, name, and contact information. So, you can easily observe and ensure the quality and services through this feature. 

Wrap Up

It can be challenging to manage your inventory well, but investing the time now, when business is slow, will pay off later. 

This article provides the keys to enhancing your inventory management processes for the upcoming year. These five core RentMy features will increase your productivity, accuracy, and control in 2023.

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