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At its foundation, equipment, service, and rental management software must do all possible to improve decision-making, service, and ultimately the bottom line. Because each organization that uses rental software has different needs, flexibility is essential. Rather than the software adapting to your business, rental software solutions must adapt to your business.
The software must be scalable, fully integrated, adaptable, mobile, and most importantly, simple to use as your company grows. Improved efficiencies such as more revenue, lower capital expenses, higher revenue per employee, lower overhead expenses, and lower maintenance costs should all be possible with total equipment rental software.
It’s critical to have rental software that can swiftly and efficiently enable the necessary business procedures. From his phone, tablet, or computer, a salesperson should be able to easily access data on his clients/prospects.
Knowing how much money is owed on outstanding invoices, what equipment is on hand at each job site, and whether or not equipment is available to meet rental requirements. With all of this information at their fingertips, they can generate a quote fast and precisely. The rental program should allow you to email the quote to the client for speedy delivery.
The total rental software should be able to generate a rental contract immediately from a quote after it has been authorized. This ensures that all negotiated conditions and pricing are adhered to, as well as reduces errors.
The total equipment rental contract should flow into a dispatching system for arranging the delivery of the equipment or services, if applicable, once the details are complete but before delivery. The dispatch tickets should be automatically issued to the drivers via mobile phone or integrated device once they have been scheduled. The drivers should then be able to update pertinent information via the app, which syncs with the software.
Through the app, you can get pertinent information that syncs back to the program.
Many clients want to capture a signature acknowledging receipt of the equipment when it is delivered. To this day, the majority of people in the sector still use a paper ticket for this.
As the rental industry moves toward paperless transactions, a fully integrated rental software package should allow this to be done electronically through a mobile application, with the customer signing directly on the tablet/phone, and then receiving an email copy of the signed ticket for their records.
During a job, software should allow you to simply manage exceptions. When a piece of equipment fails, the software should make swapping out the failed piece of equipment as simple as possible. The capacity to easily transfer equipment between job locations without having to return to the yard is also essential for effectively tracking rental equipment. The total equipment rental software should make it simple to complete this operation.
To maintain a successful ROI on each item, it’s critical to keep the rental fleet in good shape. A fully integrated work order/maintenance area in rental software should make it simple to generate work orders for preventative maintenance. Preventative maintenance should be triggered automatically based on meter readings, rental days, and frequency. To avoid repeat entry, generating purchase orders automatically from work orders to ease purchasing repair parts or 3rd party service should be a simple operation.
To fulfill the demands of the clients, rental software must be able to send bills to clients quickly, precisely, and with a lot of flexibility. The ability to batch invoice all open and approved rental contracts depending on preset criteria, as well as to combine numerous rental contracts for work, client, PO, or other entities into a single invoice. Invoices should then be effortlessly incorporated into whatever accounting package is being used, whether it is built within the rental program or, more significantly, a third-party accounting product.
Rental software should offer extensive reporting features. Many of the industry-standard reporting KPIs should be available in canned reports. Bespoke key performance indicator dashboards, custom reporting, and data warehouses should all be possible with the rental program. Depending on the demands, this information should be conveniently available via the application, a mobile device, or a website.
A customer of the rental software’s client/foreman/project manager / ETC. should be able to examine all equipment they have on a job site, check what is available for rental, and look at outstanding debts.
Most essential, total equipment rental software must offer customer software support and consultation from industry experts. Many industries operate 24 hours a day, seven days a week, and the support crew must be available at all times. It’s critical to respond quickly to difficulties and resolve them quickly. It’s also vital to provide software training, a tried-and-true implementation methodology, and business consultation.
Finally, rental software should make it simple to track an individual asset’s revenue, location, and history, as well as its utilization, the total cost of operations, the total cost of ownership, and return on investment.
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