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One may argue that, aside from its personnel, a company’s most valuable asset is its equipment and inventory. When businesses are unable to track and measure their equipment’s financial impact, they can become inefficient and unproductive. Companies can consider their inventory and equipment to be potential revenue sitting in their warehouse, waiting to be used. According to the 2015 State of Small Business Report, 46% of small businesses do not maintain inventory or rely on a manual procedure to manage it.
Wouldn’t you be concerned about tracking your money if it was simply sitting in your warehouse as a business? So the best rental equipment software will increase revenues by keeping track of equipment and inventory, as well as providing data to assist in making decisions that will affect the overall operation of the company. This link leads to more precise forecasting and planning, which leads to increased revenue and profitability. Failure to do so exposes your firm to potential dangers and may result in its failure owing to a lack of suitable systems in place.
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Lacking an inventory tracking system can result in inadequate inventory control, which can lead to capital depletion. Consider this scenario: you believe your equipment is at a job site, but it is actually sitting idle in another yard. Worse yet, having to write off equipment due to loss or theft, all as a result of poor inventory management. Customer service may suffer as a result. You’re overcharging your consumers because they’re using the incorrect equipment. So, the best equipment rental software improves inventory accuracy and ensures that your customers are charged the correct and appropriate prices.
Companies want to maximize their revenue. One best thing about having the best equipment rental software is that it allows you to track the profitability of your assets as well as the revenue generated by your clients. In terms of profitability, your biggest clients aren’t always your best customers. In some cases, large clients are not charged for items that would normally be charged, or they are given significant discounts. Reports generated by the equipment rental software can show how much revenue a client actually generates versus how much revenue is written off or returned. It will also show you which inventory items generate the most revenue compared to the costs of maintaining that equipment.
Some businesses continue to track their equipment using antiquated methods such as handwritten paper files or some manual process. The obvious disadvantage of the manual method is its ease of use. These files are almost certainly kept in cabinets and in a specific location. Because not everyone will have immediate access, making quick and important decisions will be impossible. Managers now have instant access to information thanks to the electronic age. The best equipment rental software provides instant access no matter where your managers are, allowing them to make real-time decisions based on the most recent and relevant information.
Natural disasters, such as flooding or fire, can destroy physical files and company records if they are kept on-site. Furthermore, hacking and ransomware can wreak havoc on unsuspecting company servers that are careless with their electronic data. If one is not cautious, information can be lost. Having a solid backup plan in place, such as using rental management software, allows businesses to store their equipment and inventory data offsite and in a secure location, saving years of critical transactions. If these unforeseen events occur, businesses can quickly resume operations by easily restoring their data.
Relationship building and maintenance are critical components of any business’s success. Knowing your clients’ wants, needs, and desires is critical to ensuring that they become repeat customers. The inability to build long-term relationships is hampered by the lack of a mechanism in place to streamline customer interaction. Best rental equipment software allows you to run analytics and reports on your customers to keep businesses informed of their trends and preferences, resulting in a true partnership with your clients.
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