It is critical for Rental and Service companies with a large number of assets to have a clear overview of their Equipment Lifecycle. The equipment lifecycle begins when equipment is requested through to the end of its useful life. Without having an integrated Equipment Lifecycle Management (ELM) solution it is almost impossible to manage this. The Dynamics Software Rental Management and Service Management solutions are fully integrated and combine the Equipment Lifecycle of both your Rental and Service Processes. This way it provides users with a single view for all relevant information, such as Purchase, Depreciation and Maintenance costs.
Key features of an integrated Equipment Lifecycle Management:
A complete view of the Equipment Lifecycle can only be shown if it takes all of your business processes into account, to ensure that all relevant information, coming from the different processes, will be included in the overview. Dynamics Software Rental Management for Microsoft Dynamics 365 for Finance and Operations connects the following processes:
The Equipment lifecycle starts with the identification if new assets needs to be purchased. This need can be identified by using the available data such as utilization rate and demand forecast. After this the Asset Purchase process covers the following: Purchase request, Purchase order, Purchase receipt, Post-purchase inspection and Purchase invoice creation and matching. It also makes the Asset available for the Rental and Service processes.
Rental Object creation:
The Rental object in Dynamics Software Rental Management for Dynamics 365 for Finance and Operations holds all physical (searchable) attributes and is the link between the different value and cost streams. Using a Rental Object allows to combine the Fixed Asset, the Service Object, the Rental Transaction and the Financial Dimension framework, assuring a complete view of all stages in the life cycle. The complete Equipment life cycle also provides information on total cost of ownership (TCO), return on investment (ROI) calculations and the total Lifecycle Cost.
To streamline Fixed Asset creation the Purchase receipt process can trigger an automatic asset creation, optimizing this process. The Fixed Assets will be used for the following financial transactions and information: Asset groups, Depreciation, Activation and De-activation of Assets, Net Book Value, Acquisition price and Tax information. These recorded costs will be taken into the ELM to have a clear overview.
Combining Dynamics Software Rental Management for Dynamics 365 for Finance and Operations with Dynamics Software Mobile Field Service creates an even stronger solution, empowering your workforce by enabling them to register their work on a mobile device. This eliminates the need for duplicate entries and all transactions are available in Rental Management in real-time, keeping your ELM up to date. All relevant costs are linked to the equipment, such as consumed items, hours, travel-time, expenses and costs. They can also be posted automatically when the work is finished, minimizing manual interference where possible.
Service and Maintenance
Besides Depreciation costs, maintaining the asset is a huge cost driver in the ELM of an asset. The different types of performed work can easily be visualized like: Preventative maintenance, corrective maintenance, overhauls and rebuilds. For each individual Asset a complete Service and Maintenance history is available. Per asset/asset group Rental Management can easily visualize historical service transactions, this can be incorporated in the TCO calculation to determine the financial performance of an Asset. Next to preventative maintenance IIoT (Industrial Internet of Things) and Machine Learning can also be used for Asset condition monitoring and importing relevant ELM into ERP.
Sales and Scrap
The last step in the Equipment Lifecycle Management is the sale or scrap of the used asset. Based on all relevant information the back-office can determine if the asset can be sold or not. Each sold asset, no matter at which stage in the life cycle, will keep its service record in Dynamics Software Rental Management to assure that the full history can always be checked.
By using Dynamics Software Rental Management for Dynamics 365 and Power BI your users can easily create business specific reports with real-time ELM information embedded in the reports. These report can be used to “Manage by exception” to focus on Assets with values outside pre-defined thresholds.
All in all, the ELM capabilities of Dynamics Software Rental Management for Dynamics 365 for Finance and Operations give customers the relevant real-time information needed to make the best possible decisions for their rental fleet, optimizing their Rental business in all area’s!
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