These days many customers across diverse industries ask themselves the question 'Rent or Buy'? People typically associate rental with cars, tools and houses. But the current Rental market is changing rapidly and many opportunities arise in various markets. As part of this trend, we see that renting is becoming more and more normal in many industries. Example of sectors where Rental is becoming the norm nowadays are Off-shore, Power, Temperature control, Heavy equipment and more. It may seem that these industries do not have much in common, but all companies are looking to cut down on costs and try to be more sustainable. Another important question all companies ask themselves is how to maximize the use of their working capital and how to release (more) capital towards their operational business.
This market change is a huge opportunity for (Rental) Companies who get access to more markets/industries and non-rental companies can (or need to) expand their business model to include a rental service. Rental companies can offer their customers more than just a product, they can offer a full service experience. They can deliver complete fleet management, giving more flexibility to be able to react to changes in demand quickly. This reduces risks and takes away the burden of owning equipment. In order to be able to provide these kind of services, Rental companies have the need for an IT system that fully supports them. The new trend in the rental market generates many different opportunities, but without a supporting IT system you cannot seize the opportunity!
Dynamics Software can help Rental companies by offering a tailor-made solution. Dynamics Software Rental Management gives Rental companies a competitive advantage and helps them to be more successful by providing:
1. One Integrated Solution
A truly integrated ERP solution is critical to the success of a rental company. A system can only be really beneficial to a company if all the processes are integrated. Having all available information in one system assures that all departments have all the information they could need and all departments can easily collaborate. An integrated solution also ensures that all transactions are in the same database, which makes it easier to find out how your fleet is performing.
2. Full insight in ELM (equipment life cycle management)
To make the right decision at the right time it is critical to have access to real-time information about your assets. Your Rental System should allow you to easily create overviews about the performance of an asset group, asset type or individual asset. An integrated solution can display all the relevant transactions to assess how an asset is performing. Rental revenue is not the only important variable, depreciation and maintenance costs are also relevant to determine the performance of an Asset.
3. Mobile Process Support
Mobility is nowadays an essential part of the Rental industry business processes. Employees are no longer tied to the office and their desk and should be able to work anywhere and anytime. It is vital that a Rental Solution has the mobile capabilities to support this new way of working. Think of maintenance work lists, pre-rental inspections, damage reports etc; they can all be done efficiently on the go. The advantages of being more mobile are obvious: reduce manual data entry, deliver real time data, a speedier process and an increase in the overall productivity/efficiency of your workforce.
4. Flexible Billing and Payment Functionality
A critical process for all rental companies is the recurring billing cycle of the rental contracts. A Rental contract can last from just a few hours to multiple years, which can result in complex billing scenarios. An important feature of each Rental system should be a flexible billing engine which allows rental companies to cope with all the different scenarios. The reality in the rental industry is that each customer will have its own billing rules and without following these requirements invoices will not be paid. In any Rental Solution it should be possible, by changing setup, to meet these customer requirements.
5. Fleet availability overview
Fleet availability is key for Rental companies and it is often a challenge to get a good overview with the status of all the different assets. The graphical user interface helps by visualizing the availability per asset, per depot, per day. An availability overview also provides critical information to any Fleet controller to decide if assets are in the right location. Based upon future demand, a Fleet Controller can also decide to transfer inventory, convert sales into rental inventory, purchase additional items or plan sub-rent.
6. Reporting capabilities
Rental Reports are a vital instrument to monitor the performance of the entire Rental process. A benefit of an integrated solution is the fact that all transactions are available within one database. The combination of all this information provides a 360 degree view of ROI and utilization across assets and rental locations. Relevant rental reports are: Utilization rate, Daily Rental Rates, Non-performing asset, Rental revenue per location, profit and loss overview per asset and much more, all included in the Dynamics Software Renal Management solution.
7. Integrated equipment maintenance features
To assure equipment up-time and to maximize the utilization rate of the fleet, it is key to maintain your assets. A Rental Solution should have integrated capabilities to trigger and execute maintenance. For a smooth Rental process it is important to know when equipment needs to be maintained to ensure that an asset is not on rent when it is due for maintenance. The system should be able to automatically generate scheduled maintenance based on mileage, counters, or other company specific criteria.
Dynamics Software Rental Management:
Dynamics Software Rental Management provides a strong rental solution, which incorporates all of the points mentioned above to give companies in the rental sector a clear view of all current operational information in real time, enabling optimum performance. It supports the full range of rental activities; administration, registration and management, as well as potential sales activities. All information about clients, products, services, staff, contracts, partners, etc. is recorded and maintained in a single central database. Dynamics Software Rental Management is the solution you are looking for to give you that competitive advantage!
For more information, please contact us.