How Smart, Connected Operations Can Transform Your Equipment Rental Business
The recent acceleration of the Product as a Service (PaaS) and Mobility as a Service (MaaS) business model has become a dominant choice for many equipment rental businesses globally. Research suggests that this new business model paradigm will disrupt enterprise equipment ownership, as consumers are now more focused on outcomes, not assets. With this significant shift toward digitally optimizing processes to fit the “subscription economy,” rental companies are expected to provide instantaneous access to equipment availability and reliability to create better customer experiences and increased conversion. This can be tricky when tracking equipment inventory and its movements, with multiple spreadsheets or data scattered across disparate systems.
Firms that are now opting to rent or lease major assets have now started to evaluate their rental software, ensuring it manages the entire equipment life cycle and streamlines other critical areas of their rental services business, including warranty management, planning, scheduling, customer service, support, financial management, and human resources resource management, and warehouse management. With the sheer volume of equipment rentals and processes to keep track of, businesses need to integrate front and back-end processes to achieve peak efficiency instead of endlessly crunching data.
Enabling connected operations can provide up-to-the-minute insights on data that matter and help businesses gain visibility over operations, provide better customer experience, manage production, and perform planning and forecasting. There are must-have features that should be there for any equipment rental software to serve its purpose. However, they don’t always support these complex rental-specific operations right out of the box.
Annata 365 incorporates a full suite of dealer management capabilities, focusing on equipment sales, rental, and services to automate internal processes and machine connectivity through IoT, giving businesses critical visibility when they need it. To empower businesses with capabilities to stay competitive, we have narrowed down key features companies should look out for when implementing their rental-specific ERP solution.
The need for real-time data
A reliable inventory-tracking system includes fleet-inventory look-ups with complete visibility of models and configurations across branches, detailed tracking of rental status, and fleet availability to quickly turn your fleet around for the next customer.
A centralized customer management database
An effective administration of the rental process enables tracking customer inquiries and visibility of customer business history, allowing the sales team to provide discounts and opportunities to upsell or cross-sell efficiently and deliver services that make customers feel valued.
Predictive maintenance and analytics
To deliver critical data on equipment health and service history. In a single view, get actionable insights to maintenance teams to alert them of potential failures before they happen, procurement and logistics teams to efficiently manage warehousing and spare parts, human resource group to enhance risk monitoring and safety procedures, management to automate processes and identify potential business opportunities.
Features that support integration, with an instant view of fleet availability and maintenance, rental operation metrics, and customer billing. This includes streamlining rental business information using robust reporting and graphical dashboards that provide information ranging from lease and rental contracts, new and used equipment sales, parts sales, and equipment services.
Annata 365 – Tailor-Made Solutions For Equipment Businesses
Annata 365 is an award-winning business management solution that leverages the technological power of Microsoft Dynamics 365 and provides intuitive business solutions designed specifically for businesses in the equipment industry. These unified technology solutions are tailor-made to assist equipment manufacturers, distributors, rental companies, and fleet operators in mastering the most complex business and service processes enabling digitization, automation, and advanced analytics to give you the tools to keep the business productive and effective.
Whether in construction, forestry, agricultural equipment, material handling, industrial machinery, demolition, or even waste management, we cater to businesses dealing with light equipment to heavy-duty equipment.