As per Statista, the equipment rental business in the US alone is projected to be $54.36 billion in 2019. By 2021, the equipment rental business is forecasted to be $59.4 billion.

The equipment rental business is quite huge and growing at a steady pace. The construction and machine rentals are transitioning their business models. The automation of leasing equipment and use of subscription based models are hailed by rental companies.

The leasing companies specializing in equipment rental & services business are unearthing great competitive advantages with automation. Here’s a look at some of the cues.

1. Organise Equipment & Inventory

All equipment and inventory items can be tagged and automated using software. Accessibility of inventory items and equipment with accurate data is extremely important for smooth operations of rental business.

With a centralised inventory of all items and rental equipment, the business can be operated from anywhere. The insurance details, rental status of equipment, customer details, and availability of items can be tracked real time with automation.

2. Accurate Asset Tracking

The assets are the backbone of any rental company. The ability to track assets and equipment in realtime, knowing their exact location and condition can be made possible with automation software.

With automation the rental companies can locate their assets with GPS systems. The equipment utilisation, rental history and maintenance etc can be conducted through the software.

Rental companies can save a lot of time and money by using automation for tracking equipment, replenishing and servicing them as per the needs. The demand forecast can also be done accurately looking at the previous data trends for leasing and rentals.

3. Flexible Booking of Equipment and Services

The rental companies can provide easy to use portals for customers. These sites can be accessed  by customers to book equipment and services they need. The subscription model options can also chosen as per the customer preference. For e.g. car rentals can have daily, weekly or monthly subscriptions. 

The customers can also accept and request change in the leasing terms for equipment. Customers can also get discounts, check availability and get the equipment they need anytime. The security deposits and other terms can also be mentioned by the rental companies before renting the items.

4. Operational Data & Reports

The use of automation in rental business creates a trail for every transaction. Companies can see the list of their customers, their bookings, rental history, payments to date, leased items etc. The operational data can be used by the companies for better planning and management.

The key performance metrics for the rental business can be tracked by companies. The financials, pricing decisions, demand forecasting, utilisation of items etc can be done with the help of the software. 

The management can also schedule reports for the day, week, month etc as per their requirements. The daily bookings, revenue collection, and rented items can be reported to the management.

5. Invoicing & Recurring Contracts

An online system can make revenue collection for rental companies coherent. When an equipment or inventory asset is let out on subscription basis, the customers can choose weekly or monthly payment options. The payments are deducted on recurring basis. The automated system helps in managing the invoicing, payments and recurring contracts for customers. 

The system can also send automated invoices to customers when payments are deducted from their accounts using online payment gateways etc. The online processing of payments and subscriptions makes business operations effortless. 

6. Reach More Customers

Automation helps a rental company to organise business operations and reach out to more customers. With an online booking system, the rental company has access to customers across locations and round the clock.

The customers from remote locations can also book equipment and services. If rental company has more than a single location, automation becomes even more beneficent to manage business across locations.

All the customer data is available online with automation. Companies can make use of this data for offering discounts, build long-term relationships with customers and market other products to them.

7. Accounting & Compliance

By using an automation system for rental business, the accounting needs of the organisation can be automated too. The revenue generated by the renting of equipment and services can be tracked online. All invoices and customer payments can be reconciled by the system automatically.

In addition to this, the system can also track all expenses, equipment purchases, maintenance, inventory items, services and other items required for accounts. The system can give glimpses into the performance with detailed accounting reports etc. The credit follow-ups, aging reports, account receivables and payables etc can be integrated into the equipment rental software.

The system has all the data with automation to prepare the necessary compliance reports for accounts etc. These reports can be filed with the tax authorities.

Kreyon Systems works with equipment rental and leasing companies to  deliver automated platforms for managing inventory and business processes. If you have any questions or need assistance with equipment rental business automation, please get in touch.

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A comprehensive asset management solution takes care of all your fixed assets. Kreyon Systems provides tailored fixed asset software solutions for enterprises and government organisations. You can manage everything from procurement of fixed assets to their disposal using our online fixed asset management system. If you need any assistance with asset management software, please get in touch with us.

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Asset Management Services are a basic business need for any enterprise. Explore how this online asset management software can take care of your fixed assets procurement, maintenance, accounting, revaluations, compliance & complete lifecycle management. If you need a fixed asset management software, please get in touch.

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One of the fundamental pillars of a business revolves around its operations & facilities management. As per European standards EN15221-1, facilities management is “the integration of processes within an organization to maintain and develop the agreed services which support and improve the effectiveness of its primary activities.” The scope of facilities management entails alignment of space, infrastructure, people and business processes of an organisation. It includes planning, design, workplace, construction, lease management, occupancy, maintenance, cleaning, catering, information technology management, HR, hospitality etc. In short, facilities management revolves around optimisation of business operations to achieve objectives of an organisation.

Continuous innovation and upgradation of the best practices for facilities management is desirable for companies. The continual push for improvement is also important for reduce costs, increase agility and add value to core business products/services. Companies are benefiting from use of automation & improvising their existing operations. The facilities management solutions equipped with mobility, state of the art technology, wireless communications are geared to improve performance, operations, risk management and reliability of a company.

The facility management solution can be deployed on cloud server or on premise as per the requirements of an organisation. The key performance indicators, budget planning and demand forecasting etc can be configured according to the needs of the business. A look at how some companies are leveraging the facilities management solution to improve their business:

1. Managing Enterprise Assets: Facilities management solution can be used to categorize, tag and collect data for all the assets in the company. The maintenance, verification and end to end lifecycle management of assets is done using FM solution. The vendors, contracts and SLAs are also tracked and event notification is sent to respective personnel.

2. Lease Renewal management: Automatic notifications and triggers for lease renewal are sent to the operations manager. Multiple offices and sites can be managed using facilities solution.

3. Cleaning: The facilities management solution has a daily check list of activities for cleaning office premises. Simple and intuitive mobile apps and solutions are used to upload the status of work. The facilities manager can login to track cleaning operations and alerts can be sent when cleaning is not done.
4. Operations management: The business operations related to premise management, cleaning, and operations can be automated. The status of activities can be tracked and scheduled with automatic reminders. Updated status of work is available to the facility manager.

5. Stock Replenishment: The stock management, replenishment of items and procurement activities can be co-ordinated with facilities management solution. The notification alerts are configured to ensure that critical consumable items are always in stock. The inventory is maintained as per the requirements for ongoing projects & departments. Critical alerts are set up when the items fall below a set-threshold for business continuity.

6. Fire, Security and Health: The fire extinguishers and prevention systems, the security systems and overall health monitoring of such items can be done through a facilities management solution. Whenever there is any discrepancy, the same is brought to the notice of the facilities manager. The sensors are configured to communicate with the administration on any suspicious or malicious activity.

7. Space Allocation: The space allocation for a facility is done keeping after assessing the long-term & short term needs of a company. FM planning includes space projections, space utilisation, and occupancy details. Vacant and unutilised space is marked for consolidation opportunities. The space is utilised to maximise returns, ensure proper office settings and careful analysis with graphical tools etc.

8. Maintenance & Contracts: FM takes care of the vendor management, catering contracts and services related to facilities. The maintenance activities for machines, equipments and assets can also scheduled & tracked using an FM solution. Business continuity and bringing down operational costs are high on priority for most companies.

9. People Management: The tracking of employees, their attendance through biometric, or RFID cards etc can be done from a facilities solution. The staff management and HR system etc can be integrated for managing employees.

10. Audit & Compliance: The regulatory requirements and compliance needs for a business can be tedious. Managing these for a global business is even more complicated. However, a good system has preconfigured checklists to ensure that compliance requirements are met for international as well as local needs.

A good Facilities Management system delivers end to end solution for managing operations of a business. It is aimed at making a company more efficient in its core business activities & takes care of all operational requirements. An integrated asset management & facilities solution drives an organisation with actionable data points to improve an organisation. A good facilities solution not only drives down operational costs, but also improves returns on assets by minimising risks, reducing capital expenses, better maintenance scheduling and meeting regulatory requirements.

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Are you looking to build an asset management system? This infographic illustrates the essential features and benefits of an asset management software. Today companies are challenged when it comes to having an efficient and effective asset management system. Manage procurement, maintenance and compliance of fixed assets using an online asset management.

Kreyon Systems is a software development company with online asset management expertise. We provide digital wealth management & fixed assets software for companies.

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