Businesses operate in a dynamic environment that includes technology advancements, adapting to a safer environment, and implementing different types of automation and innovations. Altering business operations for equipment rental software providers requires performing preliminary research on up-and-coming trends, the benefits it brings forward, and the challenges they posed.
Staying up-to-date on emerging trends helps businesses to be efficient and grow their business as opportunities arise. Here are five up-and-coming trends for equipment rental software to look at:
1. Increasing development of electrified rental equipment
Following the strict regulations on fuel emissions, there is a rise in the development of electrification of rental equipment. The aim is to minimize or eliminate the use of fuel consumption to improve efficiency and reduce pollution.
Even though electrified rental equipment is still in its early phases of development, the market is nevertheless anticipated to grow by $42.70 billion in 2030. There is a shift towards using electric-powered equipment suitable for smaller machines due to low power requirements. This has helped to lower maintenance and operating costs for businesses.
As electrified equipment revolutionizes the industry, the equipment rental software would also be required to adapt modifications and offer the best possible solution for the electrified equipment rental businesses. Currently, the software sells preventative maintenance as the biggest differentiation to attract businesses. This might change to promoting battery infrastructure and battery-led maintenance for such equipment.
2. Innovation as a solution to changing needs
One of the main goals of any business today is to bring innovation. Differentiating from competitors, meeting changing technological advancements, and providing exceptional customer service are a few of the benefits of innovating products and services.
In particular, innovation is what meets business needs and boosts sales for equipment rental software providers. Examples include:
On-site maintenance with a mobile app
Even though the business performs all the necessary maintenance before renting out the equipment, however, there are some instances when the equipment stops functioning. The sensor attached to the equipment can then quickly alert the business owner on the equipment rental software mobile app of the issue. He can quickly resolve or take necessary actions to mitigate unforeseen situations and maintain customer relationships.
Protection from theft with serialization
One of the primary concerns for businesses is equipment theft. This is because it costs thousands to acquire and maintain equipment. A forklift misplaced or stolen can cost thousands of dollars. Serialization in equipment rental software can help solve this problem.
All assets and inventory have unique serial codes that are generated by the software. This helps to track items when in transit, or at customer locations. Any item misplaced or stolen can be identified with the serial code that can prove ownership back to the business and help save costs.
3. End-to-end billing process
Having centralized control over financial dealings with customers is extremely beneficial for businesses. Equipment rental software has made business operations simpler, from rental agreements being electronically signed to charging payments and keeping a record of invoices in one place.
You can design customized agreement templates using the software for different customers. They also have the choice to electronically sign the contract after it has been emailed to them and return it by email. This aids in accelerating the process and completing the transaction in lesser time.
Additionally, the software allows you to create invoice templates that are pre-populated with rental items and rates as per order details. Other than this, the software keeps customer data on record so you may send reminders and bill customers for payments. All the financial entries are saved by the equipment rental software and help the business to analyze data for informed decision-making.
4. Sustainable business model
Reducing waste, pollution and regenerating natural systems is the sustainable way of doing business at the present time. The equipment rental industry working on a circular model has adapted such ways by providing customer access to environmentally friendly rental equipment. Allowing for maximum usage of equipment by various customers keeps it running rather than leaving it to degrade in idle condition.
The equipment rental software also keeps tabs on equipment utilization and its performance to take immediate action when needed. This helps reduce business costs by proactively maintaining equipment and protecting the environment for future rental generations.
5. Advanced analytics
Businesses need to analyze different situations to better define strategies and make decisions accordingly. The use of predictive analytics that uses machine learning algorithms and business process automation is on the rise these days. These advanced analytics use different statistical techniques to analyze business information from different data sources.
Equipment rental software provides businesses with advanced analytics. It uses information from various modules such as orders, payments, and customers to accumulate data and present it in the form of reports and graphs for better decision-making. This helps businesses to be responsive to changing needs and be accurate in their decision-making approaches.
Having a detailed knowledge of emerging trends is crucial for equipment rental software providers to unlock their strength by exploring and investing in highly demanded capabilities. Market environment-friendly solutions to remain competitive, attract customers, and earn profits.
Nisma Shakil is currently a Content Marketer at EZRentOut, the leading equipment rental software company, where she particularly enjoys writing about technological advancements, and trends and actively contributes to similar guest posting opportunities. She also enjoys capturing scenic beauty, sunsets at beaches, and movie times with family.