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Digital Transformation in Rental Equipment Industry

Digital Transformation in Rental

Even before the pandemic, new and transformative technologies were rapidly entering the workplace, allowing businesses to thrive in an increasingly digital world.

When it comes to the Rental Equipment industry, digital transformation is improving both the customer’s experience as well as the company’s operational efficiency.

A double win!

In this article, we’ll review how digitization is transforming the Rental Equipment industry by helping businesses meet their current challenges and remain sustainable in the face of accelerated change.

Here are just a few of the benefits of digital transformation for the industry:

Improved Customer Insight

One of the greatest boons of digitization is the ability to collect customer data and quickly gain insight into their buying (or, in this case, renting) habits.

McKinsey & Company — a research and management consultant organization — often reminds its clients that one of the most underused assets consumer-facing companies have is the staggering amount of customer data they’ve gathered.

Through digitization, SMBs in the Rental Equipment space can utilize customer data to improve equipment rental planning — allowing managers to review the past utilization of equipment and predict long-term demand, purchase additional equipment, and even sell equipment for which the demand is waining.

Improved Customer Journeys

All industries, in the post-pandemic world, understand the importance of a positive customer experience. Digital solutions, like PREXA365, help Rental Equipment businesses envision their customer’s entire journey, from end-to-end, to provide a seamless experience.

From booking equipment, to processing documentation, to sending and settling invoices, a good digital solution is one that divides the customer journey into a series of interrelated steps through which customers can easily self-serve or find the help they need when self-serve options are limited.

Improved Operational Efficiency

If your Rental Equipment business has been around for a while, you’re probably using “legacy” technology (which really just means “out of date”).

By upgrading your digital solution to an all-in-one platform, like PREXA365, systems that were once disjointed become integrated. That integration — and the efficiency it promotes — is what digital transformation is all about.

By centralizing all of your customer-facing processes in one platform, you’ll improve the speed at which information can be found and the efficiency with which it can be managed. This will help keep you and your team on track, particularly as you enter into peak rental seasons.

At the end of the day, a digital solution that centralizes your data — making it both accessible and actionable — will help you and your team work “smarter.”

Improved Asset Management

An integrated digital solution will help you to “quality control” your equipment which, let’s face it, is expensive. Why not rely on a technology that will help you to anticipate equipment breakdowns and the associated maintenance planning.

On this score, PREXA365 allows you to track the current “health” of your assets, to stay on top of scheduled inspections and repairs, and to retain information on equipment malfunction or breakdowns, part procurement and replacements, as well as the total lifetime cost of each asset.

Improved Position Tracking

As a proprietor of a Rental Equipment business, position tracking is of the utmost importance; after all, you’ve paid a lot for your equipment. Why allow it to be transferred to third parties without your permission?

GPS position tracking will help you prevent theft and loss of your equipment. You can see every piece of equipment’s physical location in real-time, organized by type, client and equipment ID number.

Why PREXA365?

By combining the latest technologies with management software, SMBs in the Rental Equipment space can save time, manage risk, extend the life cycle of their equipment, bolster the operational efficiency of their business, and provide a seamless experience for customers who are new to the equipment rental journey.

PREXA365 helps to integrate all the disconnected aspects of your business, with access to all the information you’ll need in a real-time environment, eliminating the confusion caused by multiple data entry points and manual processes. With excellent Client Service & Support, we ensure that our clients can make the most of the PREXA365 experience.

For more information, please visit our website.