We all know the rental industry moves fast. You need to get your customers in and out as quickly as possible - there’s no time to waste digging for information. Thankfully, over the past few decades, rental software has evolved to make it possible for the pace of business to increase exponentially. It’s important to review whether your software is giving you the best leg up when it comes to running your business and serving your customers. Following are seven areas to consider.
1. With any rental software, you should be able to write quotes, reservations and contracts at lightning speed. When every second counts, software that allows you to keep multiple tabs or screens open at once can save valuable time. For example, if you’re taking care of a customer at the counter who is renting a piece of equipment and a customer on the phone who needs a partial return simultaneously, the ability to move around quickly adds up not only in terms of accuracy, but also customer and employee satisfaction.
2. Beyond writing transactions quickly, the ability to store information such as safety alerts or product guides can help ensure your customers are using the equipment correctly. Some rental software also comes with the ability to create attributes. Let’s say a customer calls and needs a scissor lift that has non-skid tires and fits in a 30-inch door. When you have attributes set up, you can search for the type of machine you need then filter for equipment based on specific features. And voilà! Your customer is on their way.
3. In this day and age, everyone expects to be able to get the information they want without being tethered to a computer. Some rental software solutions come with mobile apps that empower you and your employees to access information on the go. Say a customer calls and asks to rent a skid steer while you’re on the way to a job site. Can you look up inventory and rates while pulled over at a gas station? And can you search for that customer to take a look at A/R aging or credit information to ensure they are in good standing? A mobile app is a win-win for the rental business and the customer alike.
4. Another area where significant gains in efficiencies can often be made is finance and accounting. Many businesses use accounting software such as QuickBooks in addition to their rental software. For some, this approach is perfectly sufficient. However, for businesses trying to grow and scale, relying on third-party software can hold you back. Rental software that includes a built-in accounting package delivers advantages that are not possible to attain when integrating with another system. With Enterprise Resource Planning (ERP) software, accounts receivable, accounts payable and the general ledger are unified so you can manage the entire rental process in one place. All your data is in real time, from the quote all the way through invoicing, equipment maintenance and fixed assets. As just one example, if last week’s purchase order specified a $7,000 equipment purchase, and today’s vendor invoice shows $7,850, the discrepancy will be flagged immediately because purchasing and accounts payable are fully integrated. If you ever find your accounting package to be an obstacle to growth, it might be time to consider ERP rental software.
5. Scheduling and dispatch software takes the guesswork out of route optimization and planning. Some rental systems either feature native dispatch management tools or integrate with software from industry leaders in this particular niche. Regardless, routing software can shave hours off your routes each week. The most advanced dispatch management software will enable you to automatically text and email your customers with notifications about their routes, so they can plan their day around a delivery or pickup.
6. Reporting is one of the most crucial features of rental software, and it can help you make sure you squeeze every dollar out of your equipment. If you have dashboards that show key metrics for all of your categories of equipment, you can quickly spot gaps and take action. Let’s say you notice utilization is down year over year for your aerial equipment - now you can do something about it. Maybe your competitor down the street has new equipment or is offering a seasonal discount. Or perhaps it’s simply a matter of marketing, so you opt to pull a list of customers who haven’t rented aerial equipment from you in the last six months. You can then have your salespeople call these customers individually to see if there are opportunities for you to work together. Regardless of the root cause, good reporting tools can help you not only make sense of your data, but also lead you to more profitable decision-making.
7. Some rental software packages come with customer-facing portals. Here’s how it works: You include a link to the portal on your website, email signatures, and contracts. Your customer can log into the portal to search for equipment, check everything currently on rent, and review open invoices, as just a few examples. Advanced portals allow customers to schedule reports to be emailed automatically and even to pay invoices online with a credit card. Ultimately, this can reduce the numbers of phone calls and emails to your own employees and allow the customer to access the information they need online.
While we’ve explored seven examples, there are truly countless (and ever-increasing) ways software can make the rental process smoother for both the business and the customer. If you are already using rental software, often you can request training from your provider that will help boost productivity. Your vendor may also offer tools you’re not familiar with or that have been improved in recent years. The key is to never stop pushing for ways to improve the rental process, technology-driven or otherwise. It’s a frame of mind that can give you a competitive edge and earn the loyalty of your customers.
