In the Equipment-as-a-Service era, every business looks deeper into the eyes of digitization as a transformation practice. The demand is immediate and requires overall efforts in order to discover a feasible path to business transformation.
On the other hand, the rental businesses, like every other type of business, would aim for profitability. There are essential factors to be considered when striving to achieve success in the rental business. Over the course of the years, there has been a lot of development and evolvement in the rental piece area. From paperless processes to digitization or to even instant mobility, all rental companies essentially thrive for a growing portfolio and to provide a competitive offer. As this business model started to be implemented by other industries, such as OEM’s, taking inspiration from the automotive industry, several challenges on the rental side have surfaced, from the initial request up to the billing and even reporting steps.
These challenges include coordination between asset and partner management, in terms of tracking, or maintenance and inventory control. Logistics pose complexities in transportation, storage, and maintenance tracking, which can lead to financial losses if not managed effectively. One impactful topic involves the equipment utilization optimization, as the rental businesses tend to show more interest in the efficiency of tracking and maintaining the owned or rented assets.
When it comes to massive companies, the growing demand for rental makes scalability turn into an aspect every decision maker is interested in. You would like your fleet to be viewed through 360 degrees lens, so for that to happen you will count on a Software-as-a-Service solution with a complex approach.
As sustainability is an important factor in each business, regulatory compliance becomes crucial, encompassing environmental and safety standards as well. Going forward, risk management should provide clear policies for damages and consider financial risks associated with equipment depreciation.
The revenue stream enhancement is identified as a key component of the rental market target outcome. In this sense, every business intends to build a strategy and display malleability to changes as an upcoming subject.
Short-term rental or long-term rental? Your business needs flexibility regardless of the rental time frame. Therefore, the billing options should be flexible and adapted to your business needs. Moreover, a SaaS solution is expected to have the capacity to integrate all sorts of assets.
In the digital age, every rental business tries to keep up with the change, so it becomes idealistic to manage multiple sorts of assets with just one tool, to have everything in one place and a complete overview. In addition, there is interest in transformation adaptability as one of the rental business use cases involves being able to maintain every asset, no matter where and how it is placed at a certain point.
All these concerns would be solved through a Software-as-a-Service designed to overcome the challenges and bring custom benefits through add-ons which increase the capacity of supporting as many brand groups as possible on the long run.
Lease & Rent will support every rental business achieve their goals and smoothen the transition to digital leasing and rental operations by being a comprehensive solution, beyond traditional software, with a holistic approach and deep integration capacity.