ERP (Enterprise resource planning) systems open the door to many benefits that can help rental companies gain an edge over their competition. Read on to learn why your rental company should be operating with an ERP-based solution.
Because an ERP system is capable of offering all of the rental-specific functionality you need, you can have access to your entire rental process chain, plus all of the other processes you need to run your business. That means you get the benefits of both an ERP and a rental industry solution in one system.
Since all of your data is in one system, creating dashboards with key reporting metrics is much simpler. In the rental industry you need to apply your acquisition cost, delivery, and equipment customization/configuration cost to have a new asset ready to rent. All depreciation, maintenance, repair, and transportation costs must be managed, in addition to rental revenue. With all data in one system, it is easy to get a complete financial picture of all equipment available to you. This way, you know your current equipment utilization by branch, when to purchase more equipment, when to sub-rent, and when to retire your fleet.
One of the features you gain with an ERP solution is fully integrated finance management for your rental fixed assets. With an ERP system, you are also able to manage all of your supply chain processes. You will know all of your costs along the way, which will allow you to purchase, service, transfer, rent, and retire equipment, knowing that you are looking at the most up to date information available. Human resource management is another added benefit of ERP. From counter staff, to drivers, to shop and field techs, you have a wide assortment of skills and certifications to manage. With an ERP system, you are able to send the right person to complete the job with minimal cost. Sending the tech with the proper certifications and training to the job will also result in a higher reimbursement of OEM warranty claims.
Technology like Microsoft’s Cloud IoT Server can take data from any type of sensor on your machines or equipment and bring it back to your system for analysis and further actions.
ERP built systems deployed in the cloud are scalable from just a few users to thousands of users. When your company expands, you do not have to worry about implementing a new system to meet your growing needs.
An ERP system can be set up to meet the specific time, language, and currency needs across your various locations.
An ERP system, such as Microsoft Dynamics 365 for Finance and Operations, can have rental functionality that is fully embedded into the system. Such functionality includes rental-specific pricing, fleet management, service management, graphical scheduling, and all other functions a vertical solution would offer.
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