- The benefits of using AI and ML-aided construction equipment rental software are significant and will provide a competitive edge for your company in today’s market.
- Your ROI can be dramatically increased by analyzing big data sets and forecasting future machine and labor costs.
- Monitor your equipment’s full financial lifecycle from the day you buy to the day you sell.
7 Benefits of Using Construction Rental Software
Large-scale construction equipment rental software is a software system that manages and tracks the rental, maintenance, and ROI of large-scale construction equipment, cranes, and aerials. It is essential for any organization that rents and leases construction equipment. It can help you manage your fleet more efficiently, reduce operating costs, and increase productivity.
This software uses a centralized database for all the equipment rentals and includes features such as managing the inventory of equipment, tracking the usage of each piece of equipment, generating reports on usage, estimating future equipment needs, and more.
Benefits of Using Construction Rental Software
Per Statista, in 2021, “The North American equipment rental industry revenue increased by four percent despite the coronavirus (COVID-19) pandemic. The North American equipment rental industry is expected to keep recovering in 2022, increasing by 10 percent in revenue.”
The thorough analysis of data is a driving factor behind the rise in AI and machine learning rental equipment software. These tools are crucial for analyzing big data sets and machine learning from a business perspective. They allow businesses to make better decisions and find new insights into their customers’ behavior.
“The equipment rental software market is expected to grow from US $266. 78 billion in 2021 to US $430. 61 million by 2028; it is estimated to grow at a CAGR of 7. 1% during 2021-2028. Emerging technologies, such as big data, artificial intelligence (AI), and machine learning (ML), are gaining significant traction, aiding the equipment rental software market growth.”
So, the benefits of using AI and ML-aided construction equipment rental software are significant and will provide a competitive edge for your company in today’s market.
- Helps with lease management, contract negotiation, and even inventory management. You can customize the software to fit the needs of the company and its specific operations. Construction equipment rental companies can use this type of software to make sure they are not wasting money on unused equipment. It also makes it easier for them to know what type of equipment to order ahead of time because they know exactly how much space they have in their storage facilities. They can also be sure that they are not overpaying or underpaying for anything when they need to negotiate a new leasing deal.
- Cuts construction machine costs. Their ROI depends on a variety of factors, such as the machine’s cost, how often it is used, its energy efficiency, and how often it needs to be maintained. Some machines have significant upfront costs but are often cheaper in the long run. This is because they use less energy and require little maintenance and labor. Other machines have low upfront costs but could end up costing more in the long run because they use a lot of energy and need to be maintained frequently. You can determine the ROI on your equipment in the software. This will help you make better decisions about capital expenditures in the future.
- Track the time used for each piece of equipment. This software helps construction rental companies by providing them with metrics and reports that they need to run their business. It also helps them know how much time they have used each piece of equipment and how much money they have made from it.
- Optimize your utilization. Decrease downtime of rental equipment. This is because the system can track the location of all the equipment and send alerts for when it needs maintenance. It also tracks the usage to see which rentals are most in-demand or needed so you can plan and schedule effectively. This gives you greater visibility into the status of equipment, increased productivity, and reduced operating costs.
- Control your costs. Construction rental software can help you find the most cost-effective equipment for your business. It can also help you get a better idea of the total cost of ownership by considering all aspects like depreciation, maintenance and repair costs, insurance, etc.
- Maintain safety, quality, and compliance. Construction rental software can help companies maintain safety, quality, and compliance. It can provide safety reports, monitor compliance with the local building codes, and track all the different inspections.
- Monitor your assets’ full financial lifecycle. Get a higher return from your equipment from the time you buy until the time you sell.
Why Use Wynne Systems RentalResult Solution?
Established in 1989, Wynne’s RentalResult solution is in 37 countries, in 17 languages, and 3500 enterprise-level locations. RentalResult is designed and tailored to suit the needs of the construction equipment rental industry. From large-scale construction and road equipment and cranes to aerials, our customizable solution will grow with you as your future needs change.
We are very proud of our software. We are you. We are a bunch of construction rental equipment professionals who banded together to come up with the perfect solution to problems you have every day. We are even prouder to say,
“In a recent study of 100 of the largest companies that use our software, they outperform their same-sized competitor’s revenue by 127%…”
Our API integrates with Salesforce, Oracle, and SAP. This gives you all the customization that your organization will need.
Construction equipment rental software is a new concept that has gained traction in the last few years. The software helps with lease management, contract negotiation, and even inventory management, helping you manage your assets and make better decisions.
Ask for your free demo of RentalResult and see how we can make your rental enterprise more efficient and profitable!