Just in the past few years we’ve seen a shift in how equipment-driven rental companies are thinking. Especially about their market niches. They are primarily looking at rental through the prism of omni-channel retail and commercial sales.
Top 3 “must haves” for equipment rental ERP software: That’s transforming traditional business models—one example among many is the shift to online offerings and transactions for equipment rental and services. Other changes to business as usual include 24/7 collaborations with third-parties. Furthermore the customer is asking for lots of new options for renting and things to rent. And in addition they want a widespread embrace of mobility. Which ranges from Mobile field service to mobile apps to leveraging the Internet of Things.
That’s just brushing the surface of how equipment rental industries are changing. You’ll find many areas to look into. They all have in common is a willingness to embrace technology innovations. That’s been a hard task for equipment rental companies. They need extremely reliable software that can handle complex, industry-specific financial and operational demands. This is important for rental and integrate everything with ERP. The good news is that rental companies are finding ISV solutions that pay close attention to rental challenges. They sculpt their offerings so that they wrap tradition and innovation together.
Let's take a look at three important areas
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Pre-configured software packages for equipment rental and services It is not really possible to “plug and play” a rental software package. Particularly a package that can handle complex needs. But you can find solutions with industry and business templates. It lets you map functionality to your specific needs and deploy efficiently. It even lets you standardize “custom” training for IT and end users. Within the Microsoft Dynamics world this is part of Lifecycle Services Management. Equipment rental industries can save significant time, effort, and cost. Especially when they select rental software from an ISV that combines the latest technologies with expert handling of pre-configuration possibilities.
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Software that gives you maximum flexibility Equipment rental companies are looking at constant change regardless their industry niche. We hear often from businesses that one of the biggest struggles they have with an otherwise rugged rental solution is that it’s rigid. And no matter how strong the asset management or quote-to-invoice features, today’s rental software needs also to be flexible. You may be working with market trends such as mobility and the shift to online. Or you might find soon that you want to deepen third-party collaborations, or expand rental options, offerings, or locations. In truth, what you know today may change tomorrow. So you’ll want a modular solution that’s built on an open platform. Which has a strong backbone of integration and access to information. It should be ready to give you plenty of functionality now. But designed to let you change at any time with minimal disruption.
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Software that balances innovation with security Equipment rental companies deal with high volumes of sensitive information. Of course you need to assure customers and your own business that you can store and protect data and records. Your rental software should rate highly for role-tailored security. Which at the same time allows for information to flow easily but be filtered in the right way. The quality of integration with your ERP system is going to be a strong measure for your security quality. So look for ISVs that rate highly for the business system you use or are considering. And keep in mind that if the software you’re exploring offers strong configuration templates and well-designed flexibility, it’s a good bet that the ISV has taken the same care with security. It’s part of the package!
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- Download the tipsheet below to learn more about the key features to look for in an equipment rental solution.
Michiel Toppers
