How Telematics Can Help Your Equipment Rental Business!

Telematics is the technology that can help you with the tracking of movement of your assets. While telematics  has found their application in many fields, including the cab and commuting industry, they have found an invaluable position in the rental sector. In the equipment rental industry, the movement of your fleet is something that can become a cost center and one that requires a lot of planning. You can only imagine how telematics can ease so many concerns in the equipment rental sector.

If you have a problem with fleet management, then telematics can be a big help. It can not only help you plan routes for the delivery and pick up of equipment but also enable you to provide right estimates. When you start planning your logistics aspect well, then other aspects of your rental business also become more streamlined.

You can take the use of telematics in your rental business a step further and plan better with the following aspects:

Ensure that you have a detailed and updated overview of the location of your equipment: Planning starts with the complete overview of your assets so that you can plan on quicker deliveries and more logical pick-ups. For instance, if the delivery location of one asset is very near the pick-up location of another and the time schedules match, then you can allocate the same drivers to do both and save on costs.

Streamline logistics by making transportation planning more scientific: There are a lot of hidden costs in the logistics aspect, and this can be down to better transport planning. With the use of telematics, you can start planning logistics with a holistic view instead of planning piecemeal.

Improve the revenue that you get from the most expensive assets with better planning: Equipment rental companies often do not factor in the cost of transportation for their fleet. The result is last-minute rushes adding to the cost of transportation. All these aspects can be improved with the use of telematics.

Meet customers’ time schedules and delivery requirements without increasing costs: Being able to meet customers’ needs without compromising your bottom line is the key to the success of any business. However, this can be difficult to do if you have not planned properly. Telematics provides support in the location aspects of your fleet, which means that you can prepare well and thereby meet customers’ time schedules and keep costs under control.

Schedule repairs and maintenance during the slack period and improve asset condition: Equipment works well when you take good care of it with regular servicing, timely repairs, and scheduled maintenance. But the time spent on repairs and maintenance can eat up the time the equipment can be rented out. With telematics and an excellent rental solution, you can plan repairs and maintenance during lean times.

It is indeed fortunate that today, rental companies have access to technology like an overall rental solution, telematics, mobility, and IoT  to help them stay competitive and profitable. Want to learn how you can leverage your rental solution to maximize the benefits for your business? Click here to talk to our expert.