Equipment rental companies deal with significant amounts of data daily. This data comes through various touchpoints and can enhance business operations when analyzed and interpreted meaningfully. You can achieve this by incorporating analytics and business intelligence in your equipment rental business.
Analytics is a rising technology that will help you translate big data into organized patterns and trends. With over 18 years of experience in the equipment rental industry, we realize the potential rental analytics can unlock for the industry.
Analytics is here to stay and grow, with the advanced analytics market projected to increase more than 3x from 2023 to 2028. To ensure you can embrace this trend and grow your business, we have created an analytics solution specifically built for equipment rental companies.
This article shares the top 12 benefits of our equipment rental analytics solution in Dynamics 365 Finance and Supply Chain Management – Analytics for Rental.
What is the Analytics for Rental Solution?
Analytics for Rental is a flexible business intelligence solution specifically built for equipment rental companies. It is a valuable add-on to our cloud-based, rental-specific software, DynaRent, embedded in Microsoft Dynamics 365 F&SCM.
With pre-built, plug-and-play, and end-to-end enabled rental analytics, you can optimize your rental operations with industry-leading metrics related to your rental fleet and enhance equipment rental operations.
What are the benefits of Analytics for Rental in Dynamics 365 F&SCM?
1. Take advantage of end-to-end analytics
Analytics for Rental enables end-to-end rental analytics, managing your organization's complete rental value chain. This solution allows you to easily prepare, explore, model, store, transform, and visualize the equipment rental data. You save the hassle of preparing and converting vast data volumes as the solution takes care of it.
2. Access pre-built metrics
The analytics solution offers over 36 pre-built industry-aligned metrics and 10 Power BI dashboards covering core areas of the rental value chain. You can access data and insights quickly, enabling easy use and improving rental operations.
3. Utilize plug-and-play modules
Analytics for Rental is a user-friendly solution with simplified deployment options. You can get your analytics running by setting up a few accessible parameters, reducing set-up time. With out-of-the-box rental analytics, you get better control over your data without technical knowledge of coding or generating reports.
4. Optimize rental management
Accelerate your analytics journey by reducing data management efforts, knowing which areas to focus on, and yielding better business outcomes. Make evidence-based decisions with strategic, tactical, and operational KPIs of assets across each rental lifecycle stage - rental ready, on-rent, off-rent, workshop, and inventory management.
5. Maximize asset utilization
Gain different KPIs related to your rental equipment, such as asset performance, utilization rates, and booking trends. You can use these metrics to identify equipment with the lowest utilization across your fleet and accordingly boost asset utilization.
6. Monitor equipment health
You can use the Analytics for Rental solution to monitor asset metrics, including maintenance costs and number of breakdowns. Additionally, you can drive sustainability with data on equipment ROI and average fleet age.
7. Boost sales efficiency
Your sales team can obtain dashboards on the rental contract performance, rental discounts, contract closing rates, new rental customers, total number of rental orders, and customer satisfaction NPS. Such analytical metrics help recognize gaps, enhance the sales process, and increase customer satisfaction.
8. Improve investments
Use the insight and visualization tools to track profitability, revenue, and cost trends across your portfolio to optimize future investments. You can increase the accuracy of your financial planning and budgeting, adjust your rental rates and pricing, and know when to divest your equipment.
9. Leverage the Microsoft stack
Analytics for Rental leverages core data from Microsoft Dynamics 365 F&SCM and DynaRent. It is based on Power BI and uses an Azure database as a data warehouse. The solution is also compatible with various analytics tools such as Power BI, Targit, and others.
10. Scale up or customize
Although the Analytics for Rental solution can be implemented and used in a straightforward manner, it is scalable based on your requirements. Users can extend the solution and tailor it to their business needs, making it adaptable for long-term usage.
11. Reduce maintenance hassles
Our rental analytics solution is updated in line with Microsoft's monthly update cadence, ensuring you always enjoy the latest version of the solution. We also plan to regularly enhance the solution by adding more KPIs, metrics, and features so you can be competitive.
12. Simplify usability and training
The solution has extensive support documentation, including a user guide, installation guide, and the rental business intelligence detail guide. Your teams can learn and use the rental analytics solution quickly with minimal training requirements.
Analytics for Rental: A peak into the solution in action
Here is a video highlighting the key capabilities of the Analytics for Rental solution and how it helps optimize your equipment rental operations.
Want to kickstart your analytics journey?
The Analytics for Rental solution is an excellent choice to initiate and drive your equipment rental business into a data-driven future. Data visualization enhances decision-making, improves resource allocation, and increases operational efficiency.
You can explore more about our rental analytics solution by reviewing the factsheet to know:
- The solution features and highlights
- Exclusive solution dashboards on different metrics
- How you can transform your business
Ankit Bhadana
