With so many unforeseen challenges last year and a slow rebound for the equipment rental industry projected for 2021, it is more important than ever to have a complete picture of the health of your rental business available at all times.
Let’s take a look at 4 areas of your equipment rental business that you should be tracking in real time to know where you stand and where your business is headed.
Your equipment is the lifeblood of your business, so keep track of how it is being utilized is essential. As an equipment rental company, you need to be able to see real-time visualizations both the Dollar Utilization and the Time Utilization of all of your equipment, grouped by equipment class, or for each individual piece of equipment within a particular class.
A scatter graph depiction of utilization can be extremely helpful when comparing time and dollar utilization for equipment by allowing you to see clusters and outliers at a glance.
A Rent-by-Day graph is also helpful in order to see utilization rates over time.
It’s important to start with a broad picture of the overall revenue for your whole company month-by-month and year over year and then narrow in on revenue by each type of equipment that you rent.
Once focused on a particular equipment class, look at the year over year revenue for each type of equipment within the class. You can also learn a lot from seeing the actual dollar revenue contributed by each item compared to the percent utilization.
It is important to consider your dollar utilization compared to your cost so that you can see which assets are performing well relative to their cost.
3. On Rent
It’s vital to have as much information as possible about your On Rent equipment available for analysis. Having the original equipment cost of on-rent assets at a glance is helpful along with the details of what equipment is on-rent and where it’s located.
Using a map view to display this data is especially key, especially if you have a bubble on the map to reflect each customer location. An interactive map is key. That way you can hover to see the customer name and the equipment at that location. It can be very helpful to see where all of a particular type of asset is located.
In order to get the best overall picture of your complete business, you need to have authorized visibility into all relevant financial data and transactions based on an individuals role within the organization.
Rental360 is a complete rental platform that is in step with today’s technology. Rental360 connects all facets of your rental business by managing inventory, tracking depreciation, enabling activity management and customer portals, and tying rental activity to financials and other back office systems, all of your critical business data is in one location. This gives everyone secure access to all of the information needed to take the best next step within their role.
Rental360 provides ARA Certified Metrics through our interactive and customizable dashboards.
The top-level dashboard gives you access to detailed data visualizations around utilization, revenue, equipment, equipment on-rent, and financials.
Also, at the top level, you can look at daily calculations like Dollar Utilization day-by-day as well as Rental Revenue day-by-day.