One of the prime requirements for an equipment rental software is reliability, which is not as common among the equipment hire software providers as it should be. Then there is also the question of the application being able to cater to the operational, functional and financial needs of specific businesses. So, how do you find the right equipment hire management software for your company? The answer lies in some essential features of the software, which we are going to discuss next.
Industry Specific Templates/Pre-Sets
To have a single solution that caters to all types of rental needs is impossible of course, and that’s why we need industry-specific pre-set software bundles, also known as templates. The idea is to find a provider that utilizes the latest technology to empower their pre-set software packages in improving deployment speed and performance in general.
The equipment hire management software should make it easier for you to estimate expenses, revenues and the approximate timeframes for any given project of the client. Ideally, it should have a specific module designed for that.
Contract Management Features
Flexible billing options, management of the consumer price index, automated renewals and maintenance of delivery schedules are also important features expected from a good ERM software.
This is one of the most important factors for you to consider, especially if you have a smaller company. For example, a pigging company that restores pipelines nationwide needs equipment hire management software that doesn’t just come with all the expected features we are discussing here, but more importantly, they need a scalable service that streamlines their asset management processes. Whichever category a business belongs to, the scalability of the service makes sure that it can adjust according to the needs and capabilities of the business in question.
It would be best if your ERM software provider also has a transport management software that can be integrated seamlessly with the ERM solution. Separate solutions for each will never work as well as an integrated and compatible set of software tools from the same provider.
When you are running an equipment rental service, the equipment needs to be maintained in top shape, without the maintenance schedule interfering with the important business days. A well-planned equipment rental management software comes packed in with modules that provide all the data necessary to plan your equipment maintenance, while making sure that the dates don’t clash.
Finally, an ERM software should be able to help the business keep track of all its financials accurately and in real time. Some of the financial management features expected are cash position management, automated processing, precise invoicing and financial performance monitoring.
Due to the vast and varied nature of the rental equipment business, it would be impossible to state all the features that come with any good ERM software that’s designed to cater to the industry, but as long as your options tick the boxes we just discussed, you definitely have the basics covered.