Rental companies operate by maintaining and lending out equipment to customers. They highly emphasize the availability of their equipment and their astute customer service; however, these companies’ endeavors do not go without challenges. Just as rental companies have a unique manner of operating, they also face unique challenges regarding the maintenance and tracking of their equipment. Equipment tracking through Link Labs’ AirFinder is the solution to help you overcome the challenges you face. Let's look at the five challenges rental companies can address with equipment tracking through Link Labs.
Challenges Faced by Rental Companies
- Stolen or Misplaced Equipment
Perhaps the top concern on an equipment operator's mind is the potential of having rental equipment stolen or misplaced. While having assets stolen is never a good thing, it is especially painful for a company whose operation hinges on the availability of their equipment. Additionally, the more equipment a company has available for rental, the easier it is to lose track of or misplace these valuable assets. Functionally, misplacing equipment can have the same result as equipment being stolen since operators are unaware of the equipment’s location and, therefore, cannot rent it out. When there’s less equipment available to rent out, you’ll lose potential business and have to pay for replacement equipment.
Link Labs’ AirFinder system provides rental companies with the location of assets in real time. This knowledge can help to decrease the amount of stolen or misplaced equipment, ultimately saving you money and increasing the amount of potential customers you can provide for.
Increase Your ROI by Investing in AirFinder Everywhere
- Loss Prevention. Reduce the amount of loss that occurs during the supply chain process
- Location Coverage. AirFinder Everywhere uses a combination of GPS, Cellular, and WiFi to determine location everywhere
- Security Alerts. Know when a delay in shipment has occurred so the problem can be addressed immediately.
- Monitoring Equipment Usage
Aside from the concern of tracking stolen and misplaced equipment, monitoring equipment availability can be just as much a challenge for rental companies. Depending on the amount of rental equipment a company has to offer, it’s not easy to track what is in use and what is currently available. If mishandled, this issue can reflect poorly on customer service. When a customer requests a rental, it is expected that whoever they’re talking to can quickly inform them whether or not the requested equipment is currently available. They might even expect to be informed when that equipment will next be available if it is not at the time of the request. The longer a company takes to verify this information, the more likely the customer is to go through a competitor.
At Link Labs, our AirFinder Solution allows you to know where and how your equipment is being used. This gives insight into what is being rented, how often it is being rented, and how long it will be rented out for. This information is beneficial to have so when you’re thinking about buying more equipment, you have all the information you need to make cognizant purchasing decisions.
- Equipment Breakdowns and Unexpected Maintenance
When equipment unexpectedly breaks down during a rental period, it will reflect poorly on the reputation of your rental company. When a customer is provided with equipment through a rental company, it is with the expectation that the equipment is well-maintained and, barring any unforeseen circumstances, will continue operating through the rental period. Equipment breakdowns and unexpected maintenance often occur due to difficulty keeping track of different equipment, how it’s being used, and when it’s due for maintenance. Routine maintenance – or preventative maintenance – can help prevent unexpected breakdowns, but it requires that companies accurately monitor equipment conditions and consistent maintenance schedules for all equipment at all times.
It is important to make sure that your assets are properly maintained. Through AirFinder, you can prevent expensive maintenance checks because you will be provided routine maintenance alerts. These alerts help you to be proactive instead of reactive. Being proactive ultimately saves you time and replacement costs.
- Maintaining Accurate Reporting
It’s crucial for rental companies to maintain accurate documentation. In some cases, this links back to the other three challenges, as accurate documentation regarding usage and maintenance can help companies track location, availability, and maintenance needs. But documentation also goes beyond those problems. For instance, some rental companies bill by the hour or mileage, depending on what type of equipment they provide. Accurate usage documentation means that companies can better account for billing. Also, usage data can help inform spending decisions, empowering operators to make smarter decisions about what new equipment they should purchase.
Not only is AirFinder important in planning for the future, but it is important for the present. With AirFinder, your company is provided with accurate, customizable reporting. Your company will have all the data you need at your fingertips to make any adjustments or changes needed to reach your company's full potential.
- Impact on Sustainability
Sustainability can in many ways be linked back to each of these different challenges along with any other challenges that may arise. It is important to ensure that your company is taking the right steps to create a sustainable and efficient environment within your business.
Through Link Labs’ AirFinder, your company will be provided with everything needed to grow and succeed in sustainability. We have pioneered XLE or Xtreme Low Energy technology that allows our battery to last 400% longer than competing devices. AirFinder tells you where your assets are 100% of the time, which cuts down on gas usage and ensures in-transit materials stay on track. We have provided users with the opportunity to recycle AirFinder batteries upon replacement to ensure waste prevention.
Track Your Rental Equipment with Link Labs
Tracking rental equipment with an RTLS solution can help your rental company maintain real-time location data on their equipment and keep track of condition and usage data. Both of these benefits will lead to better customer service and fewer expenses.
Location data provides your company with the ability to track down stolen or misplaced equipment, as well as allow you to verify what equipment is currently available for rental quickly. Condition and usage data helps prevent unexpected breakdowns and inform when rentals are available. Further, it can help you make more informed spending decisions, ultimately reducing expenses while improving productivity.
If you want to find a solution to the challenges listed above. Asset tracking is your best option. Book a demo with Link Labs to learn more about what we do for rental companies.