The Costly Consequences of Delaying Rental Software Adoption

When met with a daunting decision, it’s often easier to kick the can down the road than to look the issue squarely in the eye and take decisive action. We often see this in the business world, particularly where there is resistance to change.

In today’s world, technology often changes faster than companies change to keep up. To be sure – there have always been early adopters, trailing adopters, and those in between – but delaying the adoption of technologies has several negative consequences.

Missing Opportunities to Increase Performance and Efficiency

First, delayed adoption of technology means that you miss an opportunity to increase performance and efficiency. Many newer technologies use the internet, data management, and information. Older technologies struggle to connect, fail to consolidate data, and provide everyone in the organization with one version of the truth in real time. This is not a left-hand/right-hand thing – it’s an octopus thing. To survive, those many arms need to know what all the other arms are doing. By implementing modern rental software for equipment, businesses can significantly streamline their operations. This not only enhances internal efficiency but also dramatically improves customer experience by providing faster service, accurate inventory tracking information, and seamless communication.

Difficulty Hiring Tech-Savy Employees

Second, you risk not being able to hire young, technically savvy workers. With all the great equipment available, great people will always be your secret weapon. The “next generation” of workers has been raised on video games, tablets, and smartphones. They are fully digital and always connected. They can’t survive in a disconnected environment. Connecting your team is vital, and connecting your customers’ teams with yours is critical. 

Limited Digital Footprint and Competitiveness

Third, using outdated technology limits your digital footprint to a select few. Can you imagine everyone in your company working today, armed only with rotary, landline phones, and clipboards with paper documents? Your new digital enterprise must connect everyone: customers, vendors, lenders, and even your accountant. Everyone. All the time. No exceptions.

The Financial Consequences of Delay

To be sure, moving from the security of your current systems can be scary. But every minute you wait can cost a lot of money. It’s conservative to say that you will decrease costs by five percent and increase revenues by five percent by implementing modern technology. If you are considering selling your company, your valuation will be diminished by at least half if your systems are antiquated. In short, an investment now will pay you back within a year. The advantages of using equipment rental software over manual processes are numerous and impactful. These include reduced human error, improved rental inventory management, automated billing and invoicing, enhanced data analysis capabilities, and better resource allocation. All these factors contribute to increased profitability and operational efficiency.

Conclusion

Modern, cutting-edge technologies and rental software solutions are available now for equipment rental companies. These systems will make your business more efficient, more competitive, more profitable, and most of all, more valuable.  

Stop kicking the can down the road and take decisive action now. If not now, when

Joe Lewis
CEO
Fame Rental

Fame Rental improves rental businesses and the lives of their employees and customers. We do this because we care more deeply, listen more intently, and act more methodically than anyone in the rental industry would ever expect from a software company.

Contact us at sales@fameintel.com to schedule a demo.