When you enter the rental business, you know that your rental assets become priority one. This is because without them working well and enabling you to lend them out, you have no means of creating revenue. As a result, you want to do the best you can to maintain your assets — your inventory — ensuring you have equipment to rent that is in good working order at all times. Read on for more tips on how to go about maintaining rental assets:
Tips For Efficient Equipment Inventory Management
There are many ways to improve your inventory management, keeping track of all your equipment. You can use tags or labels, utilize technology, like tracking software, and streamline the process overall. Having some sort of management system in place is imperative to your success as a rental company, especially if you have several pieces of equipment that could easily get confused.
Benefits of Equipment Maintenance Tracking Software
Tracking software can keep up with your equipment assets much better than you can as one person or even a group of people. In addition, such software — when properly employed — can ensure that your equipment is maintained correctly and on a timely basis. Read on for more benefits of choosing equipment maintenance tracking software for your rental business:
- Preventative Maintenance: It is difficult to keep up with which assets or equipment has been serviced recently and which are in need of service. It is also imperative that you don’t have all your equipment getting serviced at the same time. Thankfully, when you opt for tracking software for your business, you can keep track of preventative maintenance, making sure that all equipment is serviced regularly in rotation.
- Reduced Downtime: The greatest cost you will experience as a rental company is taking equipment offline for an extended period of time due to maintenance not being performed at the appropriately scheduled time. Keep in mind that in many cases, you will spend more taking your rental asset out of rotation due to damage or needed repair than you would to maintain it throughout.
- Improved Asset Lifespan: Most equipment is designed to last for a predetermined time. This timeframe often takes for granted that regular maintenance is being done. In other words, you will on average get more time out of equipment when it is properly maintained and regularly serviced than you will if you wait for it to break to service it. With tracking software, you can create a maintenance schedule that will give all your equipment the preventive care it needs to get the greatest lifespan out of each piece of equipment.
- Cost Savings: As mentioned above, it is more costly to address needed repairs than to maintain regular preventive maintenance on your valuable equipment. In addition, replacing broken equipment is also more expensive than maintaining working equipment. Therefore, if you want to reduce the cost, not only of fixing a problem but having a piece of equipment unavailable for a longer period of time, you want to opt for tracking software.
- Keep Track of Warranties: Finally, tracking software will keep track of all your equipment warranties. This means if a piece of equipment still has some manufacturer coverage, you will know about it and be able to be reimbursed for the repair in many cases.
Choose Fame Intel for Advanced Equipment Management Software
Fame Intel automatically tracks when service and preventative maintenance are due. The due date can be measured by several metrics such as mileage, hours, pressure, etc. Fame will generate the work order and include all the parts, hours and costs associated with that specific service. It will also track warranties to ensure that work covered by a vendor’s warranty is recovered. Thanks to all these services, Fame will help ensure that you get the maximum life out of your assets, improving profitability.