Businesses in the hire industry are challenged by several obstacles, with increasing competition, rising volatile market demands, and growing needs of customers being at the forefront.

As your hire business grows, you’ll have more assets and access to diverse markets where you may run into problems with the management of your asset hire business.

While many hire businesses are considering implementing asset rental management software, one of the most frequently asked questions is how it can help boost their ROI.

Investing in hire management software can be a long and complex process without the right expertise. Furthermore, you could even face opposition due to the way your hire business is run, but with a clear understanding of the ROI benefits that await you, it may be the transformation you need to expand your hire business. So what are these benefits?

Bridges the communication gap with exceptional customer experience

Proper communication can either make or break a business—and this is no exception for hire businesses. Investing in smart asset rental management software that keeps your hire business connected with your customers and offers them real-time information can be a way to drive customer loyalty with personalised services.

For instance, MCS-rm offers a customer portal that gives customers access to the information they need from you 24/7. This allows them to access certifications, reports, instructions, and more, giving you the time to focus on growing your business and its ROI. In addition, you can share invoices and statements without customers having to contact you to obtain them.

With the right hire software, you can start accounting for a more positive ROI as a strong platform where businesses and customers can engage with each other will allow your hire business to be a cut above the rest.
 

Keeps track of your assets and any subsequent issues

One of the key things that hire businesses need to keep track of is their assets as they cannot afford to lose any equipment.

Your hire business needs to be able to provide your customers with what they need, so the ability to monitor your stocks and the condition of your equipment is crucial.

MCS-rm asset rental management software comes with asset tracking features that can help you determine the location of your assets and whether they have been returned on time by the customer. You can also scan your equipment with tagging tools, like QR codes and barcodes, to obtain information on their cost, condition, who’s using them, and when they need to be scheduled for maintenance.

You can also avoid certain pitfalls that hire businesses experience, due to the purchase control features so that you can:

• Avoid double booking


• Prevent deadstock


• Predict future asset requirements


• Deduce new asset requirements

Tracking usage and condition of the equipment

You also can control your stock and where it needs to be delivered to make sure that your warehouses are running smoothly.

Many businesses that experience these scenarios have high costs, whether it’s for overdue maintenance of equipment or customer acquisition due to detracting customers. Staying ahead of even the most minor of requirements can help you avoid significant expenses that may be needed down the line.

Monitors operational expenses

To increase your ROI, you must keep a track of the operational expenses of your hire business.

Many businesses still use manual ways of keeping records and this results in a high possibility of errors. Keeping a digital track of your business and automating this tracking process is key.

With the Document Management feature, you can share documents easily, making them accessible to other staff no matter where they are, and provide customers with information instantly.

Storing important documents, such as legal documents, insurance documents, and certifications, including records signed for delivery, collection, and services, in a single location. With a simple barcode scan, you can automatically link important documents with the corresponding contracts.

Keeping track of everything in your business in a centralised system can help you keep accurate track of your expenses and control your expenditure, which can help with boosting your ROI

Enhance your ROI with the right asset rental management software solutions

ROI is an important element in contemporary businesses, including hire businesses. Asset rental management software has a multitude of features that can, directly and indirectly, help businesses reduce costs by keeping track of their hire operations.

MCS has a comprehensive background in hire software solutions and can help you implement the best solution for your hire business no matter which industry you cater to.