Every business consists of multiple assets with each serving a unique purpose. As a company grows, so does the number of assets it possesses—especially businesses in the hire industry.

Keeping up with seasonal demand, having real-time analytics, tracking inventory, and accessing documents and information no matter where you are can help you manage your business much better and keep track of hire trends that are impacting your business.

Using spreadsheets to track your assets, their quality, and availability can be time-consuming and near impossible. Investing in the right equipment management software can give you the information you need in a matter of minutes.

Ensuring that your assets are discoverable and visible are some of the key features of good equipment management software and can optimise your asset utilisation efforts. But how else can such software help optimise asset utilisation?

By managing your equipment allocations

Possibly the most important component of a business is its ability to manage its equipment allocations. Having the right management software can streamline the movement of your assets and equipment and allocate the costs to the relevant department or company.

By maintaining a daily diary and a resource planner, you have complete visibility of your business activities so that nothing gets missed and every aspect of your hire business is optimised.

In addition, with real-time reports, you can view the availability and utilisation of your equipment to discover which are the most in demand and which can become a liability in the future.

The right software can help you:

• Improve asset tracking with the use of telematics and integrated cloud solutions


• Obtain access to equipment utilisation, availability, and other important statistics


• Keep track of your assets to ensure that they’re being utilised to their optimum level

By ensuring your equipment is fit to serve its intended purpose

To ensure asset utilisation, you should be able to keep close control of your assets and give updates on their maintenance operations and safety of usage.

With the right equipment management software, you can stay ahead of important components of your business like expiring safety certificates that can greatly impact your asset utilisation.

Sharing inspection records to enhance cross-depot communications and boosting productivity by eliminating the time-consuming paper chase are all benefits of using the right software to optimise your asset utilisation.

You can track the costs of equipment acquisition until their eventual disposal so that you have the information you need to identify the true value of every asset.

The right software can also help you:

• Maximise your utilisation rates


• Perform repairs and track the cost of replacement


• Carry out scheduled maintenance to ensure that hire equipment is safe and certified

By controlling costs of hire equipment

To fully optimise your businesses’ assets, it’s important to know exactly where your equipment is, when it’s due back, and the profitability of the assets during their lifetime.

The right equipment management software can help you achieve this by managing your third-party re-hire costs and knowing when your assets are being over-utilised, giving you valuable insights about when new equipment needs to be purchased for your inventory.

The software also allows your business to:

• Monitor the depreciation of assets and understand when you should purchase new equipment instead of rehiring


• Understand the lifecycle of your assets to know which equipment works best for you


• Use a single platform to track your assets and access your equipment data rather than using different platforms



 

Get the most out of your assets with equipment management software

Hire businesses need to have the right processes in place to ensure that their assets are managed properly and must be aware of the external factors that can impact them.

With many hire businesses adopting digital alternatives to traditional paper-based functions, the need to invest in the right software to manage equipment can be a complete game-changer.

For businesses that are looking to work with an experienced partner that has a comprehensive background in helping hire businesses get the rental solutions they need, MCS can help you gain complete control over your assets and ensure that they are always available to help your business grow.