The quality and condition of your assets are a make-or-break element in the rental industry.
Whether you’re renting equipment for a construction site, medical facility or an event, the risk of unsafe assets can lead to tragic consequences that range from property damage and injury to asset losses and lawsuits.
How to secure assets for rental?
To prevent fatalities in the workplace, it’s essential that you take every precaution to prevent accidents and promote safety - this means testing your assets regularly, tracking your asset performance, scheduling maintenance, and managing the asset lifecycle.
While there are many ways you can do this, the support of equipment rental software tops the list.
The range of features the software has to offer, lets you spot any issues in equipment, perform timely repairs and service of equipment, and maintain your high-quality rental fleet seamlessly.
Test your rental equipment frequently
Regular preventative maintenance testing of your rental equipment is the most reliable way to identify breaks, damages, and other issues that can make them unsuitable for rental. These tests help you stay prepared for equipment repair or when you need to restock.
The more you prolong a product lifecycle, the more prone to breakdowns it is, putting your customers at risk. So, knowing the right time to sell or dispose of an item is a key consideration that equipment rental software can assist you with.
Rental business owners are responsible for monitoring their equipment and recording all tests and checks performed to prevent accidents and ensure that no one is at risk from using faulty equipment.
Regular testing can be a challenge if you don’t have the necessary resources available. You end up spending extra time or using more labor on inventory checking, which will not only add to the costs of running your rental business but also bring down your productivity.
Perform preventive maintenance
Taking damaged equipment out of rotation isn’t enough to maintain the safety of your rental assets. Planning ahead and conducting preventive maintenance can help you lower the risks of your equipment falling into disrepair.
Your equipment rental software will make it easier for you to perform these check-ups - including maintaining service history records and scheduling routine services.
Using up-to-date equipment records and usage history, you can be prepared when your assets are due to have their scheduled maintenance and ensure you’re meeting your health and safety obligations. By tracking these events ahead of time with prompts from your rental software solution, you can make sure:
- No equipment is overdue for servicing
- No equipment goes out on rental before servicing
- No assets are unproductive in your workshop when demand is high
- You can also plan for when your assets reach their natural end of life by monitoring and analyzing the reliability, performance, and profitability of your equipment.
Purchase only the best assets for your inventory
Your records and usage data aren’t just good for maintenance schedules.
By tracking assets that are prone to failure or have a shorter natural life, you can retain records of which brands perform better, compare different models, and identify the most reliable assets. Then, when you repurchase equipment, you can choose to order your highest performing equipment, decommission any under-performing assets, and build a stock of only the best equipment.
As your rental business grows, it becomes more important to stand out from your competitors.
Your customer service should live up to expectations, and a key element of meeting them is high-performing equipment. This helps you avoid on-site breakdowns, regular—and costly—purchases, and also customer complaints and dissatisfaction.
Equipment rental software makes sure your assets are ready to go
Lack of health and safety enforcement hinders your team’s productivity, leads to loss of customers, and can tarnish your brand name.
By deploying equipment rental software, you can avoid these risks, establish higher business standards, and promote sustainability simultaneously. Also read other blog posts such as how to calculate project costs?
As experienced partners in equipment rental software solutions, MCS can provide you with customized rental solutions that mitigate the challenges of asset maintenance by ensuring the safety, compliance, and security of your equipment.