The Importance of Managing Your Equipment Maintenance in the Equipment Rental Industry
Not to put too fine a point on it, but ensuring your equipment is in top shape and able to be used at capacity is the very essence of success in the equipment rental industry. The key to ensuring success is equipment maintenance management effectiveness; being able to manage preventative, scheduled, reactive, and predictive maintenance so that all your assets are being using to their fullest capacity. Fortunately, Rental Process Management (RPM) software can do that for your company. RPM can help equipment rental companies manage their equipment maintenance, streamline operations, and improve productivity.
The top ways RPM software can help with equipment maintenance management include:
Ability to Record and Track Asset Performance
Just as different people perform differently, tools, machines, and other pieces of rental equipment all operate differently and performance levels may vary. As such, each asset requires individual attention: that is a lot of information to keep up. However, by using history-tracking functionality in RPM, you can store and access all that information from one place. You can analyze how equipment performance changes over time and spot and fix any potential problems before they become costly repairs. Having access to accurate asset performance history helps you make informed strategic decisions.
Potential to Avoid Downtime
Things break. It happens. Unfortunately, it often happens in the middle of a project and can cause delays, which ultimately wastes time and money. However, with RPM you can use the vendor management functionality to order whatever tools or equipment you need, when you need them. You can set it up so that your company receives automatic replenishment of parts when stock gets low. Taking a preemptive approach to equipment maintenance can help your company avoid downtime and increase productivity.
Another component of preventive maintenance and avoiding downtime is conducting equipment “checkups.” All equipment is going to wear out at some point, however, timely inspections and preventative maintenance can improve performance over the life of the asset. Using RPM, you can inspect the condition of your tools and machines at regularly scheduled audits. Again, taking a preventative approach to save time and money.
In an ideal scenario, your equipment is being rented on a consistent basis. While good for asset utilization and revenue, it can wreak havoc on your record keeping. It is easy to lose track of which tools are currently in use, what is available, and when, ultimately slowing down operations. This is where RPM can shine. RPM offers functionality that allows you to see and access updated asset and order information through a dashboard that facilitates hassle-free booking operations.
To be a successful equipment rental business you need your inventory to be rented at capacity at all times so that your assets are generating as much revenue as possible. This means on a daily basis, you need to be able to manage the maintenance of your equipment efficiently. You need to be able to track and record performance issues, and be able to take preventative measures to ensure minimal downtime. You need software that can help you manage the various components of the business and provide access to real-time data. You need Rental Process Management software.
For more information on SuiteEngine RPM and how it can help your rental business, be sure to attend ArcherPoint’s free webinar: Lunch and Learn with ArcherPoint and SuiteEngine – Everything You Need to Run Your Equipment Rental Business, on March 21 at 2pm ET. And if you are unable to attend in person, we always record our webinars and make them available for viewing later.