According to the EquipmentWatch Rental Update, average weekly rental rates for 9 out of the top 10 equipment types unexpectedly dropped in Q2 of 2018. While this is primarily attributed to harsh weather in early Q2 and rates are expected to increase in Q3 in an effort to make up some of the lost profitability from Q2, it highlights a larger issue: Are your profit margins maximized to make the most of your fluctuating rental rates?
The key to maximizing your profit margins is ensuring that your operations are as efficient as possible. The more automated your processes are and the more integrated your processes can be, the more efficiently your business will run. Often the critical element to all of this are the business management systems that your people use.
A modern, cloud platform that keeps all of your customer and equipment data securely accessible to all users whether they’re in the office, the warehouse, or on-site at a customer, is a great way to ensure efficiency. Rental360, built on the Acumatica platform, is just such a solution which provides you a built-for-rental control center for efficiently managing your business processes and your financial, operational, and customer data.
Rental360 is uniquely suited to help you maximize your profit margins by:
- Providing one-click access to all customer data for tailored sales and service conversations
- Maintaining a complete history of communications with customers and vendors
- Tracking marketing activity effectiveness
- Improving forecasting to help tighten the sales funnel
- Improving purchasing with automatic requisition suggestions based on inventory data
- Ensuring data security and system up-time
- Automating approvals to speed the time to sale
- Simplifying the rental/sale process with all relevant detail about the customer and equipment accessible from the rental order screen
- Displaying an item’s current and future availability within the rental order screen to ensure availability throughout the duration of the rental agreement
- Automatically suggesting alternate pieces of equipment when an item is unavailable for rent
- Displaying all equipment pricing information by the daily, weekly, and monthly rates on the rental order screen for enhanced pricing and decision making
- Automating rental contract creation upon the completion of the rental screen
- Automatically generating a pack and prep list for warehouse employees to fulfill
- Empowering delivery drivers and field sales reps with full access to the system on any mobile device to address questions
- Delivering real-time data through interactive dashboards for improved decision making and revenue recognition
Be ready for the next unexpected dip in rental rates by making changes to maximize your margins with efficient business systems today! View our on-demand demo to learn more!