Working on any project demands the right set of tools and equipment whether it is a laptop to work on data or a concrete mixer for a construction project. Indeed, the right set of equipment improves productivity and ensures projects are completed on time.
For example, construction projects need loaders, excavators, lifts, generators, and other equipment. However, they should be simplified to achieve maximum flexibility and efficiency. Some businesses can afford to invest and buy tools for projects, whereas, some don’t have the capital to buy costly equipment upfront.
Here, they rent it from equipment rental providers. Renting equipment provides benefits like saving money, easier project schedule and management, eliminating maintenance issues, meeting project changes and demands, etc. Small-to-medium-sized businesses can complete projects effectively without spending much on tools and boost profitability.
Having said that, equipment rental providers have experienced significant growth in recent years, as businesses look to rent instead of buying costly equipment. This surge in demand has led to increased competition, making it even more important for rental providers to ensure their equipment is safe, secure, and easily accessible. However, the rental industry faces many risks, including theft, damage, and misplacement of equipment, which can cause significant financial losses.
Fortunately, GPS tracking devices can provide rental providers with an effective solution to tackle these risks. GPS trackers can be attached to equipment, allowing rental providers to monitor their location and track their movements in real time.
A GPS tracker is a small device that uses the Global Positioning System to determine the location of an asset in real time. The GPS device can be installed on anything, including vehicles, equipment, or even pets. The tracker collects and transmits data on the asset’s location to a central server or cloud-based platform. Rental managers can access this information through a user-friendly dashboard, enabling them to make informed decisions about their equipment usage.
Let’s dive deep into how GPS trackers can help equipment rental providers to manage their inventory.
One of the biggest risks faced by rental providers is equipment theft. Unfortunately, theft is a common occurrence, with many thieves targeting expensive equipment such as construction equipment, trailers, and other high-value items.
GPS trackers can help rental providers combat this risk by providing real-time equipment location tracking. They can know their exact whereabouts of them and monitor their movements from job management software. The geofence feature of a GPS tracker puts a fence around a location on the digital map. So, if any equipment leaves or enters the fenced area, the GPS tracking device notifies the authorities immediately.
With such alerts when equipment moves outside of a designated area, rental managers can take immediate action if the equipment is stolen. GPS tracking devices also help law enforcement agencies recover stolen equipment faster by tracking its location and returning it to the rental provider.
It can also help mitigate unauthorised use and any potential damage, like moonlighting.
Some equipment should always be in good working condition. For example, road rollers, tractors, excavators, etc., are required almost every day at construction sites. But, failures in such equipment can disrupt daily workflows and lead to lost productivity. Indeed, all this costs businesses each day! However, they take these concerns to rental providers as they are liable for equipment upkeep and service.
Monitoring the diverse assets of different clients is tough. Here, a GPS tracking device monitors equipment usage and performance and notifies rental authorities of when an asset needs maintenance. GPS asset trackers help rental managers to accurately anticipate maintenance needs by scheduling maintenance based on run-time and movement data.
In the end, reducing rental equipment’s downtime improves productivity, increases the availability of equipment for customers, and facilitates seamless rental asset management and maintenance. Such proactive maintenance can help you avoid expensive repairs or whole vehicle replacements and increase equipment’s lifespan.
As a GPS tracker monitors the run time of equipment, rental providers can submit invoices based on accurate usage data. They don’t have to give and bill the equipment usage by the day, half-day or odometer reading and spend time manually calculating and making invoices. A GPS asset tracking device can automate this entire process, reducing errors and saving time.
Likewise, rental managers can keep better track of their inventory as GPS trackers provide them with data about the whereabouts of each piece of equipment and accordingly, they can update the stock whenever needed.
By using GPS trackers to monitor their equipment, rental providers can minimise the risks associated with renting out equipment, providing a better overall experience for their customers and increasing ROI. According to the Asset Tracking Market report, the global asset tracking market will reach $36.3B by 2025. And with the development of IoT-enabled asset-tracking solutions, many rental providers will deploy avant-garde tracking solutions and enhance business profitability.