Using Business Intelligence to Manage Your Equipment Rental Company
Running an equipment rental company is an exercise in balance; managing inventory, assets, and billing needs, are challenges that need your attention. To ensure success, equipment rental companies should be able to make smart, strategic decisions quickly. Enter business intelligence. Business intelligence capabilities allow you to turn your data into action.
The advantages of using business intelligence to run your equipment rental company are plentiful. Below are some of the top ways your company can benefit.
Consolidate Data
While this happens in all industries, it tends to be an acute issue in the equipment rental industry: disparate data. Many companies have their data spread around in various different systems throughout the company managed by different people. Business intelligence tools are like a big net, bringing all data together, in one centralized location. Further, this data is available real-time. An undeniable benefit.
Interpret Data
While having real-time, actionable data is important, being able to interpret the data is key. Understanding important data points, how to organize, and make sense of all information is the critical component to reap the benefit of business intelligence. While everyone wants to take advantage of business intelligence’s instant insight, not everyone will have the ability to interpret the data similarly or want to see their data in the same way. For example, a salesperson may want to see the data visually, while an accountant may prefer a numerical view. Fortunately, many business intelligence tools offer aesthetically pleasing, informative charts, graphs, and reports that are easy to decipher and digest; they offer something for everyone.
Eliminate Guesswork
It is one thing to be able to gather all your data into one place, it is quite another to be able to turn all those numbers into valuable insights and action that can help your company. Business intelligence allows you to eliminate guesswork and make accurate and timely business decisions based on facts, not feelings.
Identify Revenue Opportunities
Another benefit of having business intelligence capabilities is your ability to identify new revenue opportunities. By being able to analyze all your data, you will obtain insights about potential opportunities you might have missed in the past. You can create new offers to adjust to the current market situation.
The equipment rental industry is one in which many balls are in the air, and to be successful, companies need to be able to juggle all the balls with adroit. The very essence of the industry is balancing and managing an overwhelming amount of data whether it be asset maintenance, inventory, scheduling or what have you. One way to help ensure success is through effective, strategic data management utilizing business intelligence. Business intelligence capabilities allow you to see, access, interpret, decipher, and turn data into action.
An enterprise resource planning (ERP) solution that includes business intelligence capabilities can help your equipment rental company use your data to save you money and grow your business.
Through a collaboration with SuiteEngine RPM, ArcherPoint is now offering a comprehensive ERP designed for equipment rental companies that includes business intelligence. Built to run either on-premises or in the cloud, SuiteEngine RPM is built with features and functionality designed specifically to help equipment rental companies thrive.
Learn more by downloading our white paper, ERP Software and the Equipment Rental Industry.