Welcome: Seeing 20/20 in 2020
Rental firms that figure out how to leverage data will have a far clearer view of where the equipment is, where it’s heading and what needs to be done to maximize its ROI.
Welcome to the second decade in the New Millennium! Twenty years has passed since concerns over Y2K never really materialized. Most remember and some even made money on the prediction of a looming data Armageddon when software wasn’t supposed to be able to handle a preceding two in the year’s dateline.
How things have changed in that 20 years. Today’s equipment has become increasingly intelligent – and complex. Sophisticated sensors and microprocessors work together to send data to interested parties – manufacturers and equipment owners – on equipment health and use. Machine capabilities can be enabled/disabled remotely. Systems intelligently idle equipment when it’s not working and even shut it down if operating and even location parameters are violated.
That added level of intelligence is a two-edged sword. Like a two-lane road that leads to a town that opens a large production facility, the increase in data exchange can create information jams within your organization. Channels and processes need to be developed to receive, analyze and act on that incoming data.
Rental firms that figure out how to leverage data will have a far clearer view of where the equipment is, where it’s heading and what needs to be done to maximize its ROI.
While rental centers have been facile for years on the mechanical and financial sides of the business, it’s a huge culture change to incorporate the predictive nature of this information into a culture that has excelled in a much more reactive work environment.
As we enter into the Roaring Twenties, those organizations that can put the flood of data in perspective will have the best view of opportunities to come.
Wishing you and yours a great new year – and decade!
-- Clair Urbain
Editor, Publisher
This article appeared in the January-February 2020 issue of Pro Contractor Rentals magazine. © 2020 Urbain Communications LLC. All rights reserved.
PRO CONTRACTOR RENTALS MAGAZINE
Pro Contractor Rentals provides information of value to rental centers who focus time, resources and attention on meeting the demands of construction contractors and other equipment rental customers.
