Five key benefits of telematics for rental businesses
Tracking devices can help rental teams make more informed data-driven decisions to cut costs, improve overall efficiency and offer customers a proactive experience.
Over recent years, telematics has gained increasing popularity among rental businesses and has taken the industry by storm. But what is telematics and how can it benefit the rental industry? Formed by the words ‘Telecommunication’ and ‘Informatics’, telematics consists of a wide range of technologies used together to monitor, transmit and receive fleet related behaviors such as longitude, latitude, machine health, battery life, meter readings, hours of operation and job site safety.
Today, when you purchase new equipment, it is fitted with a tracking device as standard, this feeds data back to your center of operation, giving rental desks and fleet managers a wealth of information with which to work. Hers how it benefits rental operations:
1. Oversee your entire operation
Telematics solutions give users the ability to track equipment with immense accuracy, eliminating visibility gaps and improving inventory management, which provides newfound knowledge of business performance. Real-time GPS fleet tracking ensures users maintain a complete view of equipment. The ability to see the status and exact location of assets alongside data such as hours of operation, meter readings and battery life, helps manage logistics, servicing jobs and charging periods.
2. Improved communication and workforce productivity
Keeping the rental team in sync and ensuring every aspect of the business operation runs smoothly is no easy task. With GPS fleet tracking, this becomes easier. The transfer of data between teams in the office and your workforce out in the field becomes instantaneous. Telematics solutions that integrate with rental software will also allow for seamless data transfer, keeping the entire team updated in real-time.
Planning jobs in advance makes it far easier for teams to assign new jobs to the best person. Drivers can be allocated to the closest jobs, saving on fuel costs, improving response times and contributing to more being completed each day. Should any unexpected problems occur, such as road closures or major traffic congestion, GPS fleet tracking means that drivers can easily be assigned new routes, avoiding obstructions or alternatively, a new driver can be assigned based on proximity.
3. Maximize equipment utilization
Equipment can spend a surprising amount of time idle, so knowing when it’s active is invaluable when aiming to improve the bottom line. Telematics data not only displays the status of your machinery, but it also highlights if the item is not being used frequently enough. Overused assets with costs to be recharged are also highlighted since fully utilized equipment could indicate investment opportunities.
Telematics data takes the guesswork out of equipment utilization. Real-time machine health lets you ensure equipment is serviced and repaired on time. It also offers data that will highlight when the performance of an asset begins to decline, indicating that there may be a faulty component in need of repair. Preventive maintenance like this corrects issues before they arise, so assets can continue to make revenue. If necessary, rental software on a mobile device will allow rental operations to service and repair assets on site, reducing any unnecessary downtime.
4. Safeguard assets from theft
Most leading telematics and rental systems allow users to create a geofence, which is a virtual boundary that triggers automated alerts if a rental asset enters or leaves a particular area. It is a great solution for reducing theft; some telematics systems even can remotely switch off equipment if it’s being used outside of the agreed perimeter or working hour. Innovations like this delivers peace of mind that your machinery is safe and secure.
5. Customer satisfaction
Telematics for the rental industry is not only an operational tool for recording and monitoring the whereabouts of equipment, but it’s also a solution that can improve customer satisfaction. This is something that can often be overlooked as one of the key benefits of telematics for rental businesses.
Live data transmitted from a telematics solution provides accurate information about assets at the rental operation’s disposal. This means users can exceed customer expectations, providing them with the whereabouts of drivers and the precise time of arrival. Keeping customers informed through every stage of the journey works wonders in creating and maintaining strong business relationships.
For rental centers who would like to implement a telematics, the next stage is to select a provider. There are many providers from which to choose, each offering functionality that slightly differentiates them from the rest. In light of this, it’s important that decision makers take the time to find the system that’s best suited to the rental center’s requirements.
To sort through a rental center’s telematics needs, get in touch with the Klipboard team. Klipboard already integrates with many of the leading telematics providers and have worked with companies who are already reaping the benefits.
PRO CONTRACTOR RENTALS MAGAZINE
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