Build Your Business – Connect your assets
How to leverage telematics data more effectively.
by Tony tye
Equipment rental companies have been embracing telematics and the increased visibility these solutions provide. First-generation telematics delivered real-time location tracking and machine usage data; more advanced systems pair this with maintenance schedules, pickup/delivery schedules and customer/job site data pulled from the organization’s rental software or ERP system. When leveraged correctly, a connected assets strategy is a powerful tool that can improve operations, logistics, sales and service.
Here’s how a connected assets strategy can help rental teams.
Day-to-day rental operations: Connected asset platforms can streamline day-to-day operations. The most basic processes become faster and easier to scale when teams have one place for up-to-date equipment availability/location data and customer/contract details.
Fleet management: Next-level telematics delivers essential real-time information about an asset’s location, performance and utilization. This makes it easier to identify underutilized assets, optimize routes to reduce fuel use and coordinate maintenance.
Remote equipment monitoring helps fleet managers respond to potential issues in real time. Instead of performing one-off checks on each machine, managers can configure a geofence for each job site, then set up alerts if an asset leaves that area. The manager can then contact the customer and rule out innocuous reasons for the move or act in the case of theft or unauthorized use.
Telematics data can also alleviate common headaches associated with compliance monitoring. Equipment rental companies are required to ensure that their equipment is maintained, repaired and inspected according to the manufacturer’s specifications. This can be easier said than done, especially for larger fleets. Connected assets systems can consolidate due-for-service data across the fleet, providing easy-to-understand visual indicators of assets needing attention.
Sales: A connected assets strategy can deliver powerful information to customer-facing teams. Rental reps can get real-time updates on equipment availability and deployment and provide customers with more precise delivery times, reducing the likelihood of over-committing or under-delivering. With connected assets, the sales team can help customers by contacting them when machines are being underutilized. Collectively, this promotes more accurate commitments and builds trust, delivering a good customer experience. It also allows leadership to assess demand trends more accurately, uncovering new revenue streams.
Service: Telematics provides information about a machine’s usage history and current status that service teams can leverage to prioritize their efforts. Service managers can instantly identify equipment that requires planned or preventive maintenance as well as one-off repairs. This minimizes downtime, reduces emergency service calls and lowers repair costs while improving the reliability and expected lifespan of the company’s assets.
Next-generation connected assets systems can set the groundwork for AI-driven predictive scheduling. With advanced analytics, service managers can take more of the guesswork out of the process, using historic data and upcoming reservations to schedule service.
Logistics: Efficient logistics are the heartbeat of a successful equipment rental business. Having connected assets helps delivery drivers ensure that they’re picking up or dropping off all relevant items, including attachments.
Corporate operations
When the right insights are delivered to corporate-level decision-makers in the right format, management can make better data-driven decisions, strategically plan for future investments and more efficiently allocate their resources.
A connected assets system ensures that company goals align with the operational reality on the ground. When trends don’t align with expectations, management can get the data it needs to change course.
Bringing it all together
Connecting assets strategically can unlock next-level insights. Dot-on-a-map solutions fall short when it comes to true business transformation; integrated approaches offer the best ROI.
The transformation doesn’t happen overnight. Incremental change is often the best path and multi-faceted connected assets systems allow organizations to evolve at their own pace. Rental teams can adopt solutions as they go, tailoring their insights to the needs of their department. When one milestone is reached, they can shift focus to the next, takin telematics to the next level.
As the rental industry evolves, connected assets systems will help companies thrive in an era where technology and data-driven decision-making are paramount. The more efficiently a rental company can adapt to changing customer expectations, market dynamics and technological advances, the better they can position themselves for challenges and opportunities.
Editor's note: Tony Tye is the product manager for the InTempo MX Connected Assets Platform and Reporter 5.
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