Julian Smith, business development manager at Columbus UK

Many multi-industry businesses have turned to flexible rental and leasing models in the last few years – a market that has experienced enormous growth and opportunity.

Deloitte estimates the European fleet management sector alone is now a multi-billion-Euro market.

But modifying internal business systems to keep pace with shifting customer demands is testing and many businesses are struggling to adapt.

Here’s how the integration of new technology can help businesses effectively readjust to market changes and ever-changing customer demands.

Taking on losses and passing on costs to customers are a thing of the past as margins in the UK equipment rental and leasing market narrow.

For businesses managing international fleets and serialised equipment, optimising current resources is now a priority.

Using IoT and mobile access technology, businesses can stay ahead of their competition and adjust to market changes more effectively than before.

1: Transparent solutions

Processing returns while monitoring quality and quantity can be a difficult balance. But with advanced technology, companies can deploy a comprehensive, centralised modern solution to provide a transparent insight into available stock levels.

For example, the latest rental and leasing solutions support Internet of Things (IoT) devices, providing real-time data to track the movement and use of assets and equipment currently in use.

In doing so, companies can identify any room for improvement, protect the overall functioning of their assets and even optimise spare parts inventory.

2: Increased demand requires flowing logistics

Asset delivery management can be a complex matter, especially when companies rely on slow legacy systems for operations.

To meet customer demand, organisations cannot be slow in their delivery process and this is where technology can pick up the pace – allowing better planning, forecasting and delivery.

Graphical planning boards can highlight optimal times and routes for delivery and pick-ups. But more than this, new IoT tracking technology can be a game changer.

IoT’s consistent tracking abilities mean scheduling deliveries and pick-ups can also be more efficient – vital for delivering complex and expensive equipment.

Specialist operators are often needed to make these deliveries so accurate, real-time knowledge can help plan the movement of operators and drivers, avoiding additional expenses and reducing the likelihood of theft.

3: Let data drive you ahead of the game

Collecting valuable information on market trends at the right time provides powerful data-driven decision-making, while gathering and analysing data on a more granular level will ensure organisations successfully stay ahead of the competition.

Advanced rental and leasing solutions can also gather data on equipment performance and has potential to support both predictive and preventative maintenance, enabling businesses to anticipate and resolve issues – most significantly before they become a problem.

4: The need for mobile access

Dedicated mobile solutions are device-agnostic, meaning organisations that introduce mobility can allow field staff to use their device of choice – combining operational expertise with mobile access.

With minimal investment, businesses can address operational inefficiency and maintain high levels of quality and security.

Mobile access will allow instant entries and updates, regardless of location and without delays – helping companies make prompt decisions to deliver services.

These solutions also help companies foster greater team and cross-team collaboration to help efficiently address potential issues or opportunities.

Rethink and adapt – digital is the future

Rental and leasing businesses must streamline their operations to benefit from ongoing market growth.

Using the most recent developments in market-specific technology to go digital is crucial for staying ahead of the competition, and will help organisations both improve deployment of their resources and boost profitability while safeguarding their market position.

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