April 2020

Most Proven methods to track assets for rental business

Most Proven methods to track assets for rental business

Asset tracking is essential for any rental company, for its foundation and enforcement, the management would be responsible for finding and replacing the lost or damaged physical assets, as well as those that have ended their life cycle.

Asset monitoring addresses a range of rental operational problems, with its system allowing rental companies to become more competitive and improve their bottom line by making the best use of existing resources to achieve acceptable results.

What is Asset Tracking?

Asset tracking refers to the method of monitoring physical objects, either through scanning the bar code labels attached to the objects or by monitoring them by their unique identifier, such as serial number, batch number or product code.

Complexity

Many rental businesses don't realize that operating assets are much more than the tracking they encounter.

Why to track assets?

When an inventory asset is purchased from a reputable supplier in your rental company, it is obvious that it will produce revenue. Rental operating managers know the value of holding the asset in a tip-top working condition all the time. When a rental order is booked for a specific customer then, just before booking or pick-up, the asset monitoring program is highly important and implemented to prevent a double or over booking of your inventory stock.

With Rental Monitoring Software, you have the opportunity to see whether or not an asset is running correctly, whether or not it needs to be fixed, whether or not the asset is operating properly and performing as planned or not.

If you know what's going on with an asset, you can make a fair decision to save costs and prolong the life of the asset.

Know the visibility

Visibility of rentable assets is critical for the rental company to deploy over-used assets, redeploy under-used assets and make purchase orders to your trustworthy supplier.

Before making any buying order, you must check the visibility of available assets to save your business from over-expenditure on excess assets and avoid wasting precious space in your warehouse or store.

Track by the unique identifier

The rental company can set separate tracking numbers to avoid the issue of serial number duplication (if any), make sense to the workers in your rental shop and must also be human-readable.

As duplicate numbers can cause confusion leading to compromised data integrity and incorrect customer balance and inventory that will reduce your rental income, affect customer loyalty, mess up rental orders, inaccurate data reporting that jeopardizes the rental business decision-making strategy.

As a matter of fact, the Rental software solution should be smart enough to prevent and remove duplication in the ID of the tracking code.

Distinguish between asset and inventory tracking

Valuable asset tracking varies even with inventory control. Property tracking consists of internal asset control, including ongoing activity, monitoring and monitoring of rental assets, their restoration and customer guarantee.

However, the handling of goods registered, delivered or used in the collection, storage, distribution and sale requires inventory management. Inventory management.

Information on the use of equipment

Keeping an eye on the quantity and quality of the assets is necessary to ensure the smooth functioning of the rental operations.

One way to reduce excess inventory is to develop a strategy to get rid of it by selling to your existing rental customers or starting a sale and giving away at a discounted price.

The rental management software solution should provide you with a list of assets that have not been leased for a number of days or that have been recovered beyond your expectations so that the Return on Investment (ROI) has already been met.

Maintain the database of your assets

Any rental company, whether you are renting clothes, costumes, equipment, electronic assets, should start creating a database to check the availability of assets in the inventory. You can use spreadsheets to record every asset you purchase from time to time.

The rental software you use should allow you to import the inventory with a click of a button to avoid double-entry when you start. Renetal software does exactly that and imports all data at once so that the customer on-boarding process from any rental company is as smooth as silk.

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