Three Challenges Facing the Heavy Equipment Industry
From changing technology to ever-increasing competition, the challenges facing equipment businesses can be overwhelming for business owners. In this blog post, we will discuss some of these challenges and discuss some solutions to address them.
Challenge #1: Equipment Maintenance
One of the biggest challenges facing equipment rental and dealership businesses is equipment maintenance– especially for rental houses. Equipment is a significant investment, and to get the most out of it, rental businesses need to ensure each asset is safe before and after every rental period, as well as minimize downtime and maximize lifespan.
Solution: Texada Inspections makes inspecting rental assets simple. Not only does this solution integrate inspections into your workflow, but it can boost your damage collection rate by 30%. Plus with the ability to capture photos before and after the rental period that are automatically attached to your inspection file, it’s easy to identify and address new damages.
Challenge #2: Inventory Management
Equipment businesses deal with large inventories of expensive equipment, which can be challenging to manage. Keeping track of each piece of equipment's location, availability, and condition can be time-consuming and complicated. Poor inventory management can lead to lower-quality customer service, and slow down your sales or rental process, impacting your cash flow.
Solution: A robust software solution can help your team streamline the inventory management processes. Texada’s cloud-based solutions for rental and sales not only help you manage your equipment inventory but gives team members the power to create work orders and perform counter operations, all while growing your business.
Challenge #3: Increasing Competition
Both the equipment rental and dealer industries are growing, and with that growth, comes more competitors entering the marketplace. With the rise of online storefronts making it easier than ever to rent or purchase equipment, businesses are facing increased competition– rivals are no longer only across the street. To remain competitive, companies must adapt to the changing market and differentiate themselves from their competitors.
Solution: By implementing innovative technology solutions such as online rental and booking platforms, businesses can offer customers a more streamlined and convenient rental experience, setting themselves apart from their competitors. Setting up eCommerce might feel complex, but Texada GateWay makes it easy to set up your own online storefront. Not only does this reduce barriers for your customers and free up your sales team, but GateWay also features a complete self-service account management portal for your customers, vastly improving the customer experience and creating repeat business.
Equipment rental and dealership businesses face numerous challenges, but each challenge also presents new opportunities. By implementing the right technology solutions, your business can rise above the competition and make those challenges a thing of the past.
Equip yourself for success with the tools you need to grow your business: