The equipment rental business is profiting from the growing economy and construction output. As the rental market grows, rental companies face a number of challenges, such as lower margins. Many rental companies are also finding it increasingly difficult to find high-quality employees and as the demand for materials grows, supplier delivery times and construction company schedules can form obstacles. How can you stay in control of these challenges and remain ahead of the competition?
Rental companies have always looked to differentiate themselves with large product ranges, smart pricing and fast delivery times. However, leaders in the rental market stay ahead by using the Internet of Things (IoT) and excel at smart new services such as remote monitoring and usage of assets through a customer portal. Instead of renting based on contracts, more and more companies are using advanced analytics software to predict usage patterns which lets them able to bill based on actual use.
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