How to Keep Track of Rental Equipment

 

Statistics reveal that the U.S. equipment rental industry has over 5,000 businesses. Yet when it comes to managing and tracking tools and equipment, many rental companies often encounter certain challenges. These challenges may range from staying ahead of bookings and monitoring equipment availability to tool maintenance and delivering better customer service.

If you own a large rental business, you will likely know that the greater the fleet of equipment you own, the harder it is to effectively manage and control it. Therefore, it is imperative that companies in this field – big or small – learn how to keep track of rental equipment for a smoother and more efficient business operation.

Equipment tracking is a procedure adopted by businesses to track and monitor all tangible assets they own and is beneficial for various industries including oil and gas, construction, transportation and logistics, agriculture, and more.

4 Essential Steps to Keep Track of Your Rental Equipment

Crucial to your rental business’s success is a thorough procedure of keeping tabs on your attachments and equipment whether they have been rented out or are available for use.

Without tracking, it is easy for attachments to go missing, for equipment to disappear unaccounted for, or for errors to occur while taking inventory.

Hence, the steps to keeping track of your business’ rental equipment involve knowing how to track equipment inventory, being able to categorize your equipment, tagging your attachments for easy location and identification, and using equipment rental software cloud services.

1. Track Equipment Inventory

Regardless of whether you have only a few pieces of equipment or you have a fleet, by neglecting to track your inventory, you are setting your business up for potential losses.

Tracking your inventory involves:

  • Having an updated and accurate overview of all the equipment your business owns (equipment model, make, purchase date, lifespan, and warranty information)
  • Knowing how the equipment is used and by whom
  • Keeping a record of damages, repairs, and maintenance

Using a functional tracking system keeps your inventory record up to date and accurate at all times, making it difficult for your attachments and equipment to go missing or get left on a jobsite.

2. Categorize Your Business’s Equipment and Tools

The next best thing to do to keep track of your equipment is to categorize your rental equipment and attachments as this makes organization, identification, and accessibility easier.

Categorization can be done in various orders ranging from serial numbers and brand of the equipment to type and size – whichever works best for your business.

3. Use Assets Tags

Tagging all your tools and equipment is the easiest and most effective tracking step as identifying and locating equipment is easier and faster, whether your equipment is in your inventory or out on rental. There are several ways to tag your rental equipment, but the best approach for remote locations where durability counts is a rugged GPS asset tracker.

Global Positioning System (GPS) asset tracking solutions provide you with historical and real-time location and updates for each piece of your equipment. Further, a rugged asset tracker operates safely in the most challenging industrial environments. Its versatile application, along with track and trace software, enables you to organize and locate rental equipment efficiently. Rugged GPS asset asset tracking devices operate with global 2-way satellite-based communication for optimal visibility in even the most remote locations.

4. Equipment Tracking Application

While manual tracking methods may work just fine for small companies, larger organizations should lean towards equipment tracking software for an automatic and more effective asset management system.

Using the right tracking software and equipment tagging methods will give you accurate and updated information about the location and status of your assets, making it tougher for equipment theft and inventory errors to occur.

Some software allows you to manage non-powered equipment across your entire fleet, monitor engine run time to improve maintenance on your powered assets, and track your vehicles effortlessly with just a click of a button.

Keep Tabs on Your Equipment with Geoforce Tracking Software

Managing your rental equipment can be challenging especially if your organization has a large collection of attachments and equipment. But with our asset tracking software, managing and tracking your equipment is seamless and effective. Some benefits of using our tracking software include:

  • Real-time tracking updates and location
  • Data is synchronized throughout the whole system from one dashboard
  • Streamlined operation for easy accessibility and control
  • Schedules maintenance to reduce equipment downtime
  • Improves customer satisfaction

Learning how to keep track of rental equipment and tools can have a huge impact on the success of your business, especially when you invest in quality tracking products.

Accessing real-time updates on your asset’s status and location at any time and any place has never been easier than with Geoforce. Check out our track and trace software to learn more.