Based on the latest American Rental Association (ARA) forecast from the ARA Rental Market Monitor, equipment rental industry revenue is expected to grow 7.6 percent next year to $33.5 billion. According to the forecast, the growth rate is more than four times the expected growth in the 2013 gross domestic product in the United States. The forecast includes the construction/industrial, general tool/homeowner, and part/special event segments. This rapid growth will continue into 2016 at which point revenues will be in excess of $45 billion. This will lead to significant investments in rental fleets as organizations relay on rental suppliers to provide them with the equipment needed for economic recovery. The construction segment, in particular, will grow significantly.
An increase of almost fifty percent in overall revenue is going to necessitate change. As investment in equipment increases, it is going to become very important to have the right management software solution in place. While the largest equipment rental companies may have the funding to create a solution specific to their business, this does not apply for most organizations. The vast majority of equipment rental businesses need software to handle ever increasing demands for real-time information, equipment service, field mobility, fleet utilization, and integrated systems.
- The business intelligence module allows management and owners to analyze current financial and operational information.
- The service module integrates to rentals and includes options for fleet maintenance.
- Mobility solutions are available for the yard workers and delivery personnel.
- Office workers have real-time access to customer and equipment information across multiple locations.
The Microsoft Dynamics NAV architecture provides a guaranteed investment path and future development. All in all, Rental Management from Open Door Technology is well positioned for organizations wanting to expand their equipment rental business. For more information
By Malcolm Roach of Open Door Technology,