With manual data management, this can be hard to put a figure on. From speaking with various Equipment Rental Businesses of all shapes and sizes, it’s clear they share a common problem. Standard operational software products cannot meet their financial management needs, and standard financial management software products cannot meet their operational needs. To fully understand rental business overheads, you need visibility of both under one central system, tailored to your industry.
“Making the most of what you have” and “doing more for less” are notions that have been repeated many times throughout the energy industry but has that helped your business? Or do you end up doing less with less and put your business at more risk, under more pressure?
Downturn or no downturn, we believe that oilfield equipment should be fully utilized and creating revenues at all times. For equipment rental businesses, making the most of what you have means achieving more through efficient and effective automation of processes; it’s as simple as that.
Not all rental equipment businesses have their own inspection or repair facilities, so how can they manage regular third party services progress out with the confines of their premises’?
Managing commercial arrangements manually can be difficult, with crucial paperwork lost or damaged, and not readily on hand when needed. With all Third Party arrangements and work activities digitally logged alongside the appropriate equipment in one management system, referring back to agreements becomes effortless when speaking with service providers.
If your business is renting and/or selling oilfield equipment, your main aim will be converting enquiries to orders quickly which can’t be achieved using manual or restrictive systems which hold you back. If the process is an administrative burden requiring time consuming duplication of data, and delays sending and receiving information, you risk the customer finding another supplier while waiting. This not only means securing less orders than you’d like, but operational time wasted eats into your profit margins. This can be overcome, and benefit not only the sales team but your entire operations.
As part of our continual development programme, TRACS Assets Limited have released the latest version of its equipment rental management software offering with TRACS V8.08. Successfully rolled out to our global client base towards the end of 2017, V8.08 hosts a wealth of significant enhancements and new features to facilitate a prosperous year of equipment management ahead.