If you make or sell high-tech equipment or medical devices, you might have stock that isn’t being used, especially in these hard times. What if these assets that aren’t being used could make you money instead of just adding to your costs? Have you made any plans to make your current product lines work better?
Now is the time to think outside the box and come up with ways to keep your business going.
Rental is becoming one of the best ways for many businesses to make money. Renting out your unused assets will not only give you a new way to make money, but it will also make the most of what your products have to offer. And if you’re already doing this, are you sure you’re keeping accurate track of your equipment and devices?
If you rent your equipment without keeping track of how it is being used and where it is, you run a lot of risks, such as forgetting to track its location and usage or not getting it serviced and maintained on time. This makes the device or piece of equipment last less long, which costs a lot of money.
At To-Increase, a lot of companies that make high-tech equipment and medical devices have come to us with similar business problems. With our end-to-end equipment rental solution, we were able to help them come up with different ways to make money and bill for contracts, as well as keep track of their assets.
Buying, installing, and putting a rental software to use can be a complicated process. So, it makes sense to start with what it can do for you. But first, let’s look at what makes high-tech equipment and medical device rental businesses different from the rest.
What makes software for renting high-tech equipment and medical devices different from the rest?
For high-tech equipment and medical devices, you need a slightly different set of skills than you would need for a regular equipment rental service. It focuses less on the equipment itself and more on the processes and businesses that the rented equipment can help.
Now, imagine that you also offer a wheelchair rental service. This would expand your range of equipment rentals to include medical devices and mobility aids. Your customers could be individuals who need a temporary mobility solution due to injury or illness, or businesses such as hospitals and nursing homes who need to accommodate patients with limited mobility.
By offering wheelchair rentals, you can provide a valuable service that helps people maintain their independence and quality of life. Additionally, this new service would require its own unique sales and income model to effectively manage the inventory and maintenance of the wheelchairs.
A company that rents medical pumps to doctor’s offices, hospitals, clinics, and dialysis treatment centers is another good example. Even though all they do is rent out pumps, they have to deal with a wide range of customers. If you rent a bulldozer, on the other hand, you can only rent it to a construction company.
Some companies rent out different devices to different types of end customers. One of these is a company that makes high-tech equipment and medical devices.
Unlike heavy equipment, high-tech equipment and medical devices need to be shipped in large quantities, like 1,000 customer services or 600 devices every day. So, the logistics and revenue models are different, but at the highest level, the processes are the same. A customer can rent a piece of equipment from you for a certain amount of time.
Advantages of renting equipment for high-tech and medical devices
- Seeing everything
To rent out all of your high-tech equipment and medical devices, you need to keep track of a lot of different ways to track revenue and inventory. This is a complicated but important process, and if you can’t see what’s going on with your equipment, your business could be losing money that you don’t know about.
A well-integrated rental solution lets you see all of your equipment and devices throughout their entire lifecycle and supply chain. So, you can improve how you handle logistics and deal with different sales packages and revenue models.
- Better planning
Data is the new currency, and a rental solution that keeps your ERP system’s data up to date can give you deep insights. It also comes with a planning tool that lets you see all of your devices and equipment at once. This means you can plan for both the day-to-day running of your business and its long-term goals.
Data from the past can show you how your equipment has changed over time. For example, the data can show that there is more demand for a device or piece of equipment at a certain time of year or from a certain industry. You can plan for a product’s availability and price when you know this kind of information.
You can also use this information to schedule preventive maintenance for equipment when it’s not being used much. This will maximize your return on investment. Insights into the industry can also help you manage your stock in line with the market.
- Operations were streamlined
To run a smooth business, it’s important for all of the teams in your company and along the supply chain to work together. In order to run a business that rents out equipment, you need to schedule shipments in real time and keep track of their location, condition, and how they are being used. You also need to make sure that your staff knows how the rental business works so they can do the right thing at the right time.
Enterprise software gives mobile users real-time access to information about all the equipment and people in the company. This makes things more transparent and improves the customer experience. Some solutions also come with a visual plan board that lets you check and manage things like billing, extending the rental period, service and maintenance, etc.
- Less money spent and more money made
It can be hard for businesses that rent out high-tech equipment or medical devices to keep customer happy and keep costs down at the same time. But in today’s competitive world, it’s important to find a balance between the two.
An ideal rental solution can help you save money on unnecessary maintenance and transportation costs by better planning, streamlining, and reducing the amount of time equipment is down.
For example, a solution that uses the Internet of Things (IoT) can track both where equipment or devices are and how they are being used. It means you can track where your products are going and see if they are being used more than what was agreed upon so you can charge your customers for any extra use.
- Customer satisfaction went up
Lastly, when your rental processes are well-organized and streamlined, it improves the efficiency of your whole supply chain. Also, if a solution is mobile, billing will be faster, more accurate, and done on time. Customers will be happy if the supply chain moves quickly.
A rental ERP solution also lets you look at the past records of customers who rent from you often. You can use this information to get to know your customers better by giving them discounts and deals that are just for them.
What’s next?
As you can see, a complete software solution for renting out high-tech and medical equipment can help you manage different ways to make money. But you need to think about a few important things before investing in the right solution, because it can affect your business in the long run. Here’s what they are:
- Customers of high-tech equipment and medical devices can come from any industry or background, so it’s important to know what they want.
- Talk with your IT and operations teams to make a list of what they need.
- Find solution providers who can help you find the best software for your needs.
- Set up demos and meetings with the solution providers who made the short list.
- Check out their existing customers’ reviews, case studies, and testimonials.
Author bio:
Ashley Brown is a content creator and digital marketer with a passion for helping businesses in the Gilani Mobility industry succeed online. With over 5 years of experience in creating high-quality content, she specializes in creating compelling and informative blog posts, articles, and social media content!
Its really helpfull article in which they discuss about wheelchair equipment’s on rent, let me and one more company who provide all mobility equipment’s on rent you can simply contact with them.