Equipment Leasing and Rental Use Case
Storage environments represent a significant opportunity for leveraging the many benefits of Sensify solutions and our sensor based technologies to address key business challenges in the equipment rental and leasing sector.
Specific applications include the security and accountability of assets, rental and service management, measuring equipment utilization, accurate financial transactions and operational control.
Asset Accountability
Every CFO, facilities manager, asset manager and warehouse manager needs to maintain complete control and accounting of all equipment. Inventory audits are done at least annually, at great cost, effort and with questionable accuracy. Sensify’s solution has delivered benefits that include:
- Conducting Inventory audits across multiple warehouses with little or no infrastructure investment
- Conducting an accurate cycle count of inventory in hours, not days, weeks or months
- Complete reconciliation with the asset management system of record
- Instantly retrieving automated reports for management and compliance
With tagged assets, customers are achieving 100% accuracy while eliminating 90% of audit costs; enabling instant reconciliation, reduced asset shrinkage, improved operational control and better financial performance.
Rental and Service Management
Production and rental operations depend on equipment being properly stored and maintained. Especially important is the timely locating of equipment. Benefits of full visibility in this area include:
- Locating assets on demand in minutes
- Scheduling of assets for rental so that they are not otherwise in use
- Minimize project delays and buffer inventory due to unavailable equipment
Rental and service management hold great promise for productivity gains, capital reductions, and operational cost savings through the use of RFID.
Equipment Utilization & Effectiveness
Optimizing the use of assets is key and only achievable if the pattern of use is known. Further, some assets are totally unusable without various “accessories” that are required for operation. Equipment utilization and effectiveness benefits
include:
- Reservation of equipment by project (with all required accessories)
- Check-in and Check-out of equipment (association to personnel, jobs, tasks or financial transactions)
- Standard reports of equipment utilization and violations
Understanding equipment utilization and effectiveness helps to lower buffer inventories, allocate costs appropriately, and ensure the availability of assets for the individual engineer and the organization.
Effective management of assets across multiple warehouses requires a high level of visibility. The value of such visibility is much more than simply accounting for the assets and reconciling with the system of record. The greater value is in the
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