Managing Inventory Losses For Rental Companies Through An Efficient Booking System
The hire and rental industry is quite the busy market space and requires the very best of management tools in order to thrive. Be it car rentals, part supplies rentals, space and facility rentals or equipment hire, an effective booking software is one such tool that any hire business, irrespective of its scale of operation should make a priority out of investing in.
One of the greatest challenges that cuts across the industry is keeping track of all items rented out. Infact, many businesses suffer huge losses due to this challenge every year. Software developers have found a way to redeem the situation by adding a tracking feature to booking and scheduling software that rental companies can use. It makes a world of difference as rental businesses who have invested in the same would readily testify.
By labeling your rental items with a QR code or barcode, you can activate geo-location through GPS coordinates and keep track of every item as it goes out. You can also keep an eye out on the location of your rentals through an interactive map as provided by the system.
If the return date or time is overdue as stated in the legally binding rental agreement or contract, you can easily send out an automated reminder via email or text to the clients’ contact details entered into the system. For some, it may actually turn out to be just an honest mistake of mixing up the dates or simply just forgetting. You can always call for a more personalized interaction as you inquire about the delay in returning the rentals.
Away from the clients’ end, booking software can also help your business thrive by avoiding loss due to theft or damage by your own employees. The system allows you to see which members of your staff check in or check out particular items. Every employee gets a unique ID log, with which they can access the system and check in or check out requested rentals. All these activities are kept in record in an activity log that you can use to follow up with in case an item becomes missing from your inventory or is damaged. This will most certainly encourage every employee to take personal responsibility and be particularly careful with every task, ensuring that every check out is legitimate and above board.
Additionally, rental booking software is great for inventory management as you have some items tagged as being in repair or maintenance. For most dishonest employees, an item that is not actively in use is usually the easiest target for stealing. The system ensures added accountability as you know exactly where each item is and the condition of each.
With a reliable, feature-packed booking system, no longer do rental companies have to worry about loss of their rental items. Your company can now look forward to reduced losses that are as a result of clients who run off with your rentals as well as stealing from employees.