Crimes of theft seem to be inevitable in today’s society. Theft of equipment for a business can occur in various scenarios; employee theft, customer theft, random theft. Despite the preventative measures taken by capital owners, thousands of pieces of equipment are stolen annually. Theft has major financial impacts on businesses. Not only does a company lose the capital used to purchase the equipment, but future and current revenues are also lost. In addition, theft of services, which occurs when someone returns equipment late without paying additional rental fees or late charges, is also a concern for companies. Due to the impact theft can have on businesses, states like Illinois have created stricter legislation on punishment for theft of rental equipment.
Rental companies cannot afford to lose revenue of their equipment whether from theft or customers who have rented the equipment and have stopped making or defaulted on payments. With the growth in telematics, rental companies can now save time and money by tracking the location of their equipment. By using an ERP systems for rental companies in unison with telematics, companies identify contractual updates, as well as aging and overdue payments on rental contracts. Businesses can rely on programmed alerts to notify renters of terminated contracts requiring the return of outstanding equipment. It helps highlight which customers are more problematic, allowing owners to take appropriate action towards the recovery of their assets. Telematics have also assisted companies in pinpointing the location of their stolen equipment.
Time is a crucial aspect of generating revenue. It is what rental contracts are based on and gives a company the metric for revenue. The rental industry cannot afford to lose any time on rental equipment as it directly translates to losses in revenue. Capital assets have a specific life expectancy based on usage and time. With time directly tied to the dollars a rental asset can generate, it is important for companies to track every detail that can impact the use of their equipment in real time. The ability to recover rental assets through tracking will prevent companies from losses associated with time and money. More and more, capital owners are being confronted with the need for more frequent and reliable status updates. Rental companies need to look to avoid losing dollars on investments of rental equipment and contribute ways to combat rising insurance costs. In today’s market it is crucial to keep a tight watch over every asset that a company owns. Contact HSO for more information at info-usa@hso.com
About HSO Services
HSO, Microsoft’s ERP Partner of the Year 2014, is a leading provider of enterprise business solutions based on for the Multi-Channel Retail and Services industries, including Microsoft Dynamics AX, CRM and Office365. For more information, contact HSO at (847) 348-0588, through email info-usa@hso.com or www.hso.com.
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