Equipment Assessment and ProcurementGiven the wide range of types of equipment and the need to invest time in assessing equipment prior to purchase, it is important for rental companies to provide effective procurement systems for purchasing equipment for moving and handling people. Dynamics Rental Management integrates the Asset and Purchase seamlessly, to fully automate the Asset Creation process.
Activation
Dynamics Rental Management does not only support the operational processes, but also the financial settlement of the Rental fleet. After the Purchase Order invoice is paid, the Rental Asset is financially activated. From that moment onward the Assets are “acquired” and the net book value of the Asset is known in the system.
Depreciation
After the activation of the Assets, Rental Management can fully take care of the financial depreciation of your rental fleet. Depreciating assets is for Rental Companies an important method of allocating the cost of a tangible asset over its useful lifespan. On the Asset type, the depreciation methodology can be determined, allowing the solution to take care of this process fully automatically. Rental Management will propose depreciation journals, allowing Financial Asset Managers to review and to finally post the transaction into the system.
Equipment Cost Overview
Rental Management “Cockpit view” enables you to view, control and compare the operational costs of your Assets. The “Cockpit view” provides companies the ability to perform detailed costing analysis on the equipment they own and maintain. By having one centralized overview you can easily see any abnormalities, from high-level down to specific pieces of equipment. An example is that you can easily compare the maintenance costs for a specific type of equipment across different sites.
Dispose of Equipment
When equipment becomes obsolete, it`s not suitable for use for a variety of reasons (i.e. damaged, can be used but parts need replacing, making it cheaper to buy new equipment, etc) or if there is surplus to requirements, there should be a way to dispose of it. Where possible, recycle equipment by giving it to other organizations who can make use of it as long as it is safe to do so; otherwise it must be disposed of. With Rental Management Assets can be disposed of/scrapped/sold on a structured way. After the Disposal order is posted the Financial transactions are automatically updated, the asset status will be changed and the financial consequence of the transaction is calculated automatically. In addition, the Operational side is updated automatically to assure the availability of the rental fleet is still accurate. Equipment that has been marked for disposal can also be used as a source of spare parts and the operational history remains available in the system.
Intuitive and accurate Dashboard
Having the information embedded in the system is only one side of the solution. With the intuitive PowerBI dashboards of Rental Management users will have real-time access to the most critical Asset Management information. The true power of the solution is that operational and financial information can be combined to give a complete picture of how assets are performing.
Dynamics Rental Management will help rental companies overcome their biggest problems in Asset Management and can begin realizing significant cost reductions, heightened productivity of the rental fleet, and improved overall visibility.