Best Practices: Equipment Rental Program Management
To understand best practices for equipment rental program management in order to overcome challenges in the key areas of fragmented regional spend, lack of detailed spend visibility and reporting, inconsistent approach to defining internal business requirements, and lack of proactive supplier management.
To understand how large businesses have leveraged support from equipment rental companies in order to achieve more savings, a consolidated vendor base while introducing new market players to drive competition, and a reporting structure to manage commercial and operational KPIs to be led by vendors.
Our background research revealed insights on best practices for equipment rental management and United Rentals support of large businesses. Here are some key pieces of information we found:
- Being clear about contract requirements for equipment rental by answering such questions as: "What is the full cost to rent? Does that include insurance for damages or theft, transportation fees, or fuel surcharges? How long do renters get the machine for? Are there late fees? What are the billing policies?" is a best practice that helps to improve spend visibility and reporting and pricing consistency.
- Investing in an equipment rental management tool that utilizes software to help to consistently define internal business requirements is also a best practice that can "maximize efficiency and minimize workload."
United Rentals Case Study
- Large businesses have leveraged the support of United Rentals by participating in a Blue Thursday event on November 29th that "offers major savings on quality used equipment."
- Large businesses have also leveraged the support of United Rentals by utilizing their Total Control cloud-based worksite management tool that offers real-time visibility, an all-in-one solution, the ability to measure and track goals, and streamline work.
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