Is Construction Equipment Rental the Next Horizon in the Construction Industry?

Is Construction Equipment Rental the Next Horizon in the Construction Industry?

Is Construction Equipment Rental the Next Horizon in the Construction Industry?

Posted on September 12, 2019

Is Construction Equipment Rental the Next Horizon in the Construction Industry?

The construction industry is constantly changing and we are always keeping an eye on the next big thing. Today we are looking into the idea of construction technology companies – specifically those that rent out construction equipment. Is this a reasonable option? Will it work for today’s construction companies? Let’s take a look at the facts.

Total Digitization is on the Horizon

One of the reasons that companies like working with construction equipment rental companies is that everything is digitized. There is no need to write down anything on paper. Buyers can self-educate themselves without having to listen to a sales presentation from the salesforce. This is the preference of buyers on an incredible factor of three to one.

This digitization process saves everyone time, as we have seen with Fund Control. For example, e-commerce makes it possible for sales reps to say goodbye to wasting time on order processing. Instead, they can focus on building relationships with new customers. Businesses are able to track the types of customers that are working well with them, and how often their transactions come in. In short, digitization has changed the way the business runs.

Some Interesting Statistics About Construction Equipment Rental

One company that launched in 2012 does about $35 million in revenue each year. They rent out construction equipment but do not even own a single piece of machinery – they are just the middleman. Another company saw more than a 50% year-over-year growth in its second-year revenue. Grainger, a well-known company, saw more than half of their 2018 business come from e-commerce – that comes out to about $5.84 billion.

Telematics Are Quickly Becoming Part of the Equation

We have seen an incredible increase in the use of telematics. If you are not sure what this, consider that there are two goals for this software: To tell the user where their machines are and what their machines are doing. Telematics can also monitor battery levels, fluid levels, and maintenance needs. These options help machine rental companies keep their machines in great shape – which make their machines a better deal for you.

Virtual Reality Training is Becoming Very Popular

We are also seeing virtual reality training becoming very popular. This actually reduces the need for equipment rental as employees can learn how to operate big machinery largely without having to sit behind the controls. This allows your trained employees to work smoothly while your newer employees are training.

The world of technology is changing the way every business operates. At Fund Control we are here to help private equity firms, mortgage lenders, and others clean up the way they disburse funds. Contact us now at 800-625-5972 to get started.