Making use of an Enterprise Resource Planning (ERP) solution is beneficial for most industries in this day and age.. One such industry is the hiring/rental industry. This sector is increasing becoming popular as people choose to hire machinery, tools and equipment instead of investing in big purchases themselves and then having to maintain, insure and all the rest. Given that the demands within this industry continues to rise, it has also become more competitive which means that these businesses need smooth and efficient processes in place to keep up with the times and the competition.

A few areas where a hiring solution can benefit your business:

Organising data

Organised data sounds complex.. and many businesses would argue that they don’t need to organise their data or perhaps that they don’t even have data but most businesses will have started to collect some form of data. It has become a critical part of most businesses. So if you have not started to work on or with your data yet, it’s time. Or if you are using a manual or outdated system to manage your data, you need to step it up.  Having easily accessible and accurate data at all times is vital for hiring companies. High-level employees need to be able to access data to make judgements on time, equipment or labour availability. Executives, on the other hand, need the data to make strategic decisions. It could be used to assess when which machinery or equipment needs maintenance as well as various other reasons that can highlight trends or enable for the better service or customers.  

Improving the accounting process

As businesses grow, so will their accounting needs. Automation and smoother financial processes can make a big difference to the business whether it is to track outstanding invoices, AR ageing and credit follow-ups to name a few. Smoother financial processes will assist hiring businesses to run more efficiently and productively..

Offering flexibility

Hiring businesses are continually changing and so are the markets around it. This means a good level of flexibility and adaptability is required. A good business management solution will enable businesses to more easily adapt or change as and when they need to.  

Tracking assets

The heart and soul of any hiring company are the assets that are rented out. If these businesses are not able to track assets, it can have serious consequences for the business. It helps to better manage machinery or equipment as well as customers.

Kerridge Commercial Systems acquired inspHire, a business that offers hiring solutions to machine, equipment and tools hiring businesses.  This is a unique product that solves many of those challenges associated within the hiring industry. Whether you need to better manage your data, improve on your accounting processes, need greater flexibility or tracking of your assets, inspHire can help your business with more streamlined and efficient processes.