Digitalisation – Transforming the equipment rental industry

The impact of digitalisation in the equipment rental industry

About this Report

In common with many other industries such as vehicle rental, travel, banking and music, the rental industry is being transformed by digitalisation. This transformation includes the provision of real time data on where the assets are and what they doing, the digitalisation of the underlying rental process, mechanisms for customer engagement and the development of new services and solutions.

Whilst the digital transformation of the rental industry is happening at speed, every rental company large or small will be affected and is faced with similar questions: How will digitalisation affect my business? What is driving change? What strategy should I adopt? How does my approach compare to others in the industry?

The purpose of this guide is to answer these questions and provide a window into how companies within the industry are leading the transformation, highlight the opportunities and threats that digitalisation poses and provides practical advice and guidance which can be applied within your businesses to meet the challenge of digitalisation.

The one thing our research has shown is that the industry is already being transformed by digitalisation and “carry on as before” will not be a sustainable strategy for the future

01

What is driving digitalisation

The implementation of digitalisation has reached a tipping point due to four main drivers.
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02

The benefits of digitalisation

Biggest benefit: Customer satisfaction.
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03

Getting started

The strategic options available to a rental company.
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04

The digital transformation

The most common approach: The digitalisation adoption curve.
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05

The future

Is already happening now.
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Not sure where to start?

See our

THE GUIDE HAS BEEN COMPILED WITH THE INVALUABLE SUPPORT AND CONTRIBUTIONS OF THE FOLLOWING COMPANIES:

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DIGITALISATION READINESS CHECKLIST

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Strategy

 

Clear link between business strategy and digitalisation strategy (business strategy leads)

See
Chapter 3

Digitalisation strategy matches customer drivers in target segments See
Chapter 1 & Chapter 3
Implementation strategy (in-house, COTS, platform, hybrid) matches capabilities and resources in the business See
Chapter 3
Understanding the impact of digitalisation on your business mix, profitability, and ability to service non platform customers See
Chapter 1
If relying on platform partnership for your delivery strategy, do you have a plan for what happens if the platform arrangement goes sour See
Chapter 3
Digitalisation delivery strategy

 

Does the digitalisation delivery strategy – inhouse, COTS, platform, hybrid - match your strategy in terms of budgeting, “ownership” of customers, capabilities and likely development of digitalisation within your business over time? See
Chapter 3
Does your IT delivery strategy and in particular budgeting over time, considered a transformation journey that is likely to include ERP replacement, telematics roll out and data analysis? See
Chapter 4
Do you have the skills and capabilities required to deliver your digitalisation delivery strategy and journey over time, or you have
a plan to address any skills and capability gaps?

See
Chapter 4

Organisation of your digitalisation effort
Is the business (relevant functions, operations, sales etc) involved and leading the strategy development and decision making for digital transformation? See
Chapter 4
Are you running the digital transformation project as a business transformation project and not just an IT project? See
Chapter 4
Do you have a clear business case for the digitalisation transformation? See
Chapter 4
Have you aligned the tracking of benefits and results with business KPIs See
Chapter 4
Process digitalisation
Do you have a strategy to bring your staff along with you and manage change and business transformation as you digitalise your business processes? See
Chapter 4
Does your business process digitalisation strategy cover integration with operational aspects such as sales management, credit control, HR, QHSE? See
Chapter 4
Does your process digitalisation strategy consider if, and when, you will need to update your ERP system? See
Chapter 4
Telematics implementation / data strategy
Do you have a telematics implementation strategy – which assets, linkage to business processes and how to talk to different telematics solutions? See
Chapter 4
Does your digitalisation strategy cover creation of a data lake / warehouse, analysis of data and development of new services and solutions? See
Chapter 4 & Chapter 5
Does your digitalisation strategy cover the use of data to transform your business model in areas such as commercial offers, service delivery (depots) asset / fleet management etc? See
Chapter 4 & Chapter 5
Go to market / customer engagement
Does you digitalisation strategy align with the different needs of different customer segments See
Chapter 1
Have you engaged your digitalisation strategy to empower and transform your sales organisation (see implementation case study) See
Chapter 4 
Does your sales front end still allow for traditional (phone and in-depot and sales staff engagement) as well as digital engagement (Multi-channel engagement) See
Chapter 4
Have you developed the customer journey and support you provide to educate and migrate customers onto digital platforms from traditional servicing
See
Chapter 4
Asset management
Does your digitalisation strategy enable efficient and effective fleet management via data analysis and effective forecasting See
Chapter 2 & Chapter 4
Does your digitalisation strategy provide data which will inform and drive your procurement decision making See
Chapter 2 & Chapter 4
Does your digitalisation strategy deliver increased fleet availability via effective and efficient fleet maintenance See
Chapter 2 & Chapter 4
Does your digitalisation strategy use data analysis to drive asset disposal See
Chapter 2 & Chapter 4
Proposition development
Does your digitalisation strategy cover how you will reach and engage target market segments and drive customer acquisition See
Chapter 1 , Chapter 2 & Chapter 4
Does your digitalisation strategy cover how you will drive customer retention and lock customers in See
Chapter 1 , Chapter 2 & Chapter 4
Does your digitalisation strategy cover how you will develop added value services and propositions and develop additional revenue streams for your business See
Chapter 1 , Chapter 2 & Chapter 4
Business model development
Does the digitalisation strategy go beyond customer engagement and sales, process transformation and solution development and create a vision of how the business can transform to capitalise on data and customer and market understanding See
Chapter 5
Does the business strategy include scenario’s for how competitors may transform their business through digitalisation and how your business will respond See
Chapter 3, Chapter 4 & Chapter 5
Does your digitalisation strategy align with the strategies of key customer segments and how digitalisation can support and enable your customers strategic development See
Chapter 1 , Chapter 2 & Chapter 4