Digital challenges in the rental industry: Which should you tackle first? - Highsoftware
digital challenges

Digital challenges in the rental industry: Which should you tackle first?

25 July 2017

The internet has unleashed waves of innovation and transformed the way we do business. The changes in the rental market nowadays are stunning, especially if you compare this with around 10 years ago. Everything has changed, not just the way we communicate. For example, has the way your rental company keeps track stock changed? The way you analyze and structure your data? Your reporting systems?

The growing need for mobility is a deeply rooted force that accelerates the digital revolution even more. It can be hard for rental business owners to keep up with the digital transformation. So, which digital challenges do you tackle first? And how do you determine which opportunity will strengthen your business the most?

digital challenges

Image 1: Digital challenges for rental companies

 

When you read about digital transformation, you mostly see lists of all the novelties in the digital era. Or you get a description of all the digital challenges you face during your transition. But you want solutions, advice, or just some inspiration. In this article, we will give you a few tips to think about.

Stick to the plan of your rental company

The best starting point for your digital transformation is to go back to basics. You get the most out of every transformation when it is rooted in the core of your rental business. Look closely at your operation. What is your company’s vision? Where do you want to go? What do you want to give your customers? Just take a step back and consider what is most important for your company. Once you do this, your priorities become clear and you will be able to use the digital challenges to your advantage. You will make decisions with your customers and your employees in mind because they should be the reasons behind every choice you make.

Do your research

Nothing provides more insight than your customers and employees. You might think you already know what they want. But I can promise you, it will surprise you. Do keep in mind that your employees and customers may not always be upfront with you? Maybe they have their own agenda or are worried about their position. They can have many reasons for not being honest. Therefore, it can be worthwhile to let an independent company do the research. These companies are specialized and know how to prevent these kind of situations. Also, some of these research agencies have a huge network of possible candidates. This way, the research is done with a much larger target audience.

digital challenges

Image 2: which digital challenges does your rental company tackle first?

Don’t follow the buzz surrounding digital challenges

It is easy to get lost amid all the possible choices in your digital transition. There are so many digital challenges for rental companies. So many people saying they have the ideal solution. The buzz can be distracting or even misleading. This is exactly why many rental companies are delaying their transitions. Or why some companies dive in head first. Both decisions can have their drawbacks. If you wait too long, you might fall behind. But if you dive in immediately, you might spend too much money on unnecessary changes.

So don’t follow the buzz. And don’t let it scare you into doing nothing. Just make sure you know why you want this new solution or innovation. Does your company need it? Will it make your customers happy? What about your employees? Are you sure you are doing it for the right reason? Or are you just afraid to fall behind?

Are you afraid to fall behind?

Nothing good ever came from fear. Always carefully plan your transition. It’s easy to be tempted by the thought “But my competition is already doing it…” What your competition is doing is always interesting, but don’t let it lead you astray. It might be the right solution for them, but it might not be right for you. And don’t forget, your competition might be wrong.

The low-hanging fruit strategy for rental companies

When you don’t know where to begin, it might be a good strategy to start with the easily obtainable gains. Start your transition by taking stock of everything your rental company already has. Maybe you just have to make a few improvements to start your transition. Or just start with the solutions that are easy to implement and low-cost. This might give you clarity as to which additional solutions you need.

Are you curious how HiGH Software plays a proactive role to help customers handeling digital challenges? Please contact to discuss at info@highsoftware.com