If you are unsure what “ERP” means, you are not alone. Let’s do an exercise. Raise your hand if your software can handle both rental and sales. Now keep your hand raised if you can track the constant relocation, repair and disposal of all of your equipment. Keep your hand raised if you can track parts and merchandise, and if you can fully account for inventory via cycle counts and spot counts. Keep your hand raised if you can create scheduled maintenance steps by equipment type and keep logs. Raise your hand if accounts receivable, accounts payable, and general ledger are all unified. On that note, raise your hand if you can instantly drill into customer transactions if your revenue increases or decreases. Raise your hand if you’re able to pull the reports you need for insight into your business. Now, raise your hand if you can do all of this in one system. This is the power of ERP rental software.
The term ERP (Enterprise Resource Planning) was first introduced in the 1990’s. However, ERP software was first developed in the 1960s to manage manufacturing processes, including production planning, scheduling, and inventory control. The 70s brought a shift of focus in technology toward hardware and PCs. As the software and hardware experienced explosive growth, coupled with fears around the year 2000, many companies invested in higher level software to protect their data and grow their business. A rental-specific ERP allows you connect the dots among all aspects of your organization from the counter to the back office using just one technology system. With a rental ERP system, all of your data is in one place from the quote all the way through invoicing, equipment maintenance and fixed assets. It serves as a single point of truth. Different rental software products will have variations in features, but an ERP implies a fully integrated system that operates in real time.
ERP Rental Software Defined
Let’s start with the basics:
Who Is ERP Rental Software For?
Our next post will highlight features common to rental ERPs, or learn more about InTempo's ERP rental software.