This interview with Finning’s Michael Frey first appears in the February 2021 print issue of RER Magazine
When COVID hit last year, rental businesses declined, many job sites closed down and equipment was returned to the branches. Companies had to act quickly to ensure customers and teams stayed safe. But the rental industry bounced back fairly quickly and with continued infrastructure investment predicted throughout the rest of 2021, there is a growing sense of optimism.
With a continued focus on keeping everyone safe, there is no better time to add rental equipment to your fleet. From flexibility to maintenance, here are some ways rental can benefit your whole operation, even post-pandemic.
1. Scale up or down when needed
Rental can help you balance the flow of work - scaling up or down when needed. This has been particularly relevant in the last year with the level of uncertainty about the pandemic and how it will affect upcoming work and investment in industry sectors.
2. Experience the benefits of technology
Telematics like remote monitoring will allow customers to gain useful data and insights and will allow dealers to arrive more prepared when they need to visit a site. One of the biggest opportunities is a better understanding of the value of technology and having efficient systems and processes in place. E-signing for example, isn’t new but it’s becoming commonplace. Necessity drives innovation and so technology like remote monitoring is becoming more wide-spread.
Going forward, there will be an increased focus on connecting through technology. This means everything from products to people, asset management to virtual meetings. This focus will allow businesses to safely operate, lower their cost to serve, and maintain effective relationships within their teams.
3. Do business without large capital investment
Every area of business was affected by the pandemic. The rental industry has recovered somewhat, and for many small contractors who adapted quickly, it’s business as usual. Rental can be a leading indicator of how the market responds due to economic challenges - when equipment purchases decline, rental often picks up. Customers may be more likely to rent during challenging economic situations, as it means they can still do business without a large capital investment.
For more information on renting equipment, visit the Finning Rental Store
Finning is the world's largest Caterpillar dealer, selling, renting, and providing parts and service for equipment and engines to customers across diverse industries, including mining, construction, petroleum, forestry, and a wide range of power systems applications. We operate in Western Canada, South America, and UK, and Ireland.