Why use DJ equipment rental software for your business?
It can be a challenge for DJ equipment rental companies to track their fleet of DJ equipment. These may include speakers, mics, lighting kits, mirror balls, party speaker systems, DJ mixers, DJ controllers, power cables, and heavy-duty speaker stands. The DJ equipment rental industry is growing at a fast pace with high demand for rental services.
The rental companies need to adapt to changing market trends. They need to work harder to complement this growth and meet customer needs. Fortunately, a DJ equipment rental software makes the task of equipment management easier by helping you keep an accurate track of your rental fleet from acquisition to disposal.
A DJ equipment rental software not only manages the equipment life cycle but also takes into account other key areas of your equipment rental business like customer service, planning, scheduling, inventory management, reporting, and others. The software solution helps businesses optimize efficiency and enhance productivity across their rental business.
Listed below are some major benefits a DJ equipment rental software can provide.
1. Stop inventory loss and manage it efficiently
One of the greatest challenges faced by rental owners and their managing directors is equipment theft. Rental businesses lose a significant volume and value of stock every year. Because of no proper record of assets acquired or deployed, companies eventually end up in situations where they have little to no idea about what they actually own.
This leaves a lot of space for confusion and questions like ‘how many mic cables do I have?’ or ‘didn’t I just buy the party speaker systems? Where did it all go?’ For this reason and others, you need to keep an accurate track of your equipment.
You need to keep track of expensive DJ equipment your rent out.
It may be easy to track bigger and more expensive equipment like a video projector or disco balls. But, it is the smaller pieces like the cables, rigging pins and adapters that eat away your business profitability. A DJ equipment rental software lets you easily keep count of what’s in your warehouse, what is prepping to go out and what is currently out on rent.
As a managing director, the software might let you discover missing equipment which you can use to backtrack to where you are bleeding and take immediate action.
2. Business intelligence and real-time reporting
Data analysis can be an uphill task for DJ equipment rental companies as the data collection in the organization grows day by day. The hassle of interpreting, sorting and finding data only magnifies the risk of poor decision making.
A DJ equipment rental software comes with business intelligence capabilities that offer you insight into your business. Such insights lead to better decision-making and improved productivity. Rental company owners can then make decisions based on facts and figures instead of assumptions.
Managers can analyze real-time and historical data together in order to plan and forecast. They can keep up with changing customer demands and bridge the gap between business strategy and execution. For instance, you have eighty DJ mixers and only an average of ten gets rented out.
With these statistics in mind, you can stop purchasing more of these and decide to purchase what is more in demand according to the reports.
You can use the reports generated by the software to make the right decisions.
The software solution also offers a dashboard feature, similar to the one you have in your car. Just one quick glance at it lets you know about temperature, fuel, speed, and other critical information – that is needed to keep your car running safely and smoothly.
Similarly, the user-friendly dashboards and KPIs (Key Performance Indicators) give you a complete visual analysis of all the activities going on in your organization. You can convert large volumes of data into visual cues that lead to effective decision-making.
3. Sales and financial management
The sales department has a crucial role to play. In an extremely competitive market, DJ equipment rentals face a variety of financial problems on a regular basis. Some of the challenges include order scheduling, order placement, capturing inquiries and then dispatching and invoicing.
The rental management software streamlines the entire rental process by canceling out chances of any manual errors and bottlenecks. Thus, establishing a smooth flow from rental quotations and order, to payment receipt and invoicing.
The software solution streamlines and automates your financial transactions that give you a competitive edge in a vibrant environment. It gives you greater financial control over your operations ranging from consolidating and reporting results to creating and managing transactions.
In addition to this, the invoice management system simplifies your accounts payable process. It ensures payment compliance and monitors the payment status of your rental clients.
4. Customer Relationship Management
Customer relationship management is a powerful business process for DJ equipment rental businesses. There is more to it than just contact management, where one can just add contact details of your customers.
The software solution helps to manage your relationship with existing and new customers, boosts internal business processes and cover every interaction with customers. In case there are any complaints or queries regarding a DJ equipment rented by a customer, you can extract customer service records and other details.
This helps you to deal with customer complaints and queries smartly.
The app also allows managers to track their potential customer’s transition to an actual client, calculate customer retention rate and analyze the efficiency of all the marketing campaigns.
When it comes to your sales team, a software solution centralizes access for reports, sales pipeline, contact details, to-do list, and availability calendar. They can easily schedule a future date for your customer when the equipment is available next and get an overall view of the activities on a particular client.
Within a few clicks, your employees can access the DJ equipment gear available, in quarantine (lost and damaged stock) and rented out and let your customers know straight away. This eliminates the need to jump through hoops to find the data you need.
Conclusion
DJ Equipment reliability and availability is essential for utilizing opportunities available in the market and gaining customers. The DJ equipment rental software can help you increase the visibility of your financial health, ensure data accuracy and well being of all the complex lines of business.
Use EZRentOut as your preferred DJ equipment rental software
We’re EZRentOut, a leading online rental software used by hundreds of musical event organizers, celebrity parties and businesses to manage customers, orders, and payments from one centralized location.
For more assistance, drop us an email at support@ezo.io.
