FIT Global turns SAP into Rental ERP!
Almost everyone knows SAP as a strong digital backbone for every company, but not specifically for the (Heavy) Equipment Rental Industry. With FIT-Rent, the rental management solution from FIT Global, you can now turn SAP S/4HANA into a real Rental ERP system. Although FIT Global is already active in the rental industry for years, International Rental News did not feature an article about the solution yet and how it is integrated with SAP.
Rental companies suffer from a lack of integrated processes
Due to a diverse landscape of multiple point solutions, most rental companies are not able to fully integrate their processes. This potentially results in many manual, error-prone operations. On top, rental businesses look for integrations between operational asset management, core rental processes, financial processes, fleet management, and IOT utilization.
All point solutions in a diverse IT landscape bear their own subscription / purchase costs, maintenance costs and costs for hardware to keep these solutions running. They will have their own portion on direct budget spend and hidden, indirect costs, such as the increase of staff.
Customer satisfaction also suffers when processes are not fully integrated. Machines might not be ready for delivery, maintenance might need to take place during the next rental period, or when the delivery status is not properly documented this could result in higher final billing costs. But if you are able to smoothly run rental scenarios instead, like Re-Rent, RPO, Swap and Rental Packages, this will boost customer retention.
Lacking a clear view on assets and IOT data also has a negative influence on the innovation capabilities of a rental company. This stretches from preventive maintenance to usage-based pricing. Financial risk increases when credit checks are not fulfilled automatically during the creation of a contract and when real-time information on equipment use is lacking. If your customers use the machines three times as often as expected, it can have serious consequences on a rental company’s credit risk.
Rental Management Solution in SAP S/4HANA
The Dynamic Equipment Management Solutions from FIT Global enhance and expand the SAP S/4HANA functionalities for rental, leasing, sales & purchase, service, parts and dealer management. FIT-Rent is the module which provides a complete end-to-end ERP experience for the Rental Industry. For long-term rentals/leasing, FIT-Lease provides all needed capabilities.
SAP ERP ensures all your company wide core processes are integrated within one solution. From Operations to HR, Finance and Logistics. FIT-Rent covers on top all specific rental processes such as lead to quotation, contracting , availability check, including enhanced fleet management capabilities, check in/out processes, final billing and cycle billing. All including integration with the aforementioned core processes.
Beyond this, there are many rental specific scenarios like SWAPPING equipment during contracts or Rental Purchase Options (RPO), and Subscription Billing of a Fleet, including variable pay-per-use per asset.
IOT Integration & CO2 Tracking
The end-to-end Rental ERP solution from FIT Global and SAP has an integrated location tracker of equipment, embedded in the ERP software. Today there are already integrations with IOT for CO2 tracking during the rental period, or even throughout the whole lifecycle of an asset. Smart integration of parts and labour purchase based on real time status of an asset, such as maintenance condition, number of hours, malfunction codes, and even usage are also possible.
Increase control and reduce costs
The integrated fleet management possibilities within FIT-Rent provide real-time, 360-degree insights into fleet status, machine status, hub-utilisations and a real P&L per asset. This increased level of insight and control helps to simplify decisions about the fleet decrease or increase. Rental operators decide if, how, and when to use data per asset, hub, or any other dimension.
About FIT Global
FIT Global is a dedicated SAP Development Partner for industry-specific solutions for over two decades. Our Dynamic Equipment Management Portfolio enriches and expands SAP S/4HANA and consists of five modules: Prime (Purchase & Sales), Parts, Service (Workshop), Rent and Lease. They are available through the SAP Store. With these SAP certified solutions, we help companies around the world to manage their dynamic market and customer needs. That’s how they increase availability and uptime, optimize pricing, boost sustainability and raise profitability over the circular lifecycle of their equipment. Our industry knowledge, smart technology, and close collaboration with SAP ensures acceleration from the start.