With tough economic times behind us, companies are starting to move forward by investing in safety and loss prevention. Rental software is increasingly used by many industries as a safety tool for their inventory and security. This is particularly evident for companies with high value equipment.
Why should you take precautions against theft
For a lot of businesses in the construction, manufacturing, oil and gas industries, heavy equipment are among their most valuable and indispensable assets. Machinery and equipment are expensive, often hard to purchase but essential to the smooth operation of the business. Unfortunately, this also makes them prime targets for theft and vandalism.
Theft and vandalism cost businesses nearly $1 billion dollars a year in locating, repairing or replacing the missing or damaged equipment. They also cause delays and downtimes in operations, lower staff morale and raise insurance premiums.
Fortunately, the risk of theft and vandalism can be mitigated by raising awareness and checking whether your workplace has certain risk factors:
- Unsecured premises
- Universal keys
- Lack of security and safety mechanisms
- Equipment left open and accessible
- Bad record keeping and product identification
If your business is at risk of theft and vandalism, it is important to fully consider the consequences for your operations if the risk was to eventuate.
Grave consequences of theft
Theft and vandalism can have serious consequences for a company. First and foremost, there will be direct financial loss due to the loss or damage of valuable asset. This will directly impact on your profitability.
Second, a flow-on effect is the time loss associated with the lack of equipment. Often, the business will be forced into a period of downtime or delay due to the lack of effective tools and machinery for employees to do their job.
Third, workplace health and safety can often be compromised when a business lacks the necessary equipment for its operations. In an effort to make up for lost time or efficiencies, employees can often overlook certain details and safety obligations that are critical to a healthy workplace health and safety culture.
To guarantee strong safety standards and prevent loss, you need the right software. Without the safeguards provided by the appropriate safety software set up, your business run the risk of fostering a lax attitude towards safety. This may result in security breaches, injuries, and increase the cost and time taken to remedy processes and make up for business losses.
A software solution to loss prevention
Installing the right software to manage workplace security and risks can reduce and mitigate some of the consequences of theft and compromised workplace safety.
The right software solution should have the following safety features:
- Safety inspections
- Incident reporting
- Preventative training
- Hazard alerts and awareness
- Corrective training
Having the right rental software in place means that your business would be able to access better security and surveillance, keep up-to-date with a record of what the equipment is onsite, in use or offsite. The right rental software should be able to provide you with real time status updates on your equipment so that valuable equipment is never left unattended and at risk of vandalism or theft.
With the right rental software, you can streamline processes to minimise injury, increase security and access safety mechanisms such as alarm systems and immediate mobile updates if things go astray outside business hours. Installing the right rental software can completely change the way you maintain and manage your equipment and workplace safety.
Getting the most out of your rental software
As businesses come back from a tough economy, there has never been a better time to invest in a rental software that revolutionalises the way you utilise and maintain your equipment and assets. This is particularly relevant for those in the construction industry, as the commercial and residential housing sectors continue to grow into 2014. Increasingly, rental software is becoming more functional and more integrated into the daily operations of businesses in many industries. As your business moves into the future, consider how you can get the most of out of your rental software to enhance business security, better manage your equipment and increase your business safety and security.
To find out more about inspHire’s rental software, contact us today.
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