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*NEW* InspHire eLearning Product

InspHire and the PPSR

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inspHire Open

With customers demanding more information now, the new inspHire Open product has been developed to provide your customers with the means to serve themselves 24/7!

inspHire Open is designed to easily give access to contracts currently on hire for the customer accessing thier web based account. Drill down to plant item's on the contract viewing all information such as attached documentation, specifications of the plant items, images, and much more.

The customer can even request a stand down or off hire by simple use of shopping cart technology now widely used in many self serve web based shops.

Your customers can even order new plant items to be hired viewing pricing relevant to their account ie discounts and special offers.

inspHire Open  provides time sheet entry for employees again anywhere the employee has internet access.

Mitigating workplace risks in the oil and gas industry

The oil and gas industry employs a sizeable portion of the Australian workforce, and keeping oil and gas workers safe is paramount to ensuring the good reputation, smooth operation and financial viability of a company.

Health and safety risks exist in every workplace, but they can be mitigated or avoided altogether with the right training, procedures and tools. Conversely, when one of these elements isn’t in place, accidents may occur. Some of the common risks in the oil and gas industry include motor vehicle accidents, equipment accidents, fire hazards and exposure to harmful substances.

Motor vehicle accidents

It is important to have in place a good motor vehicle program for workplace health and safety purposes, particular if your company uses large vehicles such as trucks.

Ensure that your company implements and follows a number of safety rules in relation to motor vehicle accidents:

• Avoid long, consecutive periods of driving – driving long distances and hours can lead to fatigue and slow a worker’s reaction. Setting a limit on the number of consecutive hours a worker is allowed to drive helps reduce the risk of accidents.
• Mandate safety training for all workers – it can be hard to monitor whether safety measures are being implemented on the ground, so it is your responsibility to ensure that all drivers are trained in your company’s safety protocols, and aware of the common hazards on the roads.
• Develop and enforce a hazardous condition protocol – motor vehicle hazards are often weather-related. Develop regular, weather-specific protocols for drivers, and make allowances for deadlines if inclement weather has effected your workers’ ability to deliver work on time. Trying to work against the weather or make up for lost time can often cause serious accidents and losses for your company.

Equipment accidents

The oil and gas industry uses a lot of complex, heavy machinery. Operating such equipment carries a degree of risk for employees. Accidents may occur if a machine malfunctions, or isn’t handled properly. That’s why it is vitally important for your business to implement a number of safeguards in relation to large-scale machinery and equipment operated by human workers:

• No shortcuts – an in effort to save time and increase efficiencies, it can be tempting for the business or the worker to take a number of shortcuts when it comes to equipment. However, all it takes is one accident for all the time and money savings to be all for nothing. It is therefore more important to direct effort to developing the right protocols, improving efficiencies in other areas or improving the equipment itself.
• Planning head in procedures – this is particularly important for skilled workers who have worked a long time in their role. Sometimes, it is human nature to go on “auto-pilot” mode for procedures that have been performed numerous times. However, if workers do not plan ahead in the procedures, they may lose focus and increase the risk of injury to themselves or to others.
• Track your maintenance – one of the most basic way of preventing equipment accidents is to stick strictly to your maintenance schedule, repair and update your equipment when required. InspHire’s rental software has useful functions to help you monitor and track maintenance and repairs throughout the life cycle of your machinery and alert you when maintenance is required.

Fire hazards

In an industry that deals often with combustible and highly inflammable materials, there is also a heightened risk of fire or explosions. These accidents are difficult to prevent or predict. As a business, you should take the utmost precaution when it comes to fire prevention.

• Implement a detailed fire-fighting plan – every worker in your company and on your sites should know your fire plan and receive regular training on it. Fire-fighting equipment and suppression agents should be readily available and visible, and response teams should be on-call in case of an emergency.
• A fire-safe set up – your machinery and equipment should be set up in a way that helps extinguish fire and not fuel it.
• Regular fire inspections – as oil and gas sites are susceptible to serious explosions and fires, your site should be inspected regularly, whether on your own volition or by external agents to ensure compliance with fire safety standards.
• Mandatory bottom line – you should insist on the use of certain essential gear to help prevent and mitigate fire hazards, such as wearable protections for workers.   
• Control rooms in safe zones – ensure that the main control centres of your company are located away from risk areas such as chemical containers and wellbores.

Exposure to dangerous substances

To prevent injuries caused by exposure to harmful chemicals, you must limit to the lowest extent possible any contact between workers and such chemicals. A few tips to mitigate the risk of injury from exposure to dangerous substances include:

• Distance and shields – you should provide as many shields and as much distance as possible between your employees and dangerous chemicals.
• Ensure good ventilation – ventilation is vitally important for work sites that may contain airborne contaminants such as fumes, gases and vapors. It is also recommended to provide state-of-the-art protection equipment if you are working with materials that emit harmful airborne contaminants.
• Clothing and equipment – providing safety clothing and equipment, such as specialised masks, eyewear, gloves and suits, can limit exposure.
• Regular inspections and audits – workplace health and safety inspections should be done regularly to ensure that any risks arising out of the operation of your business is detected and mitigated to the lowest extent as soon as possible. For example, an air quality self-inspections in the workplace can ensure that workplace conditions meet and exceed the regulatory guidelines.

When it comes to reducing workplace health and safety hazards, your best line of defence is staff training. However, having the right software to organize and monitor training, and track equipment and site maintenance can also assist to prevent accidents from occurring.

Contact us today and learn how inspHire software can be the solution to the risks for your company.

Recent developments in specialty equipment

The manufacturing industry has been steadily increasing its use of speciality equipment to achieve automated solutions. There has been a recent trend in specialty manufacturing equipment incorporating the latest automation technologies, including robotics, communication software, radio frequency identification and tracking. These recent developments have helped the manufacturing industry increase productivity, quality of output, as well as create a safer and more efficient work environment for employees.

 
Reaping benefits from technological developments

The trend in the use of automation technologies in manufacturing has set a new benchmark for the industry for years to come. This means that choosing the right investments in processes and machinery is critically important in helping you set your business up with a competitive advantage.

The most popular automation features seen in the manufacturing industry include:

1.     Remote monitoring systems, which enables your business to run certain equipment unattended, with instantaneous notification if a particular machine becomes faulty. Remote monitoring and electronic notification allow for greater quality and efficiencies in production, and give you more time to respond to any mechanical issues.

2.     Hybrid equipment, which combines two or more manufacturing technologies to reduce the total amount of machinery your business needs to hold, the amount of time taken to manufacture a product and the costs associated with those time and space savings.

3.     Software system control tools that combine computer-aided design and manufacturing (CAD/CAM), identify blockages and hold ups in the system, and opportunities to improve the manufacturing process.

4.     Equipment that uses radio frequency identification technology (RFID), thereby reducing the amount of damage the equipment sustains over the long term. This provides the owner of the equipment a return on investment, and eliminates the likelihood of human error leading to crashes, broken tools, sub-quality parts and set up errors.

5.     Automated data collection that is fast and free of the human error associated with entering data manual.

Moreover, technology is constantly evolving, becoming more compact and space saving. This has allowed the manufacturing industry to rethink the use of their factory and floor space, creating cost savings on energy and resources.

With the economy in slow recovery, there has never been a better time to consider how a manufacturing business can increase its productivity by cutting out errors, keeping its equipment in good shape, and creating a safe work environment to remain competitive in a tough industry.

Machinery management

More advanced equipment does not always mean significantly greater investment in staff training. With the right machinery management software for manufacturing, your business can free up your staff’s time to focus on productive, profit-yielding tasks, while the software manages the state of the equipment by anticipating, preventing and fixing problems and faults and tracking equipment maintenance. By pairing new automation technologies with the right equipment management software, manufacturers can tap into the potential of a streamlined production process that is ultimately more profitable and hassle-free.  

inspHire rental software can offer you a range of solutions to cater to your equipment management needs. Contact us today for more information.

A rental comeback in Construction

On the back of some positive signs of growth and recovery, the construction industry is emerging from the residual effects of the housing bubble and the GFC. With the current slow rate of economic growth, construction contractors have been forced to adopt more cost-effective and streamlined business practices, such as renting as opposed to purchasing construction equipment.

With signs of appears to be a construction recovery, the rental industry has experienced unprecedented growth both in Australia and worldwide. Accordingly to an American Rental Association (ARA) report, the equipment rental industry reached over $33 billion in revenue in the US alone in 2013, largely due to double-digit growth in the construction sector in the US. The ARA also reports that revenues in the equipment rental industry are further projected to grow 10.2% in 2014 and 14.9% in 2015. Similar results can be expected in Australia given the global trend. 

So what is the driver behind the increasing preference to rent instead of purchase equipment in construction? Why is renting a more cost-effective and efficient way of operating a business?

 
The economy 

With growing unemployment in the Australia, economic growth for 2014 is expected to be slow. This has caused the market to be cautious about taking risks, particularly given the uncertainty in the housing market.

For construction contractors, slow economic growth, market uncertainty and conservative lending attitudes from financial institutions all lead to the conclusion that renting construction equipment is a more risk averse option than taking a loss from capital investment.

The savings

Many small and mid-sized contractors who diversify their services to include mining, utility and pipeline contract rely on rental equipment to deliver their services. The cost of renting is significantly less than that of buying and maintaining new machinery for each specialised job. This is particularly so when you take into account the invisible costs such as the cost of equipment depreciation and repairs.

The savings from renting can be invested in other aspects of business, such as staff training, hiring more skilled workers or business networking and marketing.

The convenience

Many contractors develop an ongoing relationship with their rental company or dealer. This has the advantage of giving them access to a large inventory of equipment, all catalogued, priced and ready to be used. All it takes is for the contractor to place an order on the phone or online, and then await receipt in a few days.

By contrast, buying a similar piece of heavy machinery usually involves a much longer process of research and waiting period.  

Renting also gives a contractor an opportunity to test a piece of equipment to see how it works onsite before committing to a purchase or a long-term rental.

Managing your rentals

Despite the passing of the GFC, the construction industry is likely to continue to face periods of market uncertainty and slow growth. It is important to prepare and adapt your business to the current economic environment by choosing to make changes to your pre-GFC business practices. Start today by changing from owning to renting your equipment.

Effective rental management is not just about an exchange of money and equipment. To maximise the benefits of renting equipment, both rental companies and construction contractors may find that they will benefit from a rental software that delivers fast, accurate and informative results.  

Learn more about how inspHire rental software can help your company manage equipment costs and contact us today! 

Rebuilding the construction industry: a case study

Since the GFC, the construction industry has become a shining example of an industry that has rebuilt itself and is once again experiencing positive growth. The construction boom came about as a result of a combination of factors, including housing prices, low interest rates and consumer confidence. The growth has also seen an increase in the use of specialised rental software for managing equipment and operations, which companies have found invaluable in helping them keep up with the competition.

Markets on the Rise 

Partly due to increasing demand in the housing market, we saw a rise in the sale of new homes in early 2013, which has continued into 2014. Accordingly to the National Association of Home Builders, new home sales in the last quarter of the year increased by more than 14 per cent from the same time in the previous year. The construction industry has taken advantage of the greater demand for new homes, particularly in master-planned communities with several hundred plots of land, to foster positive growth.

The new homes sector is not the only one feeding the construction boom. Commercial properties are another growth area. New leasing for commercial real estate has risen to higher levels in the past year, while at the same time, vacancy rates for office, industry and retail markets have declined over the same period.

An important indicator of strong growth in a particular sector is the increase of employment. Over the past year in almost every region, the construction sector has seen an increase in the number of workers employed.

The right tool to manage the boom

The right rental software solution provides you with the flexibility to handle a wide range of equipment in the construction industry. At every stage of a project, a rental software can perform the following functions:

• Inventory control
• Contract management
• Truck loading and routing info
• Utilization stats
• Complete service history
• Maintenance thresholds
• Tracking repairs and work orders
• Maintenance thresholds
• Reporting

A rental software can even offer you more than these basic features. With the proliferation of global position systems in heavy-duty vehicles, you can now send, receive and store information such as fuel usage, driver behaviour and route planning through telecommunication devices. This allows employees on a project to access all the details of a project phase.

With the prevalent use of heavy and large-scale machinery in the construction industry, it is vital for a business to keep track of its equipment maintenance over the long term. With the right rental software set up, your company can keep up-to-date with the integrity of each piece of equipment and avoid surprise expenses relating to major equipment repairs down-the-track.

Looking ahead for the construction industry

The continuing evolution of building materials and methods is revolutionising the handling of construction jobs. The way homes and commercial real estate are being built has changed even from two years ago.

A rental software is an essential tool in this era of construction innovation. Rental software has developed into the world of mobile platforms and user self-service. It allows customers to complete complicated tasks such as requesting equipment, drafting contracts and completing projects through their smartphones or tablets. With the right software set up, construction project management can happen in real-time with greater accuracy. This in turn increases productivity on a construction project.

inspHire is a leader in providing rental software to the construction industry, with special features tailored to help construction compnies achieve greater productivity year after year.

• Reporting: get in-depth reporting, with time utilisation and graphical display.
• Maintenance operations: track preventative and remedial maintenance, maintain an inventory of parts, store instructional and safety information.
• Support and security: get access to telephone support, on-screen help, real-time updates, single and multi-users, and user training. 

Having the right rental software can help you adapt to the changing construction landscape and streamline your project workflow. Any changes made are simple and easily integrated into a job. Save time and achieve greater efficiency with inspHire’s rental software, contact us today!

Streamlining your business for success

Streamlining is a concept that seems to make sense in theory, but requires a lot of commitment in practice. Many businesses perceive the task of streamlining their everyday processes, communications and operations to be a huge and complex undertaking in itself. 

However difficult streamlining may seem to be, it is well worth the trouble.  A more streamlined business is capable of functioning more effectively and efficiently, and even the smallest of changes you make today can help your business turn into a powerhouse in the long term.

So what is the key to streamlining business processes? It all comes down to three key principles: cutting waste, stopping losses and increasing profits.

Find the waste and cut it

When you are streamlining your business, it is important to take a long and hard look at existing processes and find where the waste lies. What processes have become redundant, inefficient or ineffective over time? Which ones can your business do without? After you have identified the problematic processes, it is important to find the root cause of the problem and takes steps to fix it.

Tracking your changes 

When you implement a new process to replace the old, keep track of the results from start to finish. This will help you better understand and measure the effect of the changes you have introduced and tweak them if necessary. The lessons you have learned from streamlining one area of your business can also be used to streamline other areas and processes.

The time for streamlining is now

Technology has changed the way businesses operate in recent years and caused many processes to become obsolete or redundant. This means that the need to streamline is more pressing now than ever if you want to stay ahead of the pack. Make the evaluation and improvement of business processes a matter of routine, so that any problems arising out of the operation of your business can be fixed quickly and at the first instance.

More importantly, once you have worked out which areas of your business could be streamlined, analyse the root of the problem before implementing any solutions to it. Avoid creating more problems and waste with “quick fixes” that seem convenient at the time, but in fact only hide the deeper issues in the short term.

Your software solution

inspHire can offer you powerful and user-friendly tools to help you streamline your business. Our software solutions come with easily integrated reporting, billing and tracking features so that your business can run smoothly while you implement changes to improve existing processes.

Our real-time software solutions provide you with access to data and communications on-the-go through mobile platforms such as inspHire iX. Click here for more info

Don’t just stay ahead of the pack, be the leader of the pack. Contact us today and take the first step towards streamlining your business!

Gaining business momentum and keeping it

In high school physics, we learned that momentum is a simple “mass x velocity” formula. Out in the ‘business world’ however, momentum takes on a new meaning. Knowing how to gain business momentum and keep it can score you some easy wins. At the end of the day, if you can apply and stick to a set of key principles to build momentum for your business, long term success can be just around the corner.

Momentum = productivity x motivation

Don’t be fooled by the appearance of “motion” in your business. Activity does not equate with productivity. Employees may appear to be “busy”, but when it comes to evaluating the success of the work environment, what counts is measurable results, not the sheer volume of activity.  Achieving measurable results will keep your business moving forward and gaining momentum.

So what principles should you employ to ensure that your business environment is conducive to creating and maintaining business momentum?

1. Set measurable targets and commit to them: many businesses find that creating a mission statement can be a useful way of keeping individuals accountable for their work efficiency. These do not have to be lofty goals. Start with small, incremental changes that build up overtime and can be integrated into your business’ bigger, more long-term plans.
2. Communicate with influence: to build business momentum, it is not enough that you simply set goals and commit to them, being able to communicate your results to clients and to the industry is equally important. Your communication should be clear and unambiguous. Be wary of leaving too much room for interpretation and creating confusion.
3. Prioritise your day: so many of us find ourselves with more to do in a day than we have time for. With a clear set of goals in mind, it is important that your employees understand what to prioritise in line with business objectives to keep your business in a forward-moving, as opposed to reactionary state.
4. Celebrate your wins: at the end of the day, building business momentum is about scoring wins and achieving results. It is important to take some time to show your appreciation for the efforts and achievements of the team. Recognition of key milestones passed and key results achieved can you build a positive work environment for your business and keep your employees motivated.

A software solution for ongoing success

Building business momentum is not only about kicking start team goals. It is also a good opportunity to evaluate what tools and platforms can help your business improve its processes and hit its targets.

Do your employees have the right tools at their disposal for building business momentum? Is your company’s software set up mobile ready? Can you access critical information on user-friendly dashboards from anywhere, at any time? Can your customers get access to real-time data?

At inspHire, we offer rental software solutions that make critical business information available in an easy-to-navigate format to customers and employees. Kick-start your business momentum today by contacting us!

Untie yourself from the work desk and create a virtual office

In the age of information technology, the ability to communicate instantaneously across multiple channels has completely changed the way we do business. It is now possible for businesses to operate on-the-go, from anywhere at any time. Over the past few years, we have seen the rise of partially or completely virtual offices, which allow business to take advantage of new communication tools.

Why go virtual?

The biggest advantage of a virtual office is that is creates a professional work environment while saving overhead costs. A virtual office takes advantage of the latest communication technologies to connect employees and clients in real time, regardless of where they might be located physically. Some studies estimate that telecommunication technologies save companies $277 million annually, including the cost of travel, rent for a physical office space, equipment and productivity losses associated with the above.

A virtual office can also increase efficiency and quality of work. By reducing commuting times for your employees, you free up valuable time for them to focus on important tasks and take on challenges in a comfortable environment without the stress of peak hour travel. This is a particular effective option for employees whose job requires frequent travels.

Even more importantly, less time on the road means less risk of an accident or injury, so virtual offices also heavily promote safety – and a healthier environment. Opting for the virtual office prevents an up to 47,320 metric tons of greenhouse gases from entering the atmosphere any given year. For companies whose brands proudly embrace green initiatives, this is an ideal motion to help reinforce their commitment to the cause.

How to go virtual?

A virtual office relies heavily on technology, and where technology is key to the success of your business, you need a backup plan. In the event of an IT malfunction, it is absolutely necessary for you to have cloud storage, flash drives or external hard drives at your disposal to preserve important business information. Never rely solely on one form of storage to save your work. Where your backup is an external device, ensure that it is portable.

A downside of a virtual office is that employees lose motivation outside a formal office environment. For employees whose jobs require travel or field trips, keeping them focused and free from distraction is critical to the success of your virtual office. An effective way of doing this could be creating short term and long term goals and key performance indicators to measure performance. Where appropriate, setting up a personal rewards system may also provide your employees with incentives to reach certain professional milestones.

The right technology choices

Given the benefits of a virtual office, it is essential that your business uses the right technology and platforms to make things work. Investing in high-quality and highly customisable rental software can make all the difference for your virtual office. 

Contact us today to find out how you can manage equipment and get access to important information in real time.

Building customer loyalty and a sustainable business

Customer retention is a core value of any successful business. The age of social media has fundamentally changed the way businesses interact with customers. Enticing new customers with quick deals and effective advertising may lead to short term results, but building customer loyalty requires a long term commitment, and will ultimately make your business more sustainable.

The best customer retention strategies are the ones that create incentives for a customer to recommend your products and services to those in their social networks, which in this age includes not only family and friends, but also Facebook contacts, Twitter followers, LinkedIn acquaintances ... An effective customer retention strategy should not only help you maintain a customer's long term business, but create opportunities to expand your business further through an existing customer's network.

Why you need to retain your customers

Despite the importance of maintaining customer loyalty, often companies overlook customer retention to focus solely on acquiring new customers. In many ways, customer retention is just as important as customer acquisition. Achieving a high level of customer retention is the most resourceful, cost-effective way of doing business. Studies show that acquiring a new customer can cost up to five times more than retaining the business of an existing customer. In some cases, reducing the number of customers leaving a business by a mere 5% can increase the bottom line profits by up to 125%.

It therefore goes without saying that finding ways to build loyalty to your brand is in the best interest of your business. The longer you retain a particular customer, the more likely they are to recommend your products and services to a family, friend or contact through word of mouth or a social media channel. It may take a long time for a business to achieve personal recommendations from their customers, but this remains one of the most effective, organic, and resource-efficient ways of acquiring new customers and decreasing your customer defection rate.

How to build customer loyalty

68% of customers leave a business due to poor customer service. Loyalty is a two way street: customers will stick with a business that is dedicated to providing them with the support that they need. As much as you need their business, customers need your commitment to high product quality and good customer service. They need to know that their money is going towards people who genuinely care.

This is why many companies employ strategies such as loyalty programs and polite and efficient customer service to show their customers that the business is committed to them. In the current business climate of long call centre queues and incompetent service, sometimes a little personal touch or a random act of kindness can very quickly earn you the long term loyalty of your customer base.

Tools for customer retention

A customer wants to be treated like an individual, not just a number in a queue. This is why a strategy that focuses on personalisation, accessibility, and insight can often be effective in helping your business maintain its customers for the long term. Too often, customers become frustrated when a customer service agent they have spent an hour on the phone waiting for does not know the answer to their enquiry, or has not received the proper training. One of the easiest, yet most overlooked ways of increasing customer satisfaction is to provide employees with proper training and the most up-to-date information.

Employees at every level of the business should have access to accurate real-time data. This will help them better service their customers by answering their queries and resolve any issues arising quickly. This in turn frees up their time and their management's time and resources for other matters. The most simple and straightforward way of achieving this is to employ the right software for your information needs.

To invest in customer retention is to invest in the long term sustainability of your business. We can provide you with the right rental software solution to build customer loyalty. Contact us today to discuss the myriad of ways our rental software tools can help you earn and reward your existing customers, while still continuing to grow your business by acquiring new ones.

Does your business have a backup plan?

As a business operating in tough times, it pays to be prepared. Successful businesses have backup plans in place in the event of an emergency. As we enter into 2014, it is time to consider whether your business has contingencies in place: can you keep employees, products and the essential aspects of your business operating regardless of what challenges lie in the year head?

Formulating a backup plan

Your backup plan should have the following features:

1. Keep your IT department prepared and ready. Having the right IT infrastructure is vitally important to the functioning and management of your business. In the unlikely event of a breach, your information should be backed up remotely on cloud, as well as offline. You should be able to access your company data on-the-go, from different devices to respond quickly to any contingencies. 
2. Go mobile. The most effective backup plans embrace mobile technology. In the event of a disruption to your business, your employees should be able to seamlessly access their work on portable devices such as laptops, tablets or even their smartphones and continue working from an alternative venue. You should also provide training to your employees so that they know they have these resources at their disposal in the event of any business disruptions. 
3. Have a communication plan. Communication is critical in the event of an emergency. Ensure that your business has the right software in place to handle business disturbances, avoid loss of data, and keep your lines of communication open regardless of what unexpected event just occurred. 
4. Stay customer-focused. In an emergency, often businesses get caught up in internal management and damage control that they forget that their customers are likely to suffer too. Keeping up your customer service and insisting on the integrity of your products becomes particularly important during a crisis. Stay on top of your orders, communicate with your customers about any possible disruptions or delays in a timely manner. Use the crisis as an opportunity to show your customers how well organised, prepared and committed your business is to providing them with top quality products or services.  
5. Prepare an alternative workplace. This does not mean that you have to set up a second set of offices elsewhere. However, it is important that you and your employees know where else you could work in the unlikely event that you are unable to work from your current premises. More importantly, ensure that your IT department knows how to set up remote access to your data to ensure continuity of work.
6. Keep up the maintenance. Run regular tests, updates and checks on all your machinery, software, or infrastructure. Don't wait for disaster to happen. Have in place protocols and procedures to keep track of your maintenance and repairs. 
7. Be diligent and committed to your business continuity. Make sure you have the right resources to help you out during a minor disruption or a major crisis to your business. 

Act on it now

Formulate your backup plan with inspHire rental software.

Contact us today to discuss how integrating inspHire rental software into your business could make a difference. Our product is designed to take your business to the next level and keep your customers satisfied no matter what 2014 has in store.

Making Key Performance Indicators work for your business

Key performance indicators are used to measure the results and profits of your business. Each industry has a specific set of KPIs tailored to their specific business needs and operational requirements. Some KPIs are more important in measuring business profitability and efficiencies than others. Having the right dashboard to set out how your business is performing against your KPIs is an effective way of knowing where your business is underperforming. This can help you identify areas for improvement and increase your business efficiencies, and consequently your profits.

Working out what your KPIs are

Determining the right KPIs is all about selecting the right benchmarks to measure the success of your business. Ideally, KPIs should be tailored to the nature of your business, focusing only obtaining and analyzing data that reflects goals unique to your company and your industry. For example, if you want to measure profitability of a client adjusting the length of time for renting a product of yours, you might consider setting as KPIs relating to return dates, fines incurred, average of days, weeks or months the client rents a particular product. Tracking and analyzing this information will help you determine the length of time to rent your products.

The most important thing is to focus on quality over quantity. Avoid any extraneous factors that would not directly impact on the growth of your business. This will save you time, resources and money and help you keep your dashboard clean, organised and relevant to the benchmarks that matter to you and your industry. Setting up the right system of KPIs will help you accurately evaluate your business’ performance and reach all your goals for 2014.

Keeping your system streamlined

Dashboards are customizable digital interfaces, often consisting of a single page, that gather, store, relay and analyze data. In a world full of infographs, it’s easy to want to have as much data as possible. KPIs should be kept simple, and that should be reflected in the methods used to streamline and organize your management systems.

A dashboard is a digital interface consisting of a page that gathers, presents and analyses data in a highly customisable way. In an age driven by information, it is sometimes a trap to want to access as much data as possible. However, it is more effective for your business to keep KPIs simple, organised and streamlined through your management systems.

Equally important is the period of review. Your KPIs should be reviewed every day. If your KPIs were measured infrequently, you risk getting inaccurate data and analysis. KPIs also change over time depending on the nature of your business, the time of the year and how external conditions come together to affect your business. Therefore it is important to measure your business performance against your KPIs daily and analyse the data in real time so that you can detect trends and respond with the appropriate strategies at the first instance.

Finally, being able to communicate KPIs effectively is a consideration when you are determining your business KPIs. Not only do you need to understand your own KPIs and how they relate to your business, you also need to be able to explain the data to your employees and customers. Having a visual, and user-friendly dashboard can be of assistance to you in these situations and allow you to relay the information in a clear and concise way. Being able to communicate your business’ performance clearly will help you strengthen business relationships, save time, and create trust with your customers.

Creating ROIs with KPIs 

As insignificant as they may seem, KPIs can produce big results for your business. Having the right information - properly compiled and tailored towards helping your business - can lead to bigger return on investments (ROI). With the right tools and the right strategy, you and your employees can assist your clients more quickly, accurately and effectively.

Using the right tools to achieve results

inspHire rental software has the right tools for your business to access, analyse and use critical data in real time. Our business intelligence dashboards present information to your company in a way that determines your best KPIs and help you achieve optimum performance.

Contact us today to learn more!

The latest updates on our products

As the market leaders of innovative software solutions in the hire industry, we pride ourselves on offering customers the latest, most exciting products for hiring businesses to increase their productivity and profitability.

We understand the importance of having instantaneous, real-time access to data, be it at your workplace or while you are on the move. To cater for your constant information needs in the modern business environment ,we offer you inspHire on Android, which was one of the outstanding products selected to be on the Innovation Trail and the Executive Hire Show in 2013.

This application allows inspHire users to access key business data while they are out in the field, so that they do their jobs on-the-go from their Android devices. In an era of smartphones and tablets, traditional PDAs have become less relevant and comparatively expensive. inspHire on Android offers hire companies an affordable, user-friendly and widely accessible tool with functionalities previously only available on a PC or PDA.

The key features of inspHire on Android include:

• Take photos On-Hire Off-Hire 
• Push jobs and instructions to the correct devices 
• Capture and store signature on delivery, exchange and collection 
• Messaging on-the-go to drivers and fitters, be it a delivery or collection note, exchange or general instructions. 

Moreover, inspHire’s innovative and user-friendly Business Intelligence Dashboards provides key business information to hirers, set out in a user-friendly, graphical format for all parts of your business. These dashboards are highly customisable and can be adapted to suit your hire company’s needs and deliver the business data that you specifically need from within the inspHire hire management software.
Contact us today for more information on inspHire on Android, Business Intelligence Dashboards or any of our other software solutions.