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Rental companies are a particularly profitable customer base for OEMs and are currently experiencing a period of substantial growth. According to Fact.MR, it is estimated that between 2019 and 2029, the rental market will grow by 1.6X.
In the United States, the market is primed for a massive influx of dollars earmarked for federal infrastructure projects. The New York Times reports that the federal government will invest more than $1 trillion if President Biden’s infrastructure plan is approved by Congress.
OEMs must be agile as the construction industry resurges. With the right connectivity provider, OEMs can appeal to the specific, evolving needs of rental companies.
OEM Embedded Telematics Helps Rental Companies Troubleshoot and Resolve Practical Problems and Malfunctions
In the construction industry, rental companies must be able to adapt to rapidly changing circumstances and market conditions. By innovating in fields such as telematics, OEMs can assist rental companies with resource management, fleet protection, and business intelligence.
For rental companies, embedded telematics means eliminating uncertainties about what equipment needs repairs and what equipment is ready to rent out; for OEMs, it means earning repeat business and increasing the lifetime value of their rental company clients.
Embedded telematics provides rental companies with the ability to:
- Remotely diagnose equipment
- Schedule maintenance
- Cycle downtime
- Meet safety requirements
- Work with contractors to help projects stay on deadline
Secure Rental Equipment With Embedded Telematics
OEM embedded telematics allows construction equipment rental agencies to set up geofencing to deter theft, track assets, and determine a course for retrieval in cases of theft or misuse. Additionally, integrated connectivity security protocols and anti-theft software for telematics make it difficult for bad actors to hack and destroy tracking equipment, immediately alerting security teams of tampering. Cellular security notifications for teams on the ground can also be helpful for coordinated response between rental companies and their clients.
For instance, if a piece of equipment in Chicago starts moving across state lines without explanation, a remote signal could alert the construction equipment rental company and their client to take action. Depending on the OEM installed telematics and tools, actions could include temporarily disabling the vehicle, tracking its location, or contacting the rental client.
Connectivity is a critical component to securing worksites and equipment. A weak connection can create a false sense of security, leaving equipment vulnerable to spotty coverage as a piece of equipment moves away from metropolitan centers.
Telematics Can Establish Long-term Trust Between OEMs and Rental Companies
Rental companies look to OEMs for guidance and solutions that will shape their business. OEMs can become a trusted partner for rental companies by strategizing for the future and anticipating their needs based on data gathered by telematics.
Data gathered from embedded telematics also creates greater transparency with rental companies. As telematics reports malfunctions to the rental company, management may be able to request repairs for hardware under warranty from the OEM. Ultimately, rental companies will keep investing in reliable OEM equipment if embedded telematics helps them accomplish their goals.
With predictive alerts, connected dashboard cameras, GPS tracking, and continuous cellular monitoring, embedded telematics can even help lower insurance costs and protect rental companies from liability.
OEM Embedded Telematics Helps Rental Companies Pass Benefits on to Contractors
Rental companies can also use embedded telematics to build trust with their own customers. With embedded telematics, rental companies can help customers win bids and manage safety, time, and costs more flexibly.
Because embedded telematics rely on cellular connections, a rental firm can share data from any vehicle in a fleet directly with construction project and safety managers. Rental companies can also monitor minute-by-minute data usage for unexpected spikes to mitigate overages and manage connectivity costs. Additionally, OEMs that team up with a reliable and secure connectivity provider can avoid frustrating down time and secure their telematics solutions.
Make Your OEM Offerings Stand Out with Aeris’ Reliable Cellular Network
Aeris makes it easy to manage connectivity costs, security, and coverage by providing a secure global network, flexible rate plans, and dedicated support. Wherever you are, wherever your customers are, Aeris is there, too.
If you are looking to create long-term trust with fleet rental companies, reliable connectivity is critical to your embedded telematics offerings. We want you to feel confident that your connectivity provider is not just a vendor, but also a partner who will help you succeed.
Download our IoT Connectivity Buyers Guide for Equipment Telematics to learn more about what we offer and what we can do for you.