How can technology help your business gain a competitive advantage? Fabrizio Della Pace, chief operating officer at Rentuu, the equipment hire specialist, talks technology, return on investment and business benefits.
Recent research by the Events Industry Forum highlighted the value of outdoor events. It’s an industry that contributes more than £30 billion to the UK economy and is worth more than sectors such as forestry, fishing and agriculture.
Prior to the study’s publication, outdoor events were described as “undervalued”. So, given such positive research findings, it’s important that event suppliers are ready to capitalise on the opportunities that lie within this huge and ever-growing sector. And that includes having event equipment in the right place, at the right time, and lots of it.
Data is king
Event-hire businesses must ensure that their portfolio is fully utilised and available so that deadlines can be met. And for businesses that are looking to grow, such a task can only be achieved if the right software solution and/or inventory management system is in place.
An inventory management system — which allows a company to track orders and count the number of items in stock, for example — is the most commonly used piece of software by hire companies. Sophisticated inventory management software solutions also enable a company to track stock location and can even be integrated with sales systems, providing organisations with real-time data. And we all know that data is king.
That’s why it’s important for business owners to have all the information they need at their fingertips. Because there’s a whole host of measures to worry about when running a business; and stock levels, quotations and delivery schedules should not be some of them. Instead, technology should be embraced so that suppliers can realise a competitive advantage and increase return on investment (ROI).
For example, as well as basic inventory management, event-hire businesses can invest in technology that enables paperless billing, revenue management, RFID integration, real-time inventory availability, customer delivery scheduling, real-time delivery tracking and digital quotations. Plus, such software also allows companies to view client order history and to store key client details, ensuring comprehensive customer relationship management (CRM). In short, inventory management systems and sophisticated technology solutions are game-changers.
Think of the bottomline
Technology — specifically developed to aid event hire suppliers — generates cost savings and revenue opportunities because it enables an organisation to have a realistic view of how its team is performing.
By identifying their most profitable customers, event hire suppliers can accelerate revenues; full revenue analysis provides a business with actionable data so that it can define strategy and areas of growth and even turn its attention to customers that will make a difference to the bottom line.
Furthermore, it is vital that event-hire companies can access information quickly and efficiently so that their ability to provide quality customer service is not impacted negatively.
Make informed decisions
Event technology, such as detailed inventory management and CRM solutions, help a business to identify trends, which enable organisations to make informed decisions, influencing strategy and insight. Plus, with such software, you can set alerts, manage documentation and communicate with key team members and crew. Using dedicated technology negates the need for using a multitude of communication tools — such as spreadsheets and emails — which have the potential to cause mistakes that could impact badly on an event. No one wants that.
What are you waiting for?
The events industry prides itself on community and communication, bringing people together with spirit, passion, and dedication; the efficient and smooth delivery of event equipment is essential to that end game. So, if you haven’t already invested in technology to grow your business, what are you waiting for? You best tech to it!