In the construction industry, time is money—and it’s time to stop wasting it. Contractors have gone years without having proper visibility of their heavy rental equipment. However, the lack of visibility leads to a loss in profitability, productivity and efficiency in completing projects.

For example, when renting a piece of heavy equipment, such as a loader, a contractor typically needs to call on several suppliers to garner quotes and determine availability. Particularly if the project is located in another state or location from where the company is located, this means relying on new suppliers and hoping they “come through” for the contractor and deliver on what was promised. Until the team is on the jobsite and sees the equipment arrive, there’s really no way of guaranteeing the supplier is reliable.

On the other side, for the supplier, it can be extremely difficult to know if a project is running on schedule or behind, which can make it difficult to know what inventory is available for rent and what is not. The need for a line of communication between the supplier and the contractor throughout the duration of the project is paramount to ensuring profitability on both sides.

Therefore, a tracking and communication system is essential. While traditionally laggards in adopting technology, construction companies across the industry can benefit greatly from using a comprehensive online marketplace platform that allows both parties to manage the entire rental process virtually—from start to finish.

1. Procurement

From the onset, an online marketplace can help contractors procure the heavy equipment needed for a project by searching through equipment selections based on location and availability from multiple suppliers. This allows the contractor to reduce time wasted making multiple calls for quotes and manually searching for new suppliers in the area. By aggregating all information in one central platform, contractors can compare prices, contact the supplier of their choosing, secure the equipment and schedule it for delivery with a few simple clicks.

2. On-Time Project Start

Worrying whether equipment will arrive on time and to the right location can also be eliminated. By using the tracking software in the marketplace platform, contractors can track the entire process to know when the equipment was dispatched, in transit and onsite. By accurately planning based on when the equipment arrives, contractors can ensure the teams are available at the same time and can begin the project immediately.

3. Extensions and Repairs

Sometimes projects don’t run on time and a contractor might need an extension in renting the equipment. With an all-in-one marketplace, contractors can simply update the end date so that way the suppliers are aware and can adjust inventory availability accordingly. Additionally, should the equipment need to be repaired, the platform can communicate the issues and schedule onsite maintenance.

4. Analytics

Once a project is complete, it’s critical to analyze and look for areas of improvement. By measuring the time and effective dollar utilization of the equipment, contractors can look at the profitability of the project and determine if there are ways to streamline operations and processes. By having all data in one place, the platform eliminates the need for multiple spreadsheets to manually track the project and allows contractors to begin analysis immediately.

When construction companies look at increasing operational efficiencies, using technology to manage the rental process of heavy equipment can save time, money and resources that can be better spent in other areas of the business. Additionally, increased visibility through a comprehensive platform can provide insights into processes that need to be streamlined.

With an enhanced line of sight, construction companies can start projects faster, better manage assets and ultimately enhance the bottom line. Now is the time to adopt a platform that helps contractors work smarter and utilize tools that help them do their jobs better.