The ERA Future Group workshop on “AI and Rental”

On 16 May 2024, during the ERA Convention, the Future Group held a workshop on the impact of artificial intelligence on the equipment rental industry.

With insights from Kevin Niekrawietz from Zeppelin Rental and Vincent Ranaivoson from Kiloutou, the discussion delved into how AI could shape the future of rental solutions.

The session also included a lively debate on where the industry was headed as these new technologies began to take hold.

In this article, we explore how the rental industry can benefit from the capabilities offered by AI.

Firstly, the workshop participant identified key areas of rental operations and processes in which AI will impact the industry.

It became apparent that most industry insiders expect that most of the following areas will be impacted in one way or another: customer management, fleet management and CAPEX investment, maintenance, sales forecasting, logistics, human resources, fraud and theft prevention, and safety.

In customer management, AI could automate the process of prospecting, selecting and classifying customers and help identify customer-specific services based on their needs.

Additionally, AI will be instrumental in monitoring and following up on expiring contracts, ensuring timely renewals and enhancing customer retention, as well as in management of post rental claims.

AI is also expected to have a major impact on fleet management. It will help make decisions about capital expenditures for its new fleet based on the local market and various outsourced databases.

Besides, AI could boost predictive maintenance by leveraging telematics data to enhance operational efficiency through dynamic predictions for maintenance schedules.

This system supports operators and drivers by forecasting upcoming service needs and prioritizing return inspections. This approach not only minimizes downtime but also optimizes resource allocation, thereby contributing to the overall effectiveness of maintenance strategies.

The workshop also collected ideas for ERA (and other industry associations) to undertake activities to help rental companies to better prepare for the emerging AI tools and practices. The ERA Future group will discuss these ideas in upcoming meetings.