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3 Benefits of an ERP System for a Rental Contract Business

Year 2018
July 2018
3 Benefits of an ERP System for a Rental Contract Business
11 Jul 2018

A typical Small and Medium Enterprise (SME) can possess up to thousands of active contracts, which vary in types, life cycles, pricing, service, terms, and conditions etc. Contract Management is clearly seen to play a critical role in any business. However, as your company expands, your operation increases in volume as well as complexity. That is when managers realize the urgent need for a digital transformation. An automated Synergix E1 ERP system has successfully transformed contract management into a critical competitive advantage for many rental contract SMEs.

Monitoring Contract Lifecycle

Synergix E1 Contract Management, an integrated ERP software, can provide users with full control of contract lifecycles. At the quotation stage, contracts are automatically routed to managers for checking and approval. Approved contracts become active afterwards and are monitored along with revised/ terminated or expired contracts under a general board, providing users with a complete overview of contract status. You can also update operation details, for instance, rental equipment delivery, as well as be notified about renewal due date for each contract at real-time. As a web-based solution, the Synergix ERP system allows your company’s staff members to keep track of their in-charged contracts anywhere, anytime.

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Supporting Rental Activities

Whenever there is a rental request, Synergix E1 ERP Rental Contract Management issues a delivery order for capturing customer’s signature when handing off rental equipment at client’s site. In order to reduce unnecessary paper documents, the system offers a digital signature feature, which speeds up the operation process and helps to improve customer fulfillment. With Synergix features, such as unique serial number identifier and barcode scanning, records on rental asset details and clients’ sites are updated automatically in the system. In addition, you can perform equipment servicing on your equipment to keep them in tip-top condition. This not only ensures delivery of high-quality service to customers but also maximizes the lifespan of your equipment, thus reducing losses to your company.

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Automating Billing Process

Due to different practices by your customers, contract billing is usually complicated with various cycle or frequencies. Synergix E1 ERP System is programmed to offer flexible billing options, assisting you in handling all kinds of billing easily. You can also rely on the system to automatically generate invoices for the upcoming due date. As a result, errors such as under-billing or billing at the wrong time are no longer your company’s problems.

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Contract Management is undeniably an integral part of a Rental Contract business and plays a part in your company’s success. Automating your management process with Synergix E1 ERP System is a vital step to transform your company and gain success in the digital era. This formerly could be a competitive advantage but now is a need that keeps your business from falling behind in this changing world.

Fortunately, our Government has been offering different funding grants aiming to encourage SMEs to deploy innovative and smart technologies. WorkPro – Job Redesign Grant, which covers 80% of project costs or up to $20,000 per worker, is one of such grants. In addition, you may choose to go for the Capability Development Grant or the newer Productivity Solutions Grant, depending on which is more beneficial for your company to undergo a digital transformation!

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