The hire industry is in the midst of a significant shift, driven by the rapid pace of digital transformation. According to the European Rental Association (ERA)’s recent report on digitalisation available here, businesses across the equipment rental sector are under growing pressure to evolve. Customers expect more streamlined, transparent and efficient services, while internal operations are being reshaped by the potential of digital tools.
From data-driven decision making to remote equipment monitoring, digitalisation is no longer an option, it’s a necessity. For hire businesses, embracing this evolution is crucial to staying competitive and future-ready.
The broad reach of digital transformation in hire
Digitalisation is transforming every aspect of the hire business:
- Customer experience: Today’s customers want instant quotes, real-time availability, digital contracts, and self-service portals. Digital tools meet these demands while offering better transparency and control.
- Internal operations: From automated workflows to connected equipment, digital platforms are streamlining fleet management, improving utilisation rates, and ensuring better compliance.
- Asset management: Sensors and IoT-enabled systems allow businesses to monitor usage, location, and health of machines, minimising downtime and maximising ROI.
Challenges facing the industry
While the benefits of digitalisation are clear, several barriers still hinder progress:
Access to technology: Many companies operate with an aging fleet that lacks digital capabilities. Retrofitting can be complex and expensive.
Cost of investment: Implementing ERP systems, IoT devices, and new digital tools involves upfront costs that not all rental businesses are ready to bear.
Upskilling the workforce: As new tools emerge, teams must be trained to use them effectively. Upskilling is essential but requires time and resources.
The benefits of digital transformation
Despite the challenges, the advantages of going digital far outweigh the drawbacks, especially when focused on equipment-related enhancements:
- Preventative maintenance
Digital diagnostics help anticipate faults before they become costly breakdowns. By monitoring engine hours, fluid levels, and sensor data, rental companies can ensure that maintenance is proactive, reducing downtime and extending asset life.
- Self-service capabilities
Digitised documentation and user portals allow customers to access manuals, service history, compliance certifications, and contracts from their device, simplifying the rental process and enhancing satisfaction.
- Fleet management
Modern fleet management systems track real-time usage, location, and efficiency. This visibility helps optimise logistics, improve utilisation rates, and reduce operational costs.
- Remote diagnostics
Technicians can assess issues remotely without sending out a service team unnecessarily. This accelerates resolution times and frees up resources for more critical tasks.
Digitisation in the hands of the user
MyCompanion is a mobile-first platform designed to give users immediate access to key equipment information. It provides:
- Digital user manuals and documents
- Maintenance instructions and safety guides
- Access to machine history and service records
By placing this information in the palm of the operator’s hand, MyCompanion improves compliance, promotes safe usage, and reduces support requests. It’s a practical example of how digital tools can improve both operational efficiency and user empowerment.
“MyCompanion will save our service team a huge amount of time. Instead of searching for technical documents or fielding calls about simple diagnostics, the information is right there on the spot for the operator. It's streamlined troubleshooting and helped us get machines back in operation faster.”
Smarter equipment management
Sherpal is an IoT-powered equipment monitoring solution that enables real-time visibility across the entire fleet. Its capabilities include:
- Live location tracking
- Usage analytics and machine health diagnostics
- Alerts for faults, idle time, or misuse
With Sherpal, rental companies can automate preventive maintenance, reduce fuel costs, and ensure assets are where they should be—doing what they should be doing. It’s a powerful tool in driving predictive intelligence and data-led decision-making in fleet operations.
Looking ahead: the future of digital hire
The path forward for the hire industry is undeniably digital. As emerging technologies like Artificial Intelligence (AI) and machine learning continue to evolve, we can expect even smarter asset utilisation, predictive demand planning, and enhanced automation.
For those willing to embrace the change, digitalisation offers a competitive edge that will define the next generation of hire businesses. From customer engagement to asset intelligence, tools like MyCompanion and Sherpal are not just nice-to-haves, they’re essential drivers of future growth.
The time to invest in digital transformation is now.