#netscore

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Innovative Rental Solutions?

As the coronavirus pandemic swept across the globe, businesses of all types faced unprecedented challenges. Health clubs, in particular, were hit hard due to the necessity of maintaining social distancing, leading to widespread closures. Many of these establishments experienced significant financial losses, and some are at risk of never reopening. However, a number of businesses have turned to innovative solutions to maintain connections with their customers and generate revenue. A key asset they all possess is a variety of workout equipment, from treadmills and stationary bikes to weights, now sitting unused.

A Creative Approach to Equipment Rental

Julie Guttormson, the owner of a fitness center in Wyoming, exemplifies this creative approach. Recognizing the need for her customers to continue their exercise routines during stay-at-home orders, Julie decided to rent out her workout equipment to them. This not only provided a solution for her clients who didn't want to purchase expensive equipment but also generated revenue for her business. Within two weeks, 70% of her equipment was rented out, with a waiting list for the more popular items. Julie further extended her offerings by providing online classes for the renters, creating a win-win situation for everyone involved.

The Bigger Picture: Economic Impact and Adaptation

The broader economic impact of the pandemic has been severe. S&P Global Ratings forecasted a steep global recession with a 2.4% reduction in global GDP in 2020. This economic contraction and the reduction in capital expenditures by key markets have curtailed the demand for new equipment. Consequently, many companies are now exploring equipment rental software as a viable alternative to selling big-ticket items.

Building a Successful Rental Business

For companies considering adding rentals to their product offerings, the question is: how do you build and manage a successful rental business? There are numerous factors to consider when managing a fleet of rental assets. It’s crucial to have the right resources to maintain this fleet effectively to maximize profits. Partnering with an expert who understands the complexities and has the tools to manage these demands can be invaluable.

NetScore’s Rental Management Solution

NetScore’s equipment rental management software provides NetSuite users with the tools needed to manage the entire rental process efficiently. Our team of experts has assisted numerous companies in establishing and managing their rental businesses effectively.

Building a Rental Asset Pool: The first step is to create a dedicated warehouse for rental assets, either physical or virtual. This helps manage the rental and return process separately from saleable assets and allows for depreciation of these assets if desired.

Scheduling and Reserving Equipment: Effective rental management involves scheduling tools that allow for viewing rental requests and reserving assets, which is crucial for demand planning. Taking deposits against reservations ensures customer commitment and helps manage equipment that requires periodic maintenance.

Managing Long-Term Rentals: For long-term rentals, it’s essential to be prepared for equipment failure, routine maintenance, and replacements. The ability to swap out equipment during rentals and update contracts accordingly is a necessary complexity.

Maintenance and Cost Tracking: Maintaining equipment and capturing maintenance costs provide a true picture of the profit generated by rental assets. Keeping detailed maintenance records, repair costs, and preventive maintenance schedules is especially important for equipment that requires calibration or certification, such as medical devices.

Automated Billing: Managing billing for long-term rental contracts can be complex, requiring the generation of invoices on a schedule. An automated billing engine simplifies this process by generating invoices, applying discounts, and ensuring accurate financial tracking.

Accounting for Rentals: Proper revenue recognition, cost capture, and asset depreciation are essential for rental businesses. NetScore’s solution integrates these accounting needs with netsuite asset management, providing a comprehensive solution.

Conclusion

Managing a rental business involves numerous considerations, but with the right expertise and tools, it can be a highly profitable endeavor. If you're considering expanding your business model to include equipment rentals, reach out to a NetScore Account Executive to get started. Our team of experts and our robust software solution will help ensure your rental business delivers the desired results.

[anonymoushouseplantfan]

“I suspect Will is a lot more influential than we suspect”Yep,Kate too!!Plant,did you see the last Yougov uptade,Kate in 2nd place,last month she was in 3rd behind Will,I think this is why the RF'Kate,future Queen’PR drive,I miss NetScore,1st the Queen with 74%,2nd Kate with 65%,3rd Will with 65%,4th Harry with 53% and MM in 9th 37%🤣the amazing thing is that Scobie(MM)has been whining about Kate in every interview,but had the opposite effect they were expecting,the'Markle Effect'Y'all🤦🏻‍♀️

Yep.

[yenicikti]

Marketing Technology News and Top Stories from the Week of April 8

All the top news and views published from Gartner, Google Cloud and Netscore. Get all caught up with the most vital marketing technology news of the week.

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Marketing Technology News and Top Stories from the Week of April 8

All the top news and views published from Gartner, Google Cloud and Netscore. Get all caught up with the most vital marketing technology news of the week.

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NetScore | Solutions for NetSuite and Acumatica Cloud ERPs

NetScore is a leading SaaS provider of ERP and eCommerce Solutions for Retail, Wholesale Distribution and General Business.

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Expanding Your Horizons with Delivery Services

Companies continually seek ways to build customer relationships that go beyond the product itself, fostering loyalty. One method gaining popularity is offering delivery routing software to customers. With social distancing and stricter in-store regulations, providing delivery services has become essential for business viability. The New York Times reported a nearly 40% increase in online consumer spending at the pandemic's peak, while in-person shopping had already declined as younger consumers favored online options.

Delivery costs can be substantial, comprising up to 30% of the total meal cost (TMC), and food deliveries can reach as high as 45%. These costs are challenging to hide within product prices and are often waived as a competitive advantage. Traditionally, companies relied on third-party delivery services, but many, like Amazon, are now developing their own. The explosive growth of digitally-enabled delivery services underscores the value customers place on convenience and variety. McKinsey projects the digital food delivery market will reach $22 billion by 2025, prompting many companies to internalize their delivery services to tap into this revenue.

Well-managed delivery services can enhance customer loyalty, reduce emergency response costs, maintain control over customer data, and streamline the delivery process. They can also be a revenue source and boost margins if effectively managed. Conversely, poorly managed services can be costly.

To plan and execute deliveries effectively, companies are adopting delivery management solutions to streamline their services. Organizing routes and building efficient delivery plans are crucial for lowering operational costs.

NetScore’s Delivery Routing application, built on the NetSuite ERP system, offers a comprehensive planning solution for dispatch route organization. It includes a mobile application providing drivers with necessary delivery tools.

Effective organization is key to successful delivery operations. As sales orders are processed in NetSuite Delivery Routing system generates delivery orders, using geo-point mapping to create stops. A rule-based system controls route building, managing order numbers, truck capacity, and transit times. Dispatch route planner can be adjusted according to preferences and assigned to drivers.

Fleet vehicle tracking ensures drivers follow the most efficient routes and stay on schedule. NetScore allows planners to view graphical route representations and receive real-time updates. A map view shows driver locations, enabling route adjustments as needed. Delivery orders can be reassigned if a vehicle breaks down or additional help is required.

Simplifying drivers' tasks is crucial for cost-effective route planning software. Effective route plans ensure proper truck loading in reverse stop order. NetScore’s solution provides route plans usable as picking or loading documents to position orders correctly for truck management system.

Executing the route plan is vital for timely, cost-effective deliveries. Mobile applications equip drivers with powerful tools for delivery execution. NetScore’s Delivery Routing solution offers:

- Graphical route depictions

- Travel time between stops

- Turn-by-turn instructions

- Order contents

- Customer delivery alerts

- Reasons for delivery cancellations

Proof of delivery is crucial, capturing signatures, photographing product drops, and noting key delivery information. NetScore’s mobile app facilitates quick data collection, automatically uploading it to the backend system and attaching it to the delivery record. Integration with Google Drive helps store pictures and signatures, minimizing NetSuite data storage.

Expanding delivery operations can optimize company benefits. Functions like picking up returns, accepting payments, and collecting products based on purchase orders during delivery routes are advantageous. NetScore’s Delivery Routing application integrates these features into your NetSuite system and mobile application.

For assistance in planning and implementing your delivery service, please contact a NetScore Account Executive.

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NetSuite Loyalty Referral Program - NetScore Technologies

NetScore Loyalty Rewards for NetSuite helps you engage customers by offering them loyalty referral reward points and create a loyal customer base

Know More: https://bit.ly/4aZUghb

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NetSuite Field Service Management Software | NetScore

NetScore Field Service & Maintenance is developed for NetSuite, does not require any integrations or third party plugins. Automated quote and invoice.

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NetSuite Loyalty Referral Program - NetScore Technologies

NetScore Loyalty Rewards for NetSuite helps you engage customers by offering them loyalty referral reward points and create a loyal customer base

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NetSuite Amazon Integration Connector | NetScore

NetScore Amazon Connector that seamlessly integrates the Amazon Marketplace with NetSuite. It Comes with Prebuilt integration various channels with NetSuite.

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Shopify NetSuite Integration Connector | NetScore

NetScore Shopify Connector for NetSuite is a fully automated, real-time integration between NetSuite and the Shopify web store

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NetSuite Rental Management Software | NetScore Technologies

NetSuite Rental Management software allows automate your rental business process. Auto-bill and charge your customers on a specific day of every week/month/year

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POS for NetSuite | Retail Point of Sale for NetSuite

NetScore Point of Sale (POS) for NetSuite provides a powerful application that supports customer facing sales leveraging the power of NetSuite ERP solution

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NetSuite (WMS) Warehouse Management System | NetScore

Technologies NetScore WMS Mobile For NetSuite brings the power of barcode technology to wholesale distribution and manufacturing companies.

https://bit.ly/3xokfkp

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NetSuite (WMS) Warehouse Management System | NetScore

NetScore WMS Mobile For NetSuite brings the power of barcode technology to wholesale distribution and manufacturing companies.

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NetSuite (WMS) Warehouse Management System | NetScore

NetScore WMS Mobile For NetSuite brings the power of barcode technology to wholesale distribution and manufacturing companies.

Know More: https://bit.ly/4cHmbVq