How To Use Equipment Loan Management Software

Loaning out your equipment is a great way to increase your revenue and expand your business. You’ll need to track where your equipment is being loaned out to, to make sure this is effective. This is where equipment loan management software comes in.

With equipment loan management software, you’ll be able to track equipment locations, who equipment is being loaned out to, and when you’re expecting it back.

This way, you’ll save time and money by having a greater level of control and visibility over your assets.

What Is Equipment Management Software?

Equipment management software is a set of tools you can use to track, manage, and edit data related to your equipment. 

It works by allowing you to create digital copies of all of your assets. So, if you’re tracking a transformer, you’ll be able to create a digital profile in your equipment management software.

You’ll then be able to add all relevant data, such as purchase price, purchase date, its useful lifetime, and, with equipment loan management software, who it’s getting loaned out to and when.

Using QR code asset tags, you’ll be able to simplify and speed up your operations, as well as track equipment locations. After you’ve stuck your asset tag onto your equipment, you’ll be able to link it to the corresponding digital profile.

When this is done, every scan will retrieve the equipment’s profile, as well as update the equipment’s last seen location and the user who scanned it. In this profile, you’ll then be able to update information quickly, such as loan information.

Equipment Booking Features

With equipment booking features, equipment loan management is simple. All you need to do is scan a piece of equipment’s tag and mark the dates and duration of the loan. 

When it’s time to check the equipment out, you simply need to scan the equipment’s tag and press “check out”. 

With these features, you’ll also be able to enter the names of the clients you’re booking equipment out to. So you’ll get a full audit trail of where equipment has been and who has been using it.

So, with equipment loan management software, you’ll be able to:

• View a calendar showing you which equipment has been checked in, which assets are overdue, and which have been checked out
• Add information showing you who equipment has been loaned out to
• View interaction and location data to verify that equipment has made it to where it needs to be, and has been used effectively
• Add warranty and invoicing information to the equipment to streamline this process
• View how long assets have been in locations for to make invoicing even simpler

Using itemit’s Asset Tracking Software

The benefit of itemit’s asset tracking software is that it can be used as equipment loan management software, but it can also be used to fulfil so many more of your business’ needs.

So, you’ll be able to have a complete view of your assets’ movements and their statuses, from maintenance to finances.

To find out more about how you can use itemit, you can book a demo with the team using the button below:

You can also call us at (+44)01223 421611 or email us at team@itemit.com.

Want a free trial? Simply fill in the form below and create your pro workspace today!

Why not check out these blogs?

Why Use Asset Tags?

What is RFID Asset Tracking?

Fixed Asset Tagging: How to Use Fixed Asset Inventory Tags

Instant access. No credit card details required.

or, download the itemit app to get started