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

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

The session also included a lively debate about the direction the industry will take as these new technologies become more widespread.

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

First, workshop participants identified key areas of leasing operations and processes where AI will impact the industry.

It became clear that most industry insiders expect the following areas to be affected in one way or another: customer management, fleet management and CAPEX investments, maintenance, revenue forecasting, logistics, human resources, fraud and theft prevention, and security.

In customer management, AI could automate the process of customer acquisition, selection and classification and help identify customized services tailored to customer needs.

In addition, AI will be critical in monitoring and tracking expiring contracts, ensuring timely renewals and improving customer retention, as well as managing post-lease claims.

Fleet management is also expected to have a major impact from AI, helping to make decisions on capital expenditure for new fleets based on the local market and various outsourced databases.

In addition, AI could improve predictive maintenance by leveraging telematics data to increase operational efficiency through dynamic predictions for maintenance schedules.

This system supports operators and drivers by predicting upcoming maintenance needs and setting the priority of rechecks. This approach not only minimizes downtime but also optimizes resource allocation, 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 better prepare for the new AI tools and practices. The ERA Future group will discuss these ideas in upcoming sessions.