Only two months after its release into the equipment rental market, the American Rental Association’s (ARA) Standard Equipment Taxonomy (SET) is being adopted by some of the industry’s top rental software providers.
“The adoption of ARA SET is not just about improving operations; it’s about unlocking a world of data-driven opportunities,” says Kyle Clements, CEO of Quipli, Atlanta. “Consistent views of aggregate data can drive better decision-making, foster innovation, and ultimately enhance the customer experience. We’re excited to be the first to implement this standard, opening new horizons for data utilization in the equipment rental industry.”
Before ARA SET, there had been no standard way for equipment rental companies to organize their fleets. This made it difficult to prepare quotes, present a user-friendly web experience and compare results to peers in the marketplace.
With ARA SET, equipment rental businesses now have access to a product that allows for the sharing of data and the making of comparisons to like products across the industry. ARA SET also helps customers find what they are looking for, especially on your website.
ARA SET delivers unique benefits for rental companies and software companies alike. See how:
Benefits for rental companies
Consistent naming convention —Consistent, logical and predictable naming is critical to ensuring data consistency. One framework. No questions.
More accurate industry comparisons —A standard taxonomy makes it easier to compare one’s own results to regional and national peers and competitors.
Better fleet organization — A thoughtful fleet organization scheme results in a better ability to serve your customers.
Benefits for software companies
Easy integration — ARA SET has been designed for easy integration into database-driven solutions.
Industry-leading credibility — Industry experts, OEMs (original equipment manufacturers) and ARA members have contributed to ARA SET, reflecting the most impactful trends in the rental industry.
Preferred partnership — When you adopt ARA SET, you become a preferred software provider. ARA will market your solution as “Powered by ARA | SET”.
“ARA SET will give Alert users a default data set — and the corresponding reports — to reduce friction in leveraging industry comparisons and to enhance end-user web experience,” says Mary Crosslin, co-president and chief operating officer, Alert Rental Software, Colorado Springs, Colo. “Plus, new clients will be able to get up and running more quickly. Our company maintains a long-standing dedication to serving clients, and the integration of ARA SET underlines this commitment.”
Large rental companies also see the benefits provided by ARA SET.
“I am pleased to see that the American Rental Association has led an initiative to create an industry standard classification for equipment category definition,” says Kenneth Mettel, senior vice president, performance analytics, United Rentals, Stamford, Conn. “It has been my pleasure to be part of the working team on this endeavor, and I believe this effort will lead to exciting analytical prospects in the future.”