18 October 2021, 16:56
The commercial landscape is being transformed by the impact of digitisation and the virtual delivery of products and services. This transformation has accelerated during the COVID-19 pandemic with physical facilities such as shops, showrooms and rental locations being either closed or severely limited in their ability to engage with customers in a traditional business model. This has led to a rapid rise in online business models and significant challenges for those businesses that have not embraced new digital ways of trading.
Digitisation is not just about transforming a business’s route to market. It is as much about the collection, analysis and use of data, and using artificial intelligence to analyse data, to develop tailored offerings and micro-target existing and potential customers.
The European rental industry is as much affected by this transformation as any other industry. Therefore, digital transformation is a process that most companies are currently undergoing or will be facing in the near future. At the same time, there are good examples of companies that have started on the digital journey and which could inspire others in the rental industry.
The current state of digital transformation in the rental industry can be defined as heterogeneous. The digitalisation process has implications for many other aspects than commercial or operational – be it human resources, information security, Internet of Things and so on. There is a need in the rental industry for clarity and awareness about what the process of digital transformation entails.
In recognition of this and to promote awareness, engagement and action within the rental industry, ERA is launching a project on the impact of digital transformation on the rental business.
The chief aim of this ERA project will be to raise awareness among rental companies in Europe about the challenges of digital transformation and provide elements of best practice on the journey to successful digital transformation.
As announced during the last ERA Convention, the project will be steered by ERA’s Future Group and will be undertaken by epi Consulting. Because of its transversality, all ERA Committees will be involved in this project.
Source: European Rental Association (ERA)