Right from its inception, Renta has been a digital native. It saw that digitization was happening everywhere, in the financial sector, the retail industry, the automotive industry, and more. It observed a transformation in many different industries, and it led to an innate understanding that digital solutions would prepare the business for the future, and help the company stand out from its competitors.

Founded in 2016, Renta has experienced rapid growth. The business started in Finland but has now expanded to Norway, Sweden, Poland, and Denmark. Scaling the company so quickly required digital solutions to be an integral part of business operations. Being at the forefront of construction technology has enabled Renta to attract interesting customers and talent that has propelled the business forward.

Telematics from its inception

People are at the core of Renta’s business. That is why its digitization strategy is strongly linked to the overall business strategy, which improves the customer experience but also streamlines internal operations and makes the employees’ lives easier.

Due to the many locations that Renta operates in, machines can often be found in remote locations with a limited number of staff around. Therefore, keeping an overview of all the equipment out on rent can become quite difficult. That is one of the reasons why Renta adopted telematics so early on. Renta always had an aspiration to grow, and the more the machines were able to communicate back to fleet managers and technicians, the less they would have to worry about the health of the machine.

The decentralized structure of Renta also means that each business unit has the responsibility to make decisions and care for its fleet. With telematics, the local depots are able to get a clear overview of the machines in the fleet, easing business processes.

“Digitization has been an integral part of being able to scale the business. It forces us to think outside of the box and come up with new solutions. But we always keep in mind that the solutions we create should serve the people using them.”

Joel Särkkä, CIO at Renta Group

How Renta uses Trackunit today

Renta works with a depot network. Operating under this type of business model has led to a large number of different equipment types and OEMs being part of Renta’s fleet. To get the value that it expects from telematics, Renta has set a goal to create a solid baseline for each piece of equipment. Each new piece of equipment is either fitted or retro-fitted with telematics hardware to ensure that there is a baseline level of data that Renta can use.

This baseline gives Renta access to data points like:

• Utilization data
• Battery levels
• Fault codes
• Issues with machines
• Hour meter readings

Having the equipment communicate with fleet managers and technicians has given employees the ability to streamline processes. When a machine is returned to a depot, the fault codes can be checked. If any errors are found, the technician can immediately get started on servicing the machine to ensure that it is ready for the next customer. Also, with access to data points like battery levels and utilization data, fleet managers can create an overview of when a machine needs scheduled servicing, or they can see if there is a potential problem with the machine based on fluctuations in the battery level.

These data points have also proved valuable to Renta’s customers. With data points like utilization, Renta is able to help customers make better decisions about how much equipment they need to rent. For example, if a customer has three machines on rent but it turns out that they aren’t utilizing one of the machines, Renta can inform them that the equipment may not be needed. Enabling the customer to save money on the piece of equipment that they weren’t using. Renta can then also offer the equipment to another customer who may be more in need of that specific type of equipment. An overview like this enables Renta to help customers optimize job sites to improve the customer’s efficiency.

“We needed a provider that has similar ambitions to us. Trackunit is also very ambitious, and that has led to the creation of valuable solutions for us, that we turn into valuable solutions for our customers.”

Joel Särkkä, CIO at Renta Group

Moving forward

Future technology like AI is interesting to Renta as well. It has the ability to further improve decision-making and business processes. With Trackunit, Renta believes that they have chosen the right partner to continue on this journey. Each new Trackunit capability is an opportunity for Renta and Trackunit to co-create and enable valuable solutions for customers, partners, and employees.

About

Renta Group Oy is a full-service construction machinery and equipment rental company. Every action from planning to management and from investments to administration is driven by Renta’s values, which include understanding its customers, entrepreneurship, reliability, and innovation. Values that have helped Renta rapidly scale its business and have given people the freedom and power to make decisions that will benefit customers.

Founded: 2016
Size: 1000+ employees