How Do I Increase Efficiency for Renting Equipment?
Data Science can help you achieve your business goals with tailored advice specific to your organization. Learn more about how Keiter Data Solutions solved a similar problem for one of our clients in the below case study.
Challenge and Opportunity
A Keiter Technologies client, a national construction equipment company wanted to develop a predictive model that could increase the company’s profitability through equipment leasing, the executive had a hunch there was a better way.
Our Approach
- At times, the company was not using all its construction equipment due to jobs ending early or Location constraints.
- It wanted to develop a predictive model that outlined exactly when equipment was not being used so that it could lease it to other companies between jobs. They also wanted to update short-term pricing based on if they were going to be leasing it in a high demand time.
- The leasing model was a way to drive additional revenue for the company.
- Using Python, the team built a comprehensive model that outlined exactly when equipment would be out of use and potential leasing terms for that equipment.
Results
The model successfully predicted when construction equipment would not be needed and pricing/timing schedules for leases from other companies. This became a significant revenue driver for the company.
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About the Author
Keiter Technologies
Keiter Technologies focuses on serving businesses with their strategic technology needs through data science, cybersecurity, and IT audit and consulting.
More Insights from Keiter TechnologiesThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
