The meeting, part of a media event held in central London, was brought about by the unification of Electro Rent in Europe with Microlease, along with the Livingston brand, and the consolidation of their European operations.
The new combined operation was able to give its customers access to a global inventory worth more than $1.2bn with over 300 quality brands all available from one source such as Anritsu, Fluke, Keithley, Keysight Technologies, Rohde & Schwarz, and Tektronix among others.
Bringing together highly experienced engineers, finance, and asset management specialists the new venture supported a diverse range of customers with a wide variety of challenges - both technical and financial.
“Electro Rent is all about offering customers everything they need to keep pace with the rapid rate of technological change in the modern world,” explained Acris at the time. He said that combined with a wide variety of procurement options, flexible finance options and world-class asset optimisation solutions, Electro Rent would be able to help customers get maximum value from test-related investments and to that end Electro Rent had invested heavily in emerging and growing technologies, such as 5G.
“It’s about ensuring that the best equipment and finance options are employed so that engineers are able to concentrate on what they do best,” said Acris.
Customer challenges
“I guess we’ve gone full circle,” said Acris, speaking via Zoom last month. “This year has seen a marked return to face-to-face meetings, and we’ve once again started to attend shows – we were recently at Auto Expo in Germany.
“Like everyone else, the business model had to change when Covid hit and we shifted from the physical to the virtual way when it came to doing business. That was certainly a challenge – people needed to be adaptable and flexible. We had to keep an operations team in place to ensure the flow of equipment in and out of our facility in Harrow, but after the initial shock most activities carried on much as they had done before.”
Everything that could be managed remotely, whether that was IT or administration, was moved online, according to Acris.
“We moved quickly and I’m really proud at the way in which everyone responded.”
The facility in north London is now operating normally but throughout the Covid crisis the use of automation ensured that Electro Rent’s commitment to high levels of service and fast turnaround were maintained.
“We’d always prided ourselves on delivering an efficient service and to have maintained that was testament to the commitment and dedication of the people here. We, like other businesses, have had to embrace a more hybrid way of working.”
While there are plenty of unknowns going forward, Acris said that the company remains well placed and while the rental market took a big hit initially, customers soon adapted their working practices.
“Lock down was tough but once the initial shock passed, we saw demand accelerate. Engineers needed to carry on working and producing,” added Acris. “Once companies embraced this more remote form of working, we saw a return to growth across our core sectors and at an unpredictable time people saw the value of the rental model.
“Few sectors have had it easy, but it was those that were able to adapt to new forms of working that did best. They needed greater flexibility in terms of how they worked, and rental aligned better to their needs in terms of test & measurement.”
Customer engagement
Acris conceded that while there had been a return to face-to-face meetings the company’s engagement with engineers and customers has changed fundamentally.
“Despite more in-person meetings and certainly more international travel, up until just two months ago most of our interactions were still via Teams,” he said.
“Working online is certainly more efficient both when it comes to the company’s own internal operations or when engaging with international customers. An online presence has made it possible to talk more easily globally and regionally that would, in the past, have proved logistically challenging to set up.”
According to Acris the nature of enquiries can still be broken down into those that are strategic by nature or more immediate.
“That’s not changed. For example, we deal with laboratory or field-based operatives who will require us to meet immediate needs and they’ll be looking for next day delivery - they’ll be working on a specific project. By contrast we’ll also engage with project managers where our discussions will cover the longer term. Those will require the development of structures to address short- and long-term needs, and that can be a very different process.
“We can also end up in a full-blown asset management discussion. It’s then about planning and putting in place the right support mechanisms – what do we have in stock and what will we need to purchase to address future needs?” Acris explained.
Electro Rent has introduced a new service that can be used to track equipment and better monitor utilisation rates.
“Customers using high value units need to be able to assess the performance of their equipment and for those deploying a large number of assets, keeping track of them can be challenging,” explained Acris.
Electro Rent’s new asset tracking service leverages IoT and Bluetooth technologies for real time tracking. In the field, using 5G NB-IoT/LTE-M IoT technology, customers are able to locate any test assets they own, zeroing in on instruments in the field without additional readers in depots or vans.
For labs, the asset tracking solution features a patented angle of attack and signal strength method, using BLE technology to locate and track the customers’ test assets anywhere in the lab.
“By always knowing where their assets are, users can manage and share equipment more effectively, maximising utilisation and minimising costs and delays,” explained Acris.
“The economics around rental has changed and for many renting test & measurement equipment can prove to be an economically sensible model, especially in uncertain economic times. It helps to de-risk the test & measurement process. Do you need to buy the equipment, is it the best thing to do for your business or is renting or leasing equipment a better option? We’re here to help companies better assess their needs and to come up with solutions.”
According to Acris ,“If you only need T&M equipment for a short period of time, why buy? But if you’re looking at a need that could extend beyond six months there’s the option to rent, lease or buy.
“Electro Rent is about offering customers greater flexibility and more sectors better understand the value associated with the rental model, and with the pressures they are now facing it’s becoming increasingly attractive,” said Acris.
“Companies understand the flexibility that we can offer: meeting peak demand, addressing specific project needs, investing and acquiring test equipment on behalf of our customers or simply ensuring security of supply over an extended period of time.
“The rental model can support SMEs, early-stage businesses and even academia. Whatever the business, it’s about understanding the needs of customers and explaining the advantages of the rental model.”
Across Europe more companies are turning to it, according to Acris. “They just need to understand the many different options that are available to them.”
