AI can help maximize your rental revenue by adjusting upward when demand is high and inventory levels in your region are low, or on the flip side, ensure you don’t lose a sale by adjusting downward just the right amount to remain competitive.Ģ. Dynamic pricing. By leveraging your inventory management system, seasonal trends, and competitor rates and availability, AI can help surface real-time pricing suggestions and even make automatic adjustments. Developing an effective AI strategy will become core to winning in the rental market.ġ. This isn’t years from now - the power is here today and will continue to evolve rapidly. Here are 10 ways the equipment rental industry can leverage AI. And moreover, why this is different than just producing reports is what the name “machine learning” implies - with feedback it can adapt, or learn, based on your responses or follow-up questions to its answers. It’s this marriage of data, context and communication that makes them powerful. Now, what does this mean for equipment rental? How else might AI serve me and improve my business, save me time, save me money or drive growth? Beyond answering questions, these Large Language Models (LLMs) like ChatGPT can process not just text but reams of data, to produce highly contextualized answers and provide proactive tips. It’s an enlightening experience the first time you use it. Ask it a question, and unlike Google, which surfaces other websites that may or may not have the answer, ChatGPT answers you clearly, thoughtfully and directly. What does it actually mean for me, my business, my life? ChatGPT changed that, because it communicates with you like a person. Before ChatGPT, the notion of AI was opaque and hard to grasp for the average American. OpenAI’s ChatGPT has been a major factor in that. Artificial intelligence (AI) has taken the media by storm this year.
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