Not Too Long Ago…
Our Director of Product, Greg Lutz, held a few impromptu “how ya doin’?” phone calls with a diverse array of EquipmentWatch users. What started as friendly check-ins ended up changing the way we approach a major software feature.
Say Hello to the Latest Cost Recovery Update
The Cost Recovery product was really designed for one specific purpose – calculating reimbursement for the active use of equipment. But when we talked to our users we found out they were taking our active use rates and doing all sorts of interesting things with them, revealing another consistent observation: no standard benchmark existed for standby rate or idling rate calculation.
Where our customers expressed a need, we identified a natural extension of active use rates. The new addition of Standby Rates and Idling Rates to Cost Recovery can be applied to every model in the product. Now you can measure the cost impact of your equipment in a variety of situations beyond just active use.
Why Should You Care?
Idling refers to equipment on a job that is actively running but not being used.
Everyone knows that idling equipment costs their business money, but historically it’s been difficult to assign a dollar amount to that cost. We wanted to change that.
Many of the customers we spoke to knew their fleets’ idling percentage based on behavior, but they didn’t know exactly what it was costing them. Using EquipmentWatch, they were able to present that cost information using real data from Cost Recovery. Adding Idling Rates creates a crucial increased accuracy to cost.
Standby refers equipment on the job available for work, but not running or being used. Our teams looked into it and learned a few things. Different project owners employ different standby rate calculation methods for reimbursement, which creates inconsistency across the industry.
The addition of Standby Rates is designed to streamline cost reimbursement. That’s also why we provide our Specifying Organizations tool, which analyzes recovery cost based on state and local DOTs who leverage EquipmentWatch as their reimbursement standard for supplemental work.
Thanks to user feedback, our teams are better equipped with the tools necessary to analyze and facilitate product improvements. Prior to our recent customer conversations leading to this update, there was no existing standard measure for standby or idling rate calculation. Along with internal charge rates, market values, retail rental rates, machine specs, serial number history and market insights, the launch of standby and idling rates provides modern contractors with the data they need to make better decisions about heavy equipment.
Ready to inspire the next product update? Share your ideas with us on the new EquipmentWatch Ideas Portal. We’re excited to hear what you have in mind.
Check Out The Updated Product Guide
Not yet a customer? See what the rest of the industry is tapping into by scheduling a free demo.