Since its humble beginnings in a small office in Sandton, RentWorks has evolved into the largest independent asset rental and management company in South Africa, including offices in Namibia, with plans to expand in selected African markets.
In 1998, RentWorks pioneered the concept of true IT rental finance – a first for South Africa at the time. As opposed to traditional finance options, RentWorks offers a true rental solution, thereby affording the financial flexibility required in any business. When the mobile workforce hit the market, the company adapted to this change in business behaviour, which is where RentWork’s asset tracking abilities became invaluable: if it was connected to the web, it could be found. Furthermore, service offerings were adapted as the needs of the customers evolved, ensuring that pioneering solutions continued to assist customers in asset and finance solutions.
Today, customers can receive an asset, use it, return it – and not worry about obsolesce. In essence, RentWorks takes the headache out of asset rental and management.
A customer-centric business
To further reduce the cost of ownership for customers, RentWorks offers true residual value. From a funding perspective, customers benefit from lowered cashflows, no deposits, and can access assets easier, assisting customers in optimal funding and the necessary administration processes to procure an income. Time is money, which means customers benefit from properly utilised assets. As trusted specialists and advisors in the rental solutions space, this company takes pride in having long-term and sustainable relationships with its customers and believes this has been the key differentiator over the past two decades.
This is also indicative of the organisation’s value system, team, and the way they treat their customers. In alignment with its mission, key relationships are based on integrity and respect, be it external or internal: “We pride ourselves on a culture of hard work, but with a deep respect for other people and our company,” says Kuben Rayan, Chief Executive Officer. “We believe that this is why the average tenure for employees is twelve years. We have more of a family culture,” he continues. Some customers date back to RentWorks’s start-up days – and have been with the company since its launch in 1998.
Staying ahead of the curve
Specific tailored solutions are developed for each individual case, enabling customers to utilise the full benefits of a true operating lease, structured with a guaranteed residual value component for the efficient running of a business without the asset disposal hassles. “In short, we optimise the procurement & utilisation of assets or equipment that our customers use in the production of income. This always leads to mutually beneficial relationships between our customers and our suppliers,” Kuben adds.
As an organisation, RentWorks takes great pride in its flexibility, transparency, and innovation. An example is the fully customisable asset tracking dashboard, which is accessible to all of RentWorks’s customers via a secure web-portal user interface. Not only can customers access live, real-time and historical data, but the system also offers best practice guidelines on items or areas requiring attention, such as contract expiration information, serial numbers, and rentals due. Assets can be remotely managed and secured to ensure – and prove – appropriate endpoint IT compliance processes are properly implemented and enforced.
To further add to the customer experience, this dashboard can now easily be accessed from customers’ mobile phones. “Looking ahead, at the Fourth Industrial Revolution and how technology can be used to enhance the customers experience. Simplicity is key. Our aim is to continue enhancing technology to make things as simple as possible for our stakeholders, to ensure the sustainability of their businesses into the future. We also have an exciting range of products launching in the new year, as well as plans to expand to selected countries in Africa over the next two to three years,” Kuben adds. “In the context of South Africa’s macroeconomic backdrop, it’s tough to run a business for this long, so we are very grateful for reaching this milestone.”
RentWorks has seen enormous growth over the past 21 years, but this would not have been possible were it not for the continued support from all stakeholders – including clients, suppliers, and investors – as well as the incredible dedication of each employee.