Benefits of Renting RVI and NDT Equipment in 2021
People often assume that when it comes to RVI Inspection Cameras and NDT equipment, their best option is buying the assets outright when in fact, a more flexible and financially viable solution may be to rent equipment.
Of course, the choice of whether to rent, lease or buy depends on individual project needs and circumstances, but it’s worth examining the benefits of equipment rental or long-term leasing before finalising any decision.
To illustrate just why organisations should consider equipment rental as a viable solution for meeting their RVI and NDT needs, here are some of the financial, technical and operational benefits.
- Renting reduces the carrying costs associated with large amounts of inventory and it frees up capital, which can be better utilised elsewhere in the business to gain higher returns. This can result in improved cash flow and improved profitability due to optimum use of capital.
- Companies may find it easier to raise loans if they don’t buy their equipment outright because rentals aren’t recorded on a balance sheet as liabilities. This more favourable ratio of assets to liabilities facilitates borrowing and can result in bottom-line benefits.
- Buying equipment can also mean additional expenditure at sale time. Equipment may need repairing or updating in preparation for selling it, plus there may be associated costs in terms of advertising or transporting the items. Equipment rental avoids those extra costs.
- Buying, maintaining and keeping track of an extensive inventory of NDT and RVI equipment can also use up valuable resources – a burden which is significantly reduced when equipment is rented.
- The field of NDT and RVI is constantly evolving. Equipment suppliers regularly release upgraded devices with expanded capabilities and features as well as introducing entirely new technologies. Renting equipment enables organisations to stay ahead of the technology curve, access a larger inventory and take advantage of faster, more efficient new models, whereas those companies that have bought their own equipment may be left with old or obsolete tools.
- Maintenance and repair? No problem. Organisations don’t have to concern themselves with any maintenance, calibration or repair issues because all of that is handled by the company supplying the NDT equipment for rent.
- Whilst equipment breakdowns are inevitable, operations are less likely to be disrupted when rented devices are being used because the supplier will respond immediately to replace any faulty or broken equipment.
- When NCT or RVI equipment is rented from a reputable supplier, customers benefit from the ready support of their experienced and highly skilled technical team.
- Short-term needs (for example when the scope of the work to be done doesn’t warrant the purchase of new equipment or when a short-term contract is awarded) can be covered very efficiently by renting NDT equipment.
- Equipment doesn’t sit idle.
- Rentals are also a very cost-effective and efficient way of handling periods of high or low demand.
- Renting equipment gives companies greater flexibility with operational planning and resourcing of projects.
- Old equipment can have a negative impact on performance and productivity. By accessing the latest models through a rental scheme however, businesses are able to optimise their outputs.
Renting equipment also enables companies to test various NDT and RVI technologies and devices to evaluate their effectiveness, without having to commit capital upfront. If the idea of operational, technical and financial benefits appeals to you, contact us to discuss customising a rental solution that meets your organisation’s unique needs.