In this article, we walk you through the Settings controls that power many Assets features.
In this article
Note - only Admin users can access and modify Assets settings.
Ideal to Call Off
"Ideal to Call Off" is an indicator from IronUp, to highlight specific assets that may be financially poor to continue renting.
The feature has three components that can be modified to further customize your organization's view of an "ideal to call off" asset:
1) Below Utilization Threshold
Utilization is the "academic" indicator of ideal to call off. Why? Because utilization and, cost per hour, are connected - as your utilization decreases, your cost per hour decreases. And with rented equipment, where you can return an asset to reduce costs, it's a controllable cost (as compared to owned equipment, at least in the short term).
If you prefer for utilization to not be included in the ideal to call off calculation, uncheck the box.
IronUp default: 40%
2) Days Until Rate Increase
Another method to lower unnecessary rental costs is to be aware of changes in your underlying rate. As a reminder, rental agreements have three rate components - daily rate, weekly rate and monthly rate. Your cost incurred depends on the length of your rental and automatically increases as you change from daily to weekly to monthly.
At IronUp, we have built the first predictive model to anticipate rate increases based on calendar days. The "Days Until Rate Increase", below, gives you an automated warning of an upcoming rate increase.
If you prefer for Days Until Rate Increase to not be included in the Ideal to Call Off calculation, uncheck the box.
IronUp default: 2 days
3) Days Until Next Invoice
The third component of the Ideal to Call off calculation is "Days Until Next Invoice". The industry standard rental invoice cycle is 28 days (although some renters have negotiated a 30-day cycle with a 28-day cost). By default, you will continue to be charged for a new invoice cycle when it arrives.
This is one of the greatest sources of unplanned rental costs for renters. To help you avoid this, we include this in our Ideal to Call off feature, by default. You have the ability to adjust the window of time before the next invoice cycle. Our default is 4 days.
If you prefer for Days Until Next Invoice to not be included in the ideal to call off calculation, uncheck the box.
IronUp default: 4 days
Find out more about Ideal to Call Off.
In several places in IronUp, we track utilization rate per month. It's critical to have a standard for "how many workable hours per month" there are in a utilization calc. We give you the control to modify this standard.
Note - when communicating weekly, we prorate the utilization to the weekly level.
IronUp default: 176 hours
Curious where our default came from? 176 hours is an FHWA standard and has, as a result, been generally accepted throughout the construction industry. Have your own organizational standard? Feel free to make that change here.
What's your organization's standard for a minimum accepted utilization of rented (or owned) asset utilization?
It's a critical expectation to set. Within IronUp, it directly powers our Ideal to Call off feature, today.
Set your standard here, in Settings.
IronUp default: 40%
See support content for other Settings.