Peer Tech

It’s early May of 2020 and the middle of the COVID-19 crisis, and I frequently get asked by friends and colleagues what I’m up to. At the risk of being laughed at, I’m ready to share a product I’ve spent the last six months working on. Who would consider releasing a new product in the middle of a pandemic? This guy!

When Dan Crowley and I were scribbling notes on the back of napkins at the end of 2019, we didn’t expect to be in the middle of a crisis today. Even as the pandemic escalated, we decided what we were working on was too important not to release. Sometimes it’s too hard to stop when you are making something you’ve always dreamed about. For the last 20 years in the rental industry and as a CEO, I’ve been disappointed in the lack of actionable data I could use. Dan spent the same time refining metrics and testing benchmarks with the members in Peer Executive Groups. It has only been recently that the technology has been advanced enough and affordable enough to bring something to market that everyone can use.

Today we announce the beta of the industry’s first real-time, quarterly, and affordable financial benchmarking tool designed for the rental industry by the rental industry. 

I know what you are thinking. You have useful data. You could show me all kinds of reports that tell me how your business is doing. That’s great, but that data is hard to visualize, so it’s hard to act on, and it can’t tell you the whole story.

Don’t get me wrong; we have some excellent software companies in our industry doing innovative things. Rental is complicated, and they need to focus on the core of the product you use. Besides, truly valuable data also has to be independent of the software so it can be combined with all peers’ data to build real-world KPIs and benchmarks. Many of the vendors provide some great reports, and some of the best have friendly new dashboards or the ability to export into tools like Microsoft BI (Business Intelligence visualizations). While that is helpful, it’s a similar situation to the late 90’s when every delivery driver knew the roads like the back of their hand and had a good map book. They knew their stuff and had a great tool, but GPS changed the game. Fast forward another decade or so, and we have Apple, Google, and Waze maps. It’s hard to even look back.

Right now you know your craft extremely well and use the reports really well, just like the drivers used their map books, but you are missing out on up to date, easy to visualize, really actionable data. To reach the next level, you need to look at it in real-time with real live industry KPIs that help you gauge your actual performance and navigate the best way to your destination in the current business environment. For example, let’s say your sales are up 5% this year. What does that mean? By itself, not much, but what if I told you your peers were down 15% on average. In that scenario, your business is outperforming. That example is just the tip of the iceberg. Allow me to join you and your business on your journey to greatness.

Sign up at peertechapp.com to be one of the first to see your data in revolutionary new ways and see actionable insights to take your business to the next level.

Note – Everyone who needs this data today must have access to it. If cost is a deterrent, because of the impacts of the crisis on your business, reach out to me directly. I will find a way to support you through these challenging times. I’ve been there, and it was through the help of others that I got to the other side. At Peer Tech, we are committed to paying it forward.