Ben Cox, chief product officer, Texada Software talks about eliminating cumbersome paper processes, its game-changing e-commerce solution, the rapid growth of artificial intelligence, enhancing mobile applications, and more.
What is new in your software and technology?
Cox: At Texada, we're revolutionizing the rental industry with our state-of-the-art Software-as-a-Service (SaaS) platform. Being fully cloud-based, our software is not only easy to use and manage but also allows us to continuously innovate and enhance our offerings.
One of our most exciting developments is the launch of our cutting-edge rental contracts management solution. It's automated, intuitive, and the feedback has been overwhelmingly positive. Our mobile applications have also seen significant upgrades, extending their value to rental team members who interact most with customers and equipment. We've introduced a groundbreaking feature for in-yard returns, which eliminates cumbersome paper processes and streamlines equipment delivery, pickup, and service management.
Our e-commerce product, Gateway, is another game-changer, enabling rental companies to set up online storefronts effortlessly. This innovation is perfect for small-to-mid-sized rental companies looking to expand their business through e-commerce.
Texada Pay is another standout feature, seamlessly integrating card payments into the Texada platform. Customers have described it as "game-changing," as it simplifies transactions and drives business growth.
Lastly, we've fortified our core platform technology, achieving ISO and SOC compliance, ensuring top-tier security and reliability.
What effects has AI had on your software and technology and what potential do you see going forward?
Cox: AI, particularly Large Language Models, has been transformative for us. Internally, we've harnessed AI to boost productivity, and soon we'll be launching an AI-driven feature that automatically generates product descriptions for online equipment listings on our e-commerce platform.
We're exploring computer vision for damage identification, advanced data tools in our Analytics product, and dynamic pricing. These innovations will empower our customers' teams to be superheroes for their clients without replacing human touch.
Our perspective on AI is that its true value lies in deeply understanding our customers' unique needs. Just like any other software capability, AI's effectiveness depends on its application to solve specific problems tailored to heavy equipment businesses.
How important is integration of all of your systems?
Cox: Integration is at the heart of our strategy. Our open API boasts thousands of endpoints, and our partner program includes dozens of companies, with more joining every month. We recently established an Integration Factory within our technology teams, dedicated to developing both external partnerships and internal product suite integrations.
What new trends in technology do you expect in the foreseeable future?
Cox: Gazing into the tech crystal ball, several trends stand out:
AI and LLMs: These technologies are evolving at breakneck speed. Their accessibility to non-technical teams will likely drive rapid innovation and adoption, far exceeding past technological advancements. The past 18 months since ChatGPT 3.0's release are a testament to this acceleration.
Technology Budgets: Organizations will need to allocate funds for new AI tools, potentially leading to the consolidation of software tools. Platforms with deep operational capabilities and integration into customers' businesses will thrive, while point solutions may struggle.
User Experience and Reporting: Amid the buzz around predictive models, AI, and automation, the value of a superior user experience and robust reporting should not be underestimated in a tech strategy.
What are the most important contributions telematics makes to a rental company and how challenging is it to integrate telematics with a rental management operating system?
Cox: Telematics offers immense untapped potential for rental companies. Beyond just locating equipment or scheduling maintenance, telematics enables high uptime service offerings by predicting and preventing equipment breakdowns.
Fleet optimization is another critical benefit, helping determine the best locations for equipment and timing for inventory replacement. To maximize these advantages, telematics data must be integrated with comprehensive customer and equipment information, a capability we provide with our rental management solution.
What are the main concerns and issues customers in the rental industry are asking about in terms of software being able to solve their problems and help them operate more efficiently? Anything in particular that rental staff are asking for?
Cox: Our customers are always on the move, dealing with uneven demand. This means speed and accuracy are crucial, especially for yard, shop, and field teams. Hence, we're continuously enhancing our mobile applications to simplify their workflows in and out of the shop.
Branch managers and owners need visibility across all business areas, making analytics a priority. We're investing heavily in this area to meet their needs.
Additionally, rental companies aim to expedite payments, automate cycle billing, and minimize AR risk. Texada's integrated payment solution addresses these needs by making transactions seamless, fast, and secure.
For equipment businesses, there's a growing demand for integration, particularly customer data sharing between rental teams, machine sales teams, and service departments. We're enhancing these connections across our suite to support our customers better.
