Storent Holding is one of the leading construction equipment rental companies in the Baltic States, and has also entered the market in Finland and Sweden. With 28 rental locations in five countries the Storent group provides a broad range of rental services to customers in construction and industry, as well as in the consumer market. Innovations have always been a priority for the company. Over the past four years, Storent has actively invested in digital transformation updating its services and making them much more convenient for its customers.
Storent offers rental solutions for various needs – starting from digging and compacting soil, lifting and transporting people and materials to installation of temporary structures, processing of materials and providing various engineering solutions. The company offers equipment for providing electric power and air pressure, as well as pumping liquids, installation of sanitary solutions, lighting and modular buildings, thus covering a broad range of needs in the construction and infrastructure sector. The company also provides generators for powering large-scale events, such as concerts and festivals.
In order to streamline the online rental process for customers, as well as employees of the company, four years ago Storent undertook an ambitious digital transformation and automation programme, investing more than EUR 4 million in the endeavour. This initiative resulted in a powerful digital platform, which is available on mobile devices and desktop computers, and has radically changed the rental experience. A modern ERP system has been developed for the automation and optimisation of internal processes.
“The platform is more than just a simple digital tool, it is a comprehensive solution making the rental process quick, intuitive and convenient. Customers no longer have to physically go to a rental location, the whole process – from registration to signing the equipment delivery note – is done online,” Andris Pavlovs, co-founder and Chair of the Board of Storent, explains. On our platform customers can register, choose the necessary equipment and rental period, receive an automatically generated price offer and rental agreement – the whole process takes no more than 5 minutes.”
Introduction of the digital platform and the ERP system has been beneficial not only to customers, but also the company itself. Automating processes, such as electronic signing of contracts, registration of equipment delivery and return, significantly reduces the administrative burden and increases efficiency. Using convenient authentication options, such as Smart-ID and Mobile-ID, customers can securely and easily manage their orders, view their rental history, estimate costs and manage authorisations for using the rental equipment.
“The benefits for customers are obvious: they save time and money, because the whole process can be managed online. They no longer need to go to a rental location, all transactions are performed remotely,” Mr Pavlovs adds. “Moreover, customers can check the status of their order at any time, make payments and receive the latest information about availability of equipment.”
Introduction of the ERP system has also allowed Storent to improve the efficiency of its operations. Automated procedures mean that employees spend less time on red tape and can devote more efforts to other important tasks. Using fully digital solutions also helps the company move towards its sustainability targets by reducing the amount of paper documents used and cost of logistics.
According to the company’s data, by the end of 2023, 50% of all equipment rental transactions in the Baltic States were done online, with more than 90% of rental agreements being signed electronically. Although the Baltic States are forerunners in introducing digital solutions, in the same period in Finland and Sweden only a fifth of all rental documents were signed electronically.
Storent digital solutions have also been recognised beyond Latvia’s borders, and the company is actively working on improving its platform and expanding it to all five countries where it operates. The company is planning to employ digital tools not only for enhancing the efficiency of all tasks, but also the management process in general. “We have always used data to allocate equipment throughout our five countries of operation and obtain maximum returns in each region. By investing EUR 14 million in equipment in 2023, and another EUR 15 million in the first half of 2024, the logistical burden has significantly increased. We need to deliver equipment as quickly as possible to where it will immediately begin paying for itself. The new platform helps us perform a detailed analysis, thus allowing us to better manage our growing rental fleet,” CFO Baiba Onkele explains.
As technologies continue to develop, the Storent team is expecting to keep finding new ways to improve their platform. Ms Onkele elaborates: “We have been seeking out innovations from the very outset, we are a pioneer in our industry. We follow the latest developments and examine any opportunity to upgrade, because it is precisely our courage to introduce innovations that has allowed us to achieve so much.”
Information material prepared with the support of the Recovery Fund.