Companies within all industries need every competitive edge they can get. Lidar is known to have a high cost, causing a barrier to entry. In certain cases renting a drone lidar system my present competitive advantages just like renting any other large piece of construction equipment. As project managers and business owners pore over the balance sheets and all aspects of the business to find advantages, it can literally pay to explore and compare the costs of renting or leasing UAV Lidar equipment against the expenses of buying and owning it.
Drones, LiDAR, High-end mapping cameras, precision survey stations and other equipment are essential to any business with geospatial in their organic workflow. But like any other department or resource, they can and must be streamlined for maximum efficiency and versatility. A cost-benefit analysis can provide valuable data to help you make an informed decision about equipment rental versus ownership.
Regardless of how business and companies differ in their size, purposes, and structure, few that use any size of the equipment can afford to have it be ill-matched for the task or sit idle and unused. Procurement, finance, production, and administration departments all might have input on which option to use since all have important perspectives to present. Maybe you head all those departments for your company or maybe there are different people in charge of each one, but you’re likely to pull statistics from all for good analysis.
RENTING DRONE LIDAR EQUIPMENT VERSUS OWNING
MODUS offers a comprehensive inventory of equipment for purchase and rent, so we can help you decide which option best suits your business needs, whether they be rental, ownership, or a mix of both.
We sell new and used equipment and have a variety of drones and sensor equipment for rent. Along with the affordable DJI Brand, MODUS also carries many other high-quality US-only brands that can be easily programmed and tailored to your field application.
TAKE TIME FOR AN EXAMINATION
It helps to first take a step back and analyze the cost-benefit situation as applicable to your business. An educated, logical decision will result as you consider all the factors:
- Estimated rental payments for the period of use and machines needed
- Approximate cost of a new machine
- Transportation and storage expenses
- Frequency of need for equipment
- The projected life span of a new machine
- The estimated cost of maintenance and service over its life
- Rough amount of labor saved with either option
- Financing options and available capital
- Need for special technology or skills with projects or equipment
- Availability of desired new-purchase equipment
- Possible, multiple uses for machines both rented or bought
- Internal capability to test, maintain, and service machines.
A cost-benefit analysis will result in a much stronger sense of which option fits best, as well as where and why. The most often recommended numeric benchmark for when it’s time to cross over from rental to purchase is when the equipment is needed and used at least 60-70 percent of the time.
Generally speaking, if you’re thinking about the need for the equipment in terms of years, that can be an indicator that you’re moving toward the purchase, unless of course, you’ll have little or no use for the machine after the current project or set of jobs.
Your examination of equipment needs will naturally reveal data that are useful to decision making, things such as usage duration, hours wasted or saved, profit or loss potential, and capital or financing available now or in the future. Businesses can use some type of construction-management software to track vital job statistics and provide useful information such as trends or previously unknown needs.
Beyond the hard numbers sit a good deal of other considerations, such as safety, quality, efficiency, compliance, growth, risk, morale, employee retention, and other factors that affect business but don’t have a hard number attached to them. Individual companies will each value the softer factors differently, but they are all worth considering.