North East entrepreneurs have launched a mobile app to help the vehicle supply sector improve systems, offer accurate reporting and, ultimately, increase damage revenues and profit margins.
The new technology, POINTSoftware, is the brainchild of Sunderland-based sisters, Gillian Frary and Deborah Briggs, sales and marketing director Paula Lumley, from Darlington, and IT specialists, David Frame and Andy Walton, from Hebburn.
Developed over a two year period, it was created in response to increasing demands from manufacturers, hire companies and dealerships for a standardised approach to the reporting of a vehicle’s use as it passes through a supply chain.
In the vehicle rental and supply sectors, paper documentation is often still used, leading to inaccuracies and inefficiencies.
The new software helps improve vehicle inspection by offering real-time information and tracking.
As a result, businesses experience a tangible return on investment, with benefits including 90% damage recharge success, indisputable evidence of any damage, a 25% increase in the amount of data captured, a 90% reduction in customer queries and a significant reduction in paperwork and the time it takes to invoice.
Funded through a six figure investment, the app is the first of its kind in the vehicle rental world and earned the team, who have a combined experience of over 60 years in the sector, the Best Use of Technology award at the North East Female Entrepreneur Awards 2014.
MD of POINTSoftware, Gillian Frary, said: “Our research showed that millions of pounds are lost every year in the UK vehicle rental market alone - without even taking into account the full supply chain - because vehicle suppliers are unable to recharge damage caused by the hirer or identify where damage has occurred.
“The current, paper-based systems and basic technologies aren’t sufficient, whereas our app pinpoints exactly where damage has occurred, with real-time evidence, which simply cannot be disputed.
“The new app leads to the faster recovery of damage recharge as the software provides an accurate recording and reporting mechanism. Hence, the app could lead to increased revenue thanks to its ability to accurately pinpoint more data which, in turn, leads to more rapid invoicing and a faster turnaround time on the vehicles collected and delivered.”
Sales and marketing director, Paula Lumley, said: “The new software has been borne out of the many frustrations in the vehicle rental sector.
“The new technology is a major step forward as it provides valuable management information and is really easy to use.
“Most importantly, it can be flexibly applied to the processes of most businesses along the supply chain offering a significant return on investment for those organisations opting to use the system.”
The company plans to make the app available for other sectors in the coming months.