3 Facts about Equipment as a Service

There are many methods of accessing construction equipment to use on construction sites, including purchasing your own and leasing or renting equipment that belongs to someone else. One of these methods is Equipment as a Service. Here are three facts about Equipment as a Service.

  1. What It Is

Equipment as a Service (EaaS) is a method of leasing or renting equipment from a manufacturer rather than purchasing it outright. It can be used in conjunction with other offerings, such as Software as a Service (SaaS), and the Internet of Things (IoT) to make sure any programming included in the equipment is up-to-date and you can provide the manufacturer with feedback.

  1. How It Works

There are two models of EaaS: outsourcing and subscription-based models. Outsourcing is when the provider allows the user to access equipment at his or her facility. Subscription-based models make equipment available at the user’s facility for a set period of time with the option to renew. Maintenance and troubleshooting are typically included in subscription fees. Whichever model you utilize, the use of computer programming will be necessary to ensure price transparency, track and report operation time and maintaining and integrating equipment.

  1. Some Benefits

There are EaaS benefits for both providers and users. Providers can grow their revenues significantly while also improving the IoT and software connectivity of their equipment. They can also leverage data collected from EaaS equipment to improve their predictive modeling and maintenance. Users will benefit from the lower operating costs and expenditures afforded by making the switch from traditional equipment access to EaaS. They will also have access to more reliable data sources via the improved connectivity of EaaS equipment.

EaaS is one of several equipment access methods you can use. Your usage of this or any other method will depend on how much equipment you need, how often you use it and how much computing power is required to operate your equipment.