Fleet trends can be used to indicate future expenses so you can create a more accurate budget. And tracking certain aspects can help you monitor any outside activity while targeting problematic areas so you can cut down on expenses. There are several ways using the right telematics solution can save you time and money.
Tracking Assets
You are likely the one to determine the lifespan of various assets in your fleet, so consider integrating a better system to keep track of operations. Instead of replacing assets once they have reached a certain age, perhaps you will focus more on the distance each one has traveled. And keeping track of how your vehicles are used will give you better insight into how they are being used. Consider using an equipment tracking solution, epically if you want the most complete system. Choose a system that has GPS so you can get even more out of your existing equipment. Many solutions for asset tracking offer detailed insights and remote diagnostic information.
Analyzing Business Expenses
You can use telematics data to analyze business expenses. The right tracking software lets you use data from a variety of connected vehicles owned by your organization. This then allows you to include more accurate forecasting. Compare these operating costs to your current budget and determine the places you can cut down on expenses. You will also be able to determine the areas that you can be more productive in. This can result in favorable results if, for example, you were able to cut back on one category of operations to allocate funds towards boosting brand visibility, or another area that you previously felt you did not have any money to allocate towards.
Increasing Fuel Efficiency
Many organizations spend a significant amount of money on fuel costs for their fleets, and this can be increased by idle time. And accessories, load, and even vehicle temperature can also impact the amount of fuel it is using. Depending on the size of your fleet, even an extra hour of idle time each week could lead to thousands of extra spent each year. Plus, too much idling can cause the engine to wear out faster and put more stress on it. One way of saving on fuel costs and mitigating this issue is to create clear policies for your drivers and employees. Your business should also consider getting a fuel card for all of your drivers so the fuel cost can be accounted for and monitored.
Using Telematics to Reduce Your Insurance
Insurance is another cost of vehicle ownership, but telematics offers good insights into the attitudes and behavior of your drivers. You can then observe how your employees are performing while on the road. At the same time, you can collect data on accidents so you can understand the drivers who are the riskiest to insure. Understand the how and why of vehicle collisions, but make sure you are also collecting other essential information. Many times, telematics solutions allow you to keep an eye on aggressive behavior from your drivers, as this type of behavior can increase the risk of an accident. When you collect enough information to prove that your accident rates are going down, you can share this with the insurance provider. They might be willing to lower your rates if they know you have taken steps to focus more on safety.
