Combine telecommunications with informatics and you get telematics; combine powerful fleet management tools with big data know-how and you’ve got a return on investment to brag about.
Automotive-Fleet.com defines telematics as a business tool that allows you to track, analyze, and make consistent improvements on your mobile operations and it is a great read on how ROI achieved can be beyond just fuel savings. As industry professionals become more familiar with the technology’s potential to transform fleet operations and deliver significant dollars-and-cents value, telematics are becoming more widely adopted.
Today’s fleet management solutions provide you with details into your fleet’s performance—a wealth of data you can crunch into actionable insights to optimize everything from driver safety to routing to customer service. They’re all things that have a direct impact on the bottom-line. And the same data that makes it easier to manage your fleet can be used to justify your investment and realize positive returns, year after year.
With the right fleet telematics in place, you can expect to see the following ROI:
- Increased cost savings on fuel, payroll, optimizing vehicle utilization, maintenance of vehicles, and mileage tax deduction
- Increased productivity by keeping a pulse on your fleet and ability to reach them efficiently to manage tasks
- Increased fleet security by reducing unauthorized vehicle use and being able to easily track vehicles when it gets stolen
- Increased driver safety and reduced accidents by tracking driving behavior such as speeding.
- Increased Compliance – Businesses in certain industries may be required to track their fleet and account for each mile.
- Improved customer satisfaction with timely delivery and service
- Reduced insurance costs as installing telematics carries the potential to boost your company’s risk profile, resulting in lower insurance rates.
- Reduced emissions by decreasing vehicle idling time to build a more sustainable business
What is your baseline?
It’s critical to measure the big bottom-line results, but before you do that, you need to identify your company’s goals—really zero-in on what you expect to achieve and establish baselines. For example, track your current labor hours, fuel costs, customer satisfaction rate, insurance costs, etc. so you can truly see the complete return on your investment.
If you are looking to invest in a technology that helps you manage your vehicles and drivers, avoid these buyer reactions to maximize your ROI.
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