It’s one thing to use fleet management software for simple vehicle tracking. However, how a fleet manager uses fleet metrics is what distinguishes a successful fleet manager from an ineffective one. Anyone can monitor vehicles and get information. The performance of the fleet, however, is greatly influenced by the data one uses and how one uses it.
Use a GPS tracking programme that is capable of gathering geographical and OBD data and presenting it in digestible reports. Good! Let’s now discover the metrics you ought to be used to make the most of your fleet over the long term.
Metrics Every Fleet Management Software Should Track
Yes, the parameters that your car tracking software may gather and present in reports are numerous. Yes, using them all during the budgeting and planning process will significantly increase productivity. Do you, as a manager, have the time to examine every piece of data the software presents to you, though? No, for sure! So let’s talk about the various metrics you can’t ignore!
Vehicle Diagnostic Reports
It’s crucial to take note of maintenance reports like Daily Vehicle Inspection Reports (DVIR) and vehicle inspection reports before and after journeys. You can use such information to monitor the performance of your cars and determine the health of your assets.
You can keep track of frequent inspection failures using DVIR reports. The best way to decrease downtime in your fleet is to keep them in mind and address those problems.
Additionally, you want to keep track of any preventative maintenance recommendations you receive from these maintenance reports. Your assets will be visible to you in real time from both a detailed and bird’s-eye perspective if you choose the correct fleet management software system.
Cost of Ownership
It can be very difficult to determine your fleet’s total cost of ownership. But it’s one of the most crucial metrics you should remember. Why? Since you’ll be able to calculate your fleet investment and the amount you’ll need to earn to reach your profit targets thanks to this.
The Total Cost of Ownership (TCO) of your fleet might be difficult to determine, but it can be made much easier with a strong fleet management software solution. You can only comprehend the Return on Investment (ROI) that your fleet is providing you over the long term with the help of this information.
If your fleet management ROI is below what it should be given your TCO, you can adjust to boost your profitability. You could rent out your goods if they’re not in the best condition. On the other hand, leasing vehicles rather than purchasing them is an option if you need assets but are unable to reduce the TCO of your fleet.
Vehicle Safety Incidents
The idea of monitoring safety metrics in order to boost ROI seems absurd. After all, how can safety have an impact on how much money your fleet makes?
That is the point, I suppose. Since safety has no immediate effect, many people disregard its significance. The impact it does have, though, is really important.
You might want to alter your vehicles’ path if they are frequently in danger of stealing in order to stop this from happening in the future. Additionally, you can look up which places are most vulnerable to emergencies and alert everyone in those areas.
The ability for your driver to activate the SOS button in case your fleet is in danger of theft could end up saving it.
Odometer Reports
To understand how a vehicle is performing in your fleet, odometer readings can be combined with a number of other fleet data. The automobiles that use the most fuel over the shortest distances can be identified when coupled with Fuel Management Systems. It is amazing to have this knowledge while changing the size and composition of your fleet.
You may get automatic updates on the necessary data for your fleet by installing telematics devices in your vehicles. You are simply making your fleet more visible with the use of this data.
Asset Utilisation
Automobiles and everything they require to operate is expensive investments. As a result, you must utilise all of your resources to the fullest extent possible. The longevity of your assets and profitability can both be increased by understanding how and where they contribute to your return on investment.
You should keep tabs on the typical daily mileage of each car. This will assist you in scheduling as well as gaining an understanding of asset utilisation in your fleet.
Only after properly monitoring your fleet for a few months will you be able to identify under and over-utilized vehicles. It could be time to adjust the schedules and shifts for each vehicle if you notice a discrepancy in how they are each performing. Additionally, you might make use of this knowledge to scale back operations or get rid of specific assets.
You may reach that sweet spot in terms of profitability by using your assets to their fullest, most comfortable potential. It will also assist in lowering fleet downtime and preventing expensive unplanned charges.
Driver Assessments
The monitoring of driver behaviour is crucial. A driver is to an automobile what a CEO is to any business, after all. The entire team will fail if the manager is ineffective.
Reports of hard turning, acceleration and braking should be closely examined. You may take the necessary steps to get the most out of your fleet by identifying poor drivers and cars and taking appropriate action.
Determine which drivers ought to operate particular cars by doing a driver assessment. To balance out the advantages and disadvantages of both assets, you could, for instance, give your finest and most cost-effective driver a less-than-ideal vehicle.
Summing Up
You now have it! a summary of some of the most crucial criteria you should consider whenever planning your fleet budget.
Utilize your car with gps tracking software system to assess the performance of your vehicles in addition to tracking their location. You can only do that if you want to maximise the benefits of your fleet management software system and raise the baseline of your business. What are you still holding out for? Make the best managerial decision for your company today by reading our blog to learn how to select the best fleet management software system for your fleet.