As we’ve explored in a recent blog post, modern fleet managers must manage much more than just a fleet’s vehicles. Many are also responsible for making decisions about other company assets too. But what are the important fleet assets, and why should your fleet be tracking them?
In this post, we explain why your fleet should track its assets and detail the many benefits to your business's bottom-line if you do.
The obvious assets for fleet managers to keep track of are of course a fleet’s vehicles. In fact, managing your fleet’s vehicles (whether owned or leased) effectively is the cornerstone of the role, and it’s no small challenge.
Knowing their location, how your drivers are using them, each vehicle’s essential maintenance needs, and where each one is within its useful lifecycle, all give you the best opportunity to keep your fleet running at its highest level of productivity, with minimal downtime and the lowest chance of accidents on the road.
That being said, these are by no means the only assets fleet managers should concern themselves with.
Fleet assets can also include:
At SG Fleet, our focus is on helping the fleet component of your business run smoothly and efficiently. With that in mind, we’ll be looking at the vehicle tracking aspect here.
Put together, your assets can account for a large portion of your company’s operational expenses. That makes knowing what’s happening with them and optimising their use, a major part of running a successful fleet-based business.
These are our top five reasons why your fleet should track its assets.
For businesses in the UK, fleet tracking is an essential tool against theft. Being able to see where your assets are at all times means that if one of your vehicles is stolen, the chances of recovering it will be very high. It’s a big reason why fleet GPS tracking devices are becoming more popular than ever.
But theft prevention isn’t the only reason to keep a watchful eye on your vehicle’s whereabouts. Which brings us to…
Fleet GPS tracking devices allow fleet managers to gain in-depth knowledge of how their fleet’s vehicles are being used by their drivers. Analysis of this data can tell you things like whether your drivers are taking the optimum routes (which can impact your fuel costs), and highlight any bad habits or behaviours your drivers may have gotten into (which can impact their likelihood of getting into or causing accidents; and by association, your insurance premiums). Using this data, you can then optimise your route planning and target specific drivers for extra training or enrolment in safety courses.
Sometimes, simply knowing their behaviour is being tracked is enough to alter driver behaviour for the better. The increased accountability that goes with it is likely to lead to more concentration behind the wheel, and better compliance with company policy regarding things like the duration and locations of breaks on long drives, and the security of where they store the vehicle at night when it’s away from your depot.
Either way, the potential costs savings here are one of the significant benefits of asset tracking.
Another area where you can save costs thanks to asset tracking is in your vehicle’s lifecycle management. Digital asset tracking tools can monitor your fleet’s status and alert you to when a vehicle develops a fault, allowing you to fix it before the damage gets worse. In doing so, asset tracking helps upkeep and lowers outlay on more expensive repairs or whole vehicle replacements.
Asset tracking tools let you run automated reports that can give you an overview of the condition of your fleet’s vehicles and the associated costs of their fuel usage, repairs, replacements, and other running costs. Keeping abreast of the numbers can allow you to make adjustments and also plan for the long-term future of your fleet, incorporating changes like the rollout of electric vehicles as we move along the Road to Zero.
With that in mind, the benefits of asset tracking will only grow as the level of technological integration increases. And with an increasing number of those gaining a foothold, can you really afford not to adopt it?
The truth is that the more insight fleet managers have into their operation, the more control they have over it. That simply makes asset tracking a must for fleet businesses of the future.
If you’re looking for the perfect fleet tracking solution – look no further. Our Motrak and FleetIntelligence systems offer the vehicle tracking and detailed analytical reporting you need to optimise your fleet’s budget for the near and far future.
To find out more about how they can help you, call us on 01782 337 312 or email CSalmon@sgfleet.com.