Fleet tracking, also known as telematics, is useful software for any business that has a fleet of vehicles. But it is also very valuable, and a piece of software that is well worth the investment even for a small business.
“Customers want a software that can give them an advantage in a highly competitive marketplace,” says experts in fleet management software, Movolytics. Fleet tracking software will help you to save money in every part of your fleet, in ways you might not expect.
Here, we look at three ways in which fleet tracking can boost your profits and make you big savings.
Fleet tracking can reduce insurance costs
Businesses usually pay large sums of money to insurance companies as premiums for their fleet of vehicles on a monthly basis. Looking for ways to reduce this very necessary expense is top of most business owners lists.
Industry experts Fleet News note that one of the most valuable ways of lowering your insurance premiums is with risk management. Knowing if you vehicle is being misused, is damaged or in need of servicing is important for a business, but tracking it with software, putting dates and numbers to that information will impress your insurance provider.
Fleet tracking with telematics gives your insurance company the information they need to assess how much of a risk they are taking on insuring you. If the telematics data shows that your employees are safe drivers, you can negotiate a discount for your insurance premiums.
Better fleet management can reduce your fuel consumption
Fuel is another necessity and a big slice of your spend as a business using a fleet. In a competitive marketplace, it pays to be fuel smart. Fleet tracking gives you the ability to reduce fuel consumption, monitoring real time fuel use and giving you the spend of your fleet in pounds and pence.
Cumulatively, by watching where fuel is wasted, on high traffic routes or when drivers are idling, fleet tracking will help businesses to reduce overhead costs. Real time updates are a key feature of fleet tracking systems, which give you the ability to create alerts based on mileage, engine use or time. This helps businesses develop an advanced vehicle maintenance schedule. Vehicles that are well maintained and serviced are less likely to develop any faults or mechanical problems that could lead to inefficient fuel use, driving up your spend.
Having vehicle tracking will not only reduce fuel costs, but it will reduce harmful emissions. Adding a green initiative to your fleet could help you attract more clients and get a wheel up on the competition as a bonus on top of fuel savings.
Safer drivers and vehicles mean less costly accidents
A great benefit of modern fleet tracking systems is the promotion of driver safety, which can have a major impact on your business in the long term in the event of an accident.
Fleet tracking allows you to create automated alerts to notify you of any aggressive driving behaviours such as hard braking or dangerous fast turns. This will allow you to address behaviour that could potentially lead to expensive insurance claims or legal action.
Fleet managers must have a clear and detailed road safety policy to help reduce incidents of distracted drivers. A recent study found that more than a fifth (21%) of UK companies whose employees drive for work, do not have a road safety policy in place. The better a fleet is run with technology and policy in hand, the lower the incident rate will be. If your employees drive with care and consideration, you could benefit from lower insurance premiums.
Fleet tracking can also reveal bad driving habits which, once addressed and remedied, could lead to a lower fuel spend for those drivers, increasing your profits. Fleet tracking isn’t a one trick software, it has the horsepower to take your fleet to the next level and save you a lot of money.