Why finance professionals should be familiar with vehicle tracking softwareJoshAugust 23, 201810 viewsIncome & Career0 Comments10 views 0 Fleet management tools such as vehicle tracking systems are essential for businesses that want to improve visibility and increase profitability. In addition to monitoring fleet performance online, vehicle tracking also enables organisations to streamline back-office processes, improve road safety and generate significant, long-term savings. Here are 3 ways that your business can use vehicle tracking to save money: 1. Improve driver behaviour Irresponsible driving behaviour not only wastes fuel, but also increases the cost of replacement parts like tyres and brake pads. In addition, harsh acceleration and speeding also increases the risk of serious incidents on the road. However, fleet operators can use vehicle tracking to monitor driving behaviour remotely. Knowing who is responsible for poor driving habits, in addition to where and when, will help you retrain repeat offenders and reward those who demonstrate best practice. In many cases, simply being aware of the fact that vehicle trackers have been installed can improve driving behaviour. However, like any new business initiative, it is important to communicate the objectives and benefits with your team to prevent any feelings of distrust towards the new policy. You can also employ smart tech like Masternaut’s in-cab coaching device. Drivers will receive instant audible and visual feedback of poor behaviours, enabling them to self correct in real time. Fleet managers can monitor this behaviour remotely to reward those who demonstrate best practice and retrain those who re-offend. Improving driver behaviour will help your business: Reduce fuel costs Reduce maintenance costs Reduce serious incidents 2. Decrease travel time Another way to reduce the amount of money spent on fuel is to optimise routes. Vehicle tracking software can provide fleet operators with in-depth reports and analysis about historic journeys. Reviewing this information will help you highlight whether staff are stationed in the right locations at the right times, taking the shortest routes to customers or planning out their journeys efficiently. Shortening travel times between customers will not only make your business more cost efficient but also help your mobile teams fit in more work throughout the week. 3. Negotiate better insurance premiums The longer it takes for an incident to be reported, the higher the cost of the claim. To reduce these costs, certain vehicle tracking solutions include automated collision detection and in-cab driver assistance. In the event of an incident, the driver can talk directly to a claims handler and an instant report will also be generated that details the position of the vehicle and the strength of the collision. These functionalities combined will help your business reduce the costs incurred by delayed first notification of loss (FNoL). In addition, with a vehicle tracking system in place you can set benchmarks about road safety and evidence improvements over a set time in order to negotiate better premiums with your insurance provider.