Business cost savings: a GPS tracking solution can help your company’s bottom line.

Cost saving is key for any business as reducing a company’s overall spend directly impacts the bottom line. In today’s climate, it is difficult for businesses to remain competitive with rising fuel prices, changes in the global and local markets, and everyday operational challenges.

Saving money in any business often requires small actions that all add up to big changes. Significant savings can be made in fleet-reliant businesses by improving operating efficiency, and tackling strategic areas such as fuel consumption, vehicle maintenance, routing, smart scheduling, as well as dispatching, to list a few.

The latest Fleet Technology Trends Survey conducted for Verizon Connect by ABI Research reported that more than 1,300 industry professionals highlighted the most important daily challenges they face and how fleet technology helps them to reduce costs in areas such as fuel consumption, labour cost, and vehicle maintenance.

Let’s dive into the top 5 challenges that fleet managers encounter in their daily operations: 

According to our survey, 71% of businesses said that fuel was one of the biggest business challenges (extremely or very impactful), followed by increased costs (68%), meeting customers’ expectations (62%), labour costs (60%), and safety (57%).

Discover the top 10 challenges that fleet managers and business owners face in their daily business, by downloading the Fleet Technology Trends Report Europe.

Benefits of fleet technologies with cost savings

Across all industries, GPS tracking users decreased fuel costs by an average of 11%. Users also saw an average decrease of 15% in accident costs, a decrease in overall labour costs of 14% and 13% saw a decrease in vehicle maintenance costs.

How can fleet technologies help businesses achieve these cost savings?

Fuel cost reduction: Receive a clear and detailed overview of the fuel consumption of all your vehicles, including fuel used, distance traveled, harsh driving events, speeding events, and idling. Discover whether poor fuel efficiency is costing you extra or help identify vehicles experiencing fuel efficiency issues. 

Based on the distance travelled and estimated fuel consumption, fuel efficiency is displayed as an overall positive or negative cost. You can then take action to boost fuel efficiency within your business.

Accident cost reduction: Fleet management technologies, such as video telematics can help you understand what is happening on the road. Receive an alert in the event of harsh driving, and access to the video footage to protect your drivers and business from false claims, thereby reducing expenses associated with accidents.

Labour cost reduction: Manage your team’s time more efficiently with better route planning to avoid extra miles driven or congestion, so you have more time to meet your customers' needs instead. Monitor the progress of activities in near real-time, such as the time your team spends serving customers, multiple stops made, or excessive downtime. All this helps you to ensure that operations are running on schedule and that your team is always up to speed. 

Vehicle maintenance cost reduction: Boosting a vehicle maintenance program with the combined help of fleet management, vehicle data and known maintenance needs can reduce vehicle maintenance costs. You can also receive alerts regarding vehicle issues and regular vehicle check-ups are easier thanks to detailed records.

To learn more about the value of GPS fleet tracking technology, download the full 2023 Fleet Technology Trends Report Europe.

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