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5 ways to reduce fleet management costs
The biggest challenge fleets face is increasing costs. Learning ways to cut costs amid rising prices is essential to protecting...
Read moreThe uptick in fleet technology adoption from 2022 underscores the continued need for fleets to meet customer demands, offset rising costs and protect themselves from accidents and their fallout, especially in the face of unpredictability.
However, deriving value from any technology investment is paramount to achieving an improved bottom line. And with 31% of GPS tracking users reporting a positive ROI within the first 6 months, according to the 2023 Fleet Technology Trends Report, fleet tracking software is showing its worth.
Fleets that invest in GPS fleet tracking technology don't have to wait long before realizing true value from their investment, here’s how they do it:
Using technology to help prevent costly false claims
Fleet technology solutions can help cut costs in ways that might not always seem so obvious. For one, your company’s drivers are likely to interact with many people on the road– increasing the risk that your drivers might experience a negative interaction while on the road. How do you manage false reports about your drivers?
False claims can hurt your bottom line. Over the last few years, video technology has advanced giving power to fleet managers to protect their drivers and fleets from false accident claims, exonerating drivers and reducing unnecessary expenses. Adding a video component to your GPS tracking solution helps you get the whole story by seeing reliable video evidence alongside fleet data to help protect your fleet.
Asset tracking solutions show their worth
In 2022, we saw an increase in the adoption of asset tracking solutions giving fleets more ROI while protecting their vital assets and resources. For fleets using asset tracking, 55% reported a positive ROI in less than a year after implementing the solution within their fleet management software. Having an equipment tracker as part of your fleet management solutions can help improve your bottom line and give you peace of mind.
Improving operational efficiency
From improved operational efficiency to scheduling to improved communication with customers, fleets in 2022 were on track to achieve more from their fleet management solution. In fact, 44% reported seeing ROI in less than 1 year for those using field service and workforce management solutions.
A field service or mobile workforce management solution offers fleets an automated way to manage and dispatch jobs and communicate with the field. This valuable technology is helping many organizations manage their fleet, reduce redundancies, and achieve their goals.
Despite economic challenges, fleets are still seeing results when using telematics and are even cutting costs in the face of inflation. Those dollars add up quickly when you realize the number of functions, tasks and processes that go into managing a fleet.
Want to learn more about how fleet management software can help you cut costs and achieve a positive ROI? Download our free 2023 Fleet Technology Trends Report.