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9 Secrets to Reducing Fleet Expenses
As a fleet owner, your day-to-day costs can quickly add up. What you don’t know is there are further hidden, expensive...
Read moreEvery business owner wants to run a successful business. However, it’s not always easy to accurately measure your performance against your own targets and others in your industry.
This is particularly true when quantifying success measured on more abstract metrics such as employee morale.
Just as you have a plan for success, so too should you have a plan for how to measure it. And whether you’re assessing fuel savings, efficiency, or customer happiness, a comprehensive fleet tracking solution can help.
1. Cost savings
Every business in the modern world is tasked with doing more for less. Therefore, monitoring cost savings over time can be a great way to measure the success of your operation.
With a telematics system in place, you can accurately monitor cost savings across the board – tracking savings on fuel, labour, maintenance and more.
Detailed cost analysis reports also allow you to dig into specific costs such as price per mile, fuel, and wages, to set margins and monitor improvements.
2. Customer satisfaction
Measuring success is not all about cold hard cash. The happiness and trust of your customer base is also a great way to keep track of what is working and what is not.
A simple way to do this is to elicit feedback from your customers as often as possible – without overstepping the mark.
You could do this through monthly or quarterly surveys or a follow-up email after certain jobs. You may even want to incorporate a feedback form into your invoices or receipts.
3. Employee morale
A happy workforce is often a more successful one. It’s important that you don’t take your staff’s hard work for granted.
GPS fleet tracking can help you to incentivise your workforce into better performance, potentially increasing employee morale in the process.
Create driver scorecards based on driving style and performance to encourage friendly competition amongst your team. The better the driver performs, the better their score and the higher they rank in the driver’s leaderboard.
Find the right solution for your business with our free Fleet Management Buyer’s Guide.
Those nearer the bottom can be incentivised to improve performance while those at the top should be rewarded for their hard work. You should encourage feedback throughout the process to monitor whether it is having the desired effect on morale.
4. Efficiency
It goes without saying that to be considered a success, your fleet must run as efficiently as possible. Any inefficiencies can greatly impact performance, productivity and most importantly profitability.
Verizon Connect Reveal is packed with dashboards and in-depth reports to help you monitor and improve the efficiency of your fleet.
The harsh driving report allows you to monitor and coach out bad driving habits to potentially decrease fuel consumption, improve safety and reduce wear and tear on your vehicles.
The fuel efficiency report compares actual to target MPG, along with average fuel cost per litre to highlight the estimated gain or loss. It also shows the reason for poor fuel economy – such as idling or harsh driving events – to allow you to track the impact of improvement over time.
5. The competition
Comparing the key metrics listed above against those of your competitors is a highly effective way to measure the overall success of your fleet business.
Traditionally, this has not always been easy. However, with Verizon Connect, you can quickly and easily compare your fleet data with that of others in your industry.
The Industry Benchmark dashboard makes use of one of the largest customer sets in the vehicle tracking industry to provide key comparisons with high credibility.
The report provides in-depth analytics based on your fleet’s trends and compares it to average industry benchmarks. There is no need to search for information as key actionable insights are clearly highlighted for you.
Driving Success
There’s an old saying in business – If it can’t be measured, it can’t be improved. This is particularly true when it comes to implementing the marginal gains that are so important to the success of a fleet-reliant business.
With a comprehensive GPS solution in place, almost everything can be measured – allowing you to celebrate your successes and target areas for improvement.
For a more detailed look at how to measure success and improve performance, keep an eye out for our latest eBook: How well is your fleet performing?
