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9 Secrets to Reducing your Fleet Expenses
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Read moreGPS technology has been a mainstay of modern fleet management for many years. However, on the back of the disruption caused by the pandemic, the speed of adoption of such tools has rapidly increased.
Faced with lockdown restrictions, staff shortages and changing customer demands, fleet-reliant businesses needed to find ways to remain agile and competitive. For many, GPS fleet tracking provided the answer.
Based on the latest fleet technology trends survey of over 1,300 respondents across Europe, 68% of fleets say they have GPS tracking technology in place. Almost three-quarters (74%) report that such solutions are either “very” or “extremely” beneficial to their business.
With that in mind, here are just a few of the key areas where Europe’s fleet-reliant businesses are experiencing the positive impact of GPS tracking technology.
Fuelling a competitive advantage
One of the major ways that fleet management technology helps fleet-reliant businesses stay competitive is through cost reduction.
Of those surveyed, 52% said that their GPS solution had helped them reduce fuel consumption and, in turn, lower fuel spend. This is just one of many ways that it’s helping European fleets to gain an edge over their competitors.
Just under half reported increased productivity, 45% improved routing and scheduling, 36% improved vehicle maintenance processes and over half increased customer service levels.
Rapid ROI
Cost savings and improvements in critical areas don’t just help businesses to boost productivity and profitability. These additional efficiencies quickly generate ROI, exceeding the cost of the investment into GPS technology.
Survey respondents across a wide range of industries, from services and construction to government and general freight, realised ROI within the first 12 months of implementing a fleet management solution. In the ground transportation industry, 97% saw a ROI within a year, with the remaining 3% realising it within two years.
The value in video
A modern GPS is much more than blinking dots on a screen reporting vehicle location. Today’s solutions can be equipped with intelligent technology such as AI-powered, in-cab video – and many fleets are already seeing the benefit.
With an unbiased witness on the road, fleets we surveyed across Europe have recorded a 54% reduction in false accident claims, a 57% deduction in accident costs and a 47% decrease in insurance costs.
Of those surveyed with video solutions in place, 71% report improved driver safety, with 83% saying the system is “very” or “extremely” beneficial.
Making assets work harder
Today’s fleets rely on much more than cars, vans and HGVs. Many modern businesses also make use of an array of other assets, from trailers and excavators to plant equipment and machinery. And GPS fleet technology can help get the most from everyone.
Almost three-quarters (73%) of fleet businesses with an asset tracking solution consider it to be “very” or “extremely” beneficial. For some (67%), these benefits are realised through increased equipment utilisation. For others (52%), the main benefit is increased security.
And these are just two of the many advantages on offer. Across the board, fleets with an asset tracking solution in place improved equipment utilisation by 61%, improved worker productivity by 54% and increased management efficiency by 46%.
Boosting the bottom line
Increasing costs is the number one concern of fleet managers, with 70% of those surveyed calling the issue “very” or “extremely” impactful. That’s why, when it comes to rating the success of any newly implemented technology, there can be few better metrics than cost savings.
Across all industries, GPS fleet tracking has helped to reduce fuel costs by an average of 8%, alongside a 15% decrease in accident costs and a 12% average reduction in labour costs.
Your business, better
As customers increasingly demand more from their services providers, building an agile and resilient business is more important than ever. And the more insight you have into your operation, the easier that goal is to achieve.
GPS fleet tracking technology is already helping businesses around the world to increase efficiency, promote safety and reduce costs – and it has the potential to do the same for you too. With near real-time visibility into vehicle and asset location and status, customisable reporting and intelligent dashboards, you get everything you need to stay competitive.
For more information on the Verizon Connect solution, check out our fleet management, video and asset tracking pages. Or, to see the system in action, arrange a free demo.
