Fleet management consists of so many moving parts that it’s easy to miss cost-saving opportunities, especially smaller amounts. Employing data reporting, however, helps you turn small savings into big savings.
Whether you’re running a global business or a small start-up at home, the only way to save costs is to know where you’re overspending or losing money. And the only way to identify these is through accurate data reporting.
In the fleet industry, data reporting is the heartbeat of a successful operation. Nearly every aspect of fleet management comes with a series of financial options, from deciding between leasing or purchasing to fuel spending and insurance choices. When you factor in the constant fluctuations in fuel pricing, maintenance costs and even distances driven depending on your business, it’s clear why accurate data reporting is the only way to track spending and see where costs can be cut.
When you’re running a complicated operation such as a company fleet, it’s human nature to ‘brush off’ a few cents here and there in order to simply get things finalised or get vehicles back on the road. These small amounts add up, however, and many companies are losing thousands of rands and more each year due to these seemingly small opportunities to save money.
Collecting relevant fleet data and turning this information into usable reports is the first step in turning small savings into sizable financial rewards. Depending on the size and purpose of your fleet, you can easily set up a fleet monitoring system that tracks and reports on the following:
The above list includes some of the main data points that you need to get a full picture of your fleet expenses in order to pinpoint where you could be saving money.
It’s crucial to remember that if any of this data is incorrect or outdated, you won’t get a report that shows a true picture of your fleet costs. This can result in cost-saving opportunities being missed, or even in incorrect decisions being made that end up costing a fortune in the long run.
At the end of the day, accurate data reporting is a fleet manager’s most valuable tool. With the right information in hand, you are able to make the right decisions from the type of vehicles to bring onboard to which fuel cards to use. You simply can’t run an efficient fleet without all of this information.
Find out how data reporting will save on fleet costs by downloading our DCF Calculator. Or contact our team of expert fleet management consultants to discuss your fleet requirements.