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Four ways you didn’t know telematics data could benefit your bottom line

The world of fleet management is awash with data, so much so that it’s easy to take for granted the business benefits it brings. Whether it’s big, small, quantitative or qualitative data, the insight it provides is crucial to the success of commercial businesses and will allow them to instigate and sustain business growth for years to come. After all, as the original data scientist W. Edwards Deming once said, “you can’t manage what you don’t measure”.

“You can’t manage what you don’t measure”
– W. Edwards Deming

Without real time data, the fleet management landscape would feel archaic and be wholly inefficient. To mention just a few:

• Proof of delivery would be reliant on costly manual driver communication
• Fleet managers would have to engage in manual communications to determine who is closest to a new assignment
• Mileage reports would be reliant on accurate driver logs
• No insight into driver behaviour such as speed, braking and steering
• Responsibility for finding the most cost-effective alternative routes due to unforeseen circumstances would fall upon the driver

Modern telematics solutions allow the collection of real time data and access to immediate insight. There’s a plethora of benefits that the analysis of this data can bring to the bottom line of a business, but in this blog post we’ll be talking about some of the aspects that perhaps don’t immediately spring to mind.

1. It will help you attract the best drivers in the business

Attracting and retaining high quality drivers will make it easier to achieve business goals and improve customer experience.

The best drivers want to work for the companies that provide the best working conditions. Data gleaned from a telematics solution can be used to inform bespoke training programmes allowing drivers to boost the skills most relevant to their role, thus creating career development opportunities.

A telematics solution also reduces the need for drivers to engage in manual communications and administration, vastly improving safety and working conditions. This automation will also reduce the amount of admin required to collect mileage data for HMRC Duty of Care.

Solutions incorporating navigation also help drivers get to where they’re going quickly, whilst avoiding traffic and giving direct real time feedback on driving style.

2. It will increase Safety

Telematics data can reveal dangerous driving practices such as harsh steering, heavy braking and speeding. By having access to real time and historical driver feedback, fleet managers can work with drivers to continually refine and improve performance that benefits both the driver and boosts the efficiency of the business. Automatic data collection like this also provides a good foundation and process to protect you and your drivers, and helps you adhere to Duty of Care legislation.

3. It will help you prevent theft (of vehicles and fuel)

Real time analysis of every fleet vehicle’s whereabouts plus historical data for up to 90 days provides true vehicle accountability. Geofencing can alert fleet managers if a business vehicle is removed or used out of hours. FMS or ecoPLUS data can also provide real time detailed information on fuel levels and detect fuel theft, potentially saving companies thousands.

4. It will boost your market share

Efficiency within a company isn’t just about the bottom line; it’s also about perception. A telematics solution can harness data to cut idle time, improve punctuality and help drivers’ better meet customer expectations. In turn, businesses deliver a more valuable service to customers, encouraging repeat business and helping to steal market share from competitors.

There are, of course, many more benefits that a telematics solution can bring to fleet management, many of which are derived from the automated harnessing of vehicle data. Having data is one thing, but knowing how to interpret it and turn it into tangible business benefits is another. Without a telematics solution, your business is essentially reliant on guesswork and assumption, both of which can be time-consuming, inaccurate and unrevealing. Data is vital to the success of your business and if you’re living in a world without data, it may be time to think again.

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