Your best decisions determine the success of your work. As a fleet manager, you have to make sensitive decisions too often, which requires the ability to make clever and quick decisions as well as track the fleet management metrics carefully.
Fleet managers try their best to make the benefitting decisions that increase the profit margins. Well, we can understand, no one can be perfect every time, right? Don’t sweat, we are on your back!
Not only do fleet managers keep the track of ROIs but also ensure to maintain vehicle’s performance and prevent mishaps. Analyzing the profits to reduce costs a fleet manager is responsible in many ways.
Through the latest technologies Fleet, managers find out to come up with better results in maintaining vehicles and safety measures.
Here is the list of 15 fleet management metrics must track just for you!
1. Fleet Maintenance and Repairs
After the loss of profits in the pandemic, many companies are looking for ways to reduce their operational costs. Therefore, you need to increase your fleet uptime.
In this approach, fleet maintenance performance metrics assist fleet managers in implementing efficient workflows and streamlining maintenance operations. Productivity is essential for remaining competitive and reducing expenses.
Firstly, to be vigilant, you must get completion dates from the maintenance staff via alerts.
If you manage repairs and maintenance in-house, it's a good idea to utilize this data to gauge the repair team's productivity. If you are dissatisfied with the outcome, you may address it internally and give the training to ensure that the actual outcomes match what was intended.
Second, if you want to reduce downtime in your fleet, make sure you have the necessary equipment. Tracking the availability of your parts will help you prevent stockouts and cut down on needless inventory expenditures.
This is how you can track fleet maintenance.
Easy, right?
2. Fuel Management and Expenditures
Fuel costs significantly impact the overall budgeting of your fleet, so it is necessary to manage it efficiently. You can benefit from fleet management systems to minimize your fuel costs. These soft wares will help you brief all the details of financial allocation.
Manually tracking petrol use is a waste of money and time, and receipts are often misplaced by drivers. Drivers might simply enter fuel inputs into a mobile app using fleet management software, saving hours of data entry.
Consider connecting fuel cards with management software to automatically download fuel transactions and detect incorrect readings to further improve the fuel management process.
3. Safety Measures
Fleet safety and security must be your top-most priority to ensure smooth working. Ensuring the safety of the drivers and fleets regularly can help you reduce unnecessary expenses.
You should consult an insurance company or regulate the safety guidelines to prevent any damages.
This point leads us to the 4th point of 15 fleet management metrics a fleet manager must track.
4. GPS and Route Tracking
For fuel reduction costs, you must keep track of the mileage and miles traveled. This will also help you analyze the fuel costs. By using updated GPS systems, you’ll be able to track the data efficiently.
5. Cost reduction in fleet cost by optimizing and maintenance
Among the costs are warranty charges, repair of vehicle, service charges, replacement of major parts that could be a result of some roadside mishandle.
The question arises, how to keep maintenance? To ensure, the finest optimization as a fleet manager you must take care of certain guidelines to prevent roadside breakdowns.
Moreover, through proper tracking and consistent services based on mileage and other factors, you can surely reduce the chances of mishaps thus reducing the costs. Ensuring to maintain the health of the vehicle, making a schedule to take preventive measures to avoid issues.
6. Monitor Fleets Assets
To come up with the expected ROI, there is a must need to consistently monitor the utilization of vehicles. Keeping the track of balanced use of vehicles for several months gets you an idea of what to have in your fleet as a profit since investment is never easy to let go of.
Using Digitalization to Monitor Track Assets:
With the latest technologies as (GPS), a global positioning system lets fleet managers track and analyze which equipment is working or not. Getting in touch with assets to analyze the return on investment helps fleet tracking to keep smooth.
Maintaining fleet and constant reviewing helps to better analyze the utilization and the percentage of profits by investment.
7. Vehicle Replacement
Why fleet replacement is essential?
If in your fleet, the old vehicle stays for a long that might can cause you a decline in performance and can escalate the costs. The fleet manager has a great responsibility to maintain vehicles. Replacement can be a challenge for one.
With tracking strategies, this task can become a little easier. Replacing vehicles may come with great expense still, not more negative than having outdated vehicles that are overused. Preferring a new Fleet can definitely be a strategy for cost reduction and may come with improved sales and performances.
8. Licensing and compliance
What's the most efficient approach to track the status of fleet vehicle license and compliance?
Let’s have a look.
Access to the Database includes ensuring you have information about the plate, expiry of the plate, and Vehicle weight.
Have your legal entity name in each ministry to avoid any complications or perplexion.
9. Trouble Codes for Diagnostics
When you use a telematics device in conjunction with fleet management software, you can get real-time diagnostic problem codes (DTC) from your assets.
It's important to keep a running list of faults if you're alerted to issues right away. This allows you to start the maintenance process quickly.
Your fleet management software's faults summary page lets you examine the most common defects in your fleet and a list of vehicles with the most issues.
This can help you track fleet maintenance in an efficient way.
10. Daily Vehicle Inspection Reports
A fleet manager has to be a vigilant tracker to the insights either given by the user or the vehicle.
Inspection reports keep you updated and get you on the safe side so you don't have to worry about any defects missed out.
So what’s you’ve to keep track of?
- Mechanism for steering.
- Air conditioning and braking
- Wheels, and rims are all items that can be found on a vehicle.
- Lights, reflectors
- Mirrors in back
- Windshield wipers are a device that is used to clean the inside of the windshield
- Fire extinguishers and first-aid kits, among other safety and emergency supplies.
These are just a few vital aspects that your DVIR must possess in order to track fleet maintenance.
11. Efficiency of Techs
When assessing repair cost, it's vital to evaluate the implications asset downtime might have on your budget. It is critical to achieving vehicles back on the road and keep costs under control through efficient tech.
Tracking fleet maintenance using fleet management software helps you keep informed of how long cars are in the shop and what work is being done.
If you outsource maintenance, incorporating allows you to accept or reject any service jobs, assisting you in cost control and productivity management.
12. Fleet maintenance performance metrics
We've addressed a number of fleet indicators, and while some are more granular than others, it's critical to integrate this information to gauge overall fleet performance.
Consider both genuine when reviewing reports in fleet management software to identify patterns and shortcomings in asset performance.
Tracking data on asset occupancy, maintenance, and fleet expenditures can help to uncover areas of concern and establish future courses of action for your fleet's eventual success.
13. Managing Parts and Inventory
As a fleet manager, you manage vehicle performance metrics and maintenance in-house, you must have the essential tools on hand in possible to lessen vehicle loss. Tracking your components inventory helps you prevent stockouts and saves money on unnecessary inventory expenditures.
Controlling inventory levels is critical to your fleet management system since components account for more than one-third of vehicle maintenance expenditures. Trying to keep track of part amounts in an online parts database allows you to gain insight into part utilization.
Viewing part order history and inventory values on a regular basis allows you to make decisive decisions about future expenditure and manage inventory storage more efficiently.
14. Checklist regarding order fulfillment
You must ensure that you can fulfill all of your customers' orders, regardless of the size. That is why a well-defined procedure is essential.
To ensure that the process runs well, you must be able to track progress by achieving smart goals as a fleet manager and holding personnel accountable.
Using the checklist, you may be confident that each and every order will be completed according to the customer's wishes.
Nothing should fall through the cracks as this checklist may be seen as a single data source by all of your departments.
15. Updated Route mapping
This allows you to layout travels on a map, ensuring their drivers are taking the shortest routes feasible and not wasting time by taking longer routes. You can also ensure that your drivers are adhering to these routes by utilizing updates that will tell you as soon as a vehicle deviates from its predetermined path.
You may also use GPS monitoring to redirect vehicles to a less congested route in the case of a traffic jam or accident ahead, saving time that would otherwise be spent queuing in traffic, especially if they don't know the region well enough to manage it themselves.
Isn’t it amazing?
Surely, this is one of the smart goals for fleet managers.
All these are some milestones you can achieve to level up your fleet maintenance performance metrics as a fleet manager.
So, this is how you can track the fleet management metrics!