6 Fleet Data Points That Cut Costs

6 Fleet Data Points That Cut Costs

It’s not news that data is key to effective commercial vehicle fleet management.

But as time-strapped business owners and fleet managers know, turning data into a financial advantage isn’t as simple as it may sound.

Which data should you be tracking? Which tools should you be using to track it? When and how should you act on it?

These are just a few of the tough questions that need to be answered – correctly – to fully realize the benefits commercial vehicle data can deliver for businesses.

Given these challenges, it may be tempting to settle for an “educated guess” fleet strategy. But that doesn’t change the reality: Data is here to stay, and businesses that aren’t leveraging it fully will increasingly fall behind.

As Tara Talley, Assistant Vice President of National Client Development with GM Financial Fleet Solutions puts it, “If you’re not leveraging data to inform your decision-making, your business may be at a disadvantage. Many businesses are collecting data from their vehicles and systems in real time and acting on this information to make data-driven decisions.”

“Data provides valuable insights into how your fleet is performing,” Tara continues. “It allows you to optimize your fleet, reduce costs and improve efficiency.”

So which data should you be tracking? This is the foundational question for any data strategy, and it’s a tough one.

“There is a vast amount of data that businesses can monitor and analyze,” acknowledges Tara. “The key is to identify the most important data points for their specific needs.”

It’s true that there’s no one-size-fits-all answer for all businesses. But you still can’t afford to get stuck for too long on this question.

Tara recommends starting by considering tracking these six data points:

• Vehicle utilization data can help you determine the right sized fleet for your business needs.
• Vehicle maintenance data can help prevent breakdowns, extend vehicle life and minimize costs.
• Fuel data can be used to identify patterns, optimize routes, and reduce fuel waste.
• Driver performance data can help you identify unsafe driving practices such as excessive speeding, harsh braking or poor fuel efficiency.
• Safety data can help you reduce accidents and claims and find better insurance options.
• Environmental data can help you understand the environmental impact of your fleet to meet regulatory requirements and promote sustainability.

And you don’t have to spend time and resources you don’t have to get a handle on your data. “Many businesses are utilizing analytics tools to help them with their fleet data,” Tara says. Today’s technology takes the work out of sifting through volumes of data from multiple sources.

If finding those tools and making sense of the data on your own sounds daunting, you may want to consider talking with a fleet management expert.

“Fleet management experts can provide tools for analyzing your data and make recommendations on the best decisions for your fleet,” says Tara.

When you’re ready to start getting more out of your data, GM Financial’s experts are here to help you optimize your fleet strategy and compare solutions.

CONSULT WITH AN EXPERT

By Ross Appleton, GM Financial

Ross Appleton loves to help people navigate their toughest challenges. He believes that clarity is the key to flourishing in a complex world, and that a timely dad joke is good for the soul. When he isn’t talking or writing about big ideas, you’ll likely find him reading about them in old books. He is married, and two of his four children currently serve in the U.S. Army.