3 Steps To Calculate The ROI Of A Fleet Management Software

Enterprise fleet management services do more than just GPS tracking. These solutions provide metrics you can calculate to save on fuel, productivity, and time. The real-time tracking facilities offer actual savings.

Every business is unique, and a dedicated expert will work together with you to attain a custom solution to improve fleet management and the most crucial factor with the software that delivers.

Here are the three important steps through which you can calculate the Return on Investment of your GPS fleet management software based on your fleet size and operating cost.

Infographic 127.1 1024x576 - 3 Steps To Calculate The ROI Of A Fleet Management Software

1.Inspection

It comprises of the issue management system and electronic checks. The benefits include;

a.Increased Compliance

You can schedule an inspection of vehicles in advance and notify drivers if the investigation is due. In this way, drivers can generate reports for any law enforcement.

b.Immediate Addressing of Issues

Whenever an inspection criterion fails, you can immediately take action by customizing notifications. Instead of waiting for paper forms, admins will get prompt alerts on the issues, and the vehicles can get back on the road faster.

c.Reduced Paperwork

You can manage the inspection, submit pictures, and include comments through your devices and mobile phones. It saves your time by eliminating paperwork without the need for any additional software.

In order to calculate time and cost-saving inspections, you have to get the total minimum wage, the number of working days per year, time saved per automated inspection, number of checks per vehicle in a day, and cost of review booklet per vehicle per month.

Adding all these aspects, you can calculate the total time saved in a year and overall cost protected from the booklets.

2.Vehicle Downtime

With this step, you can maintain well-informed information of preventive maintenance tasks for each asset. Also, you can set reminders to maximize road readiness & vehicle up-time and service schedules.

The benefits include;

a.Service Reminders and Schedule

You can set reminders for services such as mileage service intervals, oil changes, brakes, and much more. These reminders help you stay updated about the due date of vehicle service.

b.Time Intervals

When your vehicle runs for a certain number of hours or for a specific amount of time since the last service, a scheduled service will occur.

c.Advance Service Notifications

You can set a threshold for when you should get a notification about any upcoming maintenance. For example, “it can notify you 9000 miles before your 10000 miles service interval”.

d.Mobile Reminders

You can check overdue and due-soon reminder in a best fleet management software. It helps you keep check on a vehicle’s service requirement from anywhere. Also, you can get service reminders based on a vehicle’s average usage on a daily basis.

e.Take Steps on Your Project Management Tasks

The software for fleet management helps you optimize your project management tasks and makes sure that all the information about your fleet is updated.

f.Plan Schedules for Maintenance

You can easily plan and complete maintenance tasks on time, also track used parts, and modify inventory levels. Also, you can allocate work to a technician and completed services will be automatically linked to your asset.

To calculate the vehicle downtime, you have to add a reduced number of events with proper project management, downtime per event in hours, driver cost, and lost revenue per hour.

Adding all these aspects will give you the driver’s saved time and prevented lost revenue.

3.Outsourcing of Maintenance

In this step, you can manage repairs, vendors, and approvals without any service price tag. Also, it’s possible to accept repair orders digitally, analyze trends and maintenance costs for all your vendors.

The benefits include,

a.Time-saving of Drivers at Repair Shop: You can optimize repair order management and lower downtime. An electronic system notifies stakeholders to the latest repair orders needing the real-time attention.

b.Reporting on maintenance trends

Remove the hassle of data entry on external reports and service tasks on maintenance history. All your line item-level data for third-party maintenance is imported into the software automatically to help you pull reports, including the new repair data.

c.Entitled drivers

You can help your driver to stay updated with preventive maintenance and find centers when any vehicle repair is required. It enables the culture of responsibility among your drivers.

d.Improved purchasing efficiency

With a GPS fleet management solution, you will get a single, unique invoice for all your maintenance tasks performed for your assets as well as of vendors. It eliminates the waste of hours of monotonous back-office jobs.

You have to do an addition of various aspects to calculate the outsourcing of maintenance. It includes the number of service trips per vehicle in a year, time saved with automatic data entry and electronic approvals per trip in minutes, average discount rate, and the amount spent on outsourced maintenance per vehicle in a year.

The fleet management vehicle tracking software is gaining traction across all the fleet-dependent industries. It is due to the benefits it offers to the vehicles and those organizations.

From improving customer service to increase the productivity of drivers, including better routing options, this software is playing a vital part in optimizing operations and boosting the connectivity. So, directly or indirectly, Return on Investment is dependent on this system. It is both, in terms of innovation and cost savings across the various business areas.

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