Globe News Wire anticipated that the global fleet management market would reach a value of over 13 million US dollars. A fleet management system is essential for businesses to coordinate their logistics and assets smoothly. However, this process involves more than tracking vehicles. Modern fleet management solutions will be able to manage multiple processes for companies to enhance their operational competency. Here are three reasons why your company might need a fleet management system.
Better Vehicle and Driver Safety
Safety is a significant concern for fleet-owning companies. Brown & Crouppen Law Firm said the average truck driving accident settlement was over $42,000 between 2015-2021. Fleet management systems significantly reduce the possibility of your business losing money because of accidents because they monitor drivers’ driving patterns. When drivers are under surveillance, they tend to drive more safely and adhere to company standards. Thus, this reduces the chances of accidents occurring.
Another benefit of a fleet management system is that the connected device prevents theft and loss. You can check the status of the vehicle in real-time. In case of an emergency or theft, you’ll be able to find the vehicle quickly and alert local authorities within a few minutes.
Complying with Regulations
If a company doesn’t comply with regulations, it won’t be able to stay in business. You’ll also garner hefty but avoidable fines. The FMSCA mandate requires fleet-owning companies to install electronic logging devices (ELDs). Because of this mandate, businesses will most likely switch from paper logs to electronic logs, which are more accurate. A fleet management system can help your company with all the necessary ELD requirements. In addition, it will help improve the safety of drivers and company vehicles. The data that fleet management software collects can also help with your audit or accident claims.
Reducing Operational Costs
Every enterprise wants to be cost-efficient. If not, they won’t maintain a healthy bottom line. A fleet management system reduces operational costs by identifying inefficient fuel usage and dangerous or poor driving behavior in commercial vehicles. For example, in 2015, in the US Department of Energy, heavy-duty trucks consumed 0.8 gallons of gas per hour idling. While this might not seem like a lot of money, idling time adds up rapidly, particularly when a company has a lot of vehicles (10 and up). As a result, dozens of gallons of gas becomes wasted every day.
With a fleet management system, you can track how drivers use your fleet. You’ll be able to see if your drivers are moving too slow or too fast or are idling unnecessarily during trips. Thus, you can make informed driver management decisions. You can look forward to smooth routes and decide which path is the most efficient for lower fuel consumption. In addition, drivers can reach their destinations safely and quickly and receive real-time traffic updates with a fleet management system to avoid deliveries taking a long time due to backed-up traffic.
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