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10 Ways You Can Increase Profitability Using Fleet Tracking Tech

Fleet tracking systems offer one of the finest ways to increase the productivity and profitability of any business, especially the ones with mobile vehicles or employees. After all, increasing the bottom line of your business becomes easier only when you tighten your performance and improve services.

You can have a fleet of a hundred cars or thousands; fleet tracking technology is a rock-solid investment idea either way. The best part is that it only needs a small outlay initially to increase the profitability of your company in a major way.

Real-time tracking systems using telematics features can help save your business thousands of dollars each year and per vehicle. It is the first step in becoming the ultimate controller of your fleet, with constant updates on where the investment is flowing at a certain point in time.

With all that being said, here’s taking a look at how you can increase profitability using fleet tracking technology.

1. Reducing Running Costs By Optimized Route Planning

By now, anyone in the trucking business would know what is GPS. GPS fleet tracking tech delivers the twin benefits of route optimization and remote visibility. Thus, you can alert your drivers in time about congestions and roadblocks.

It will reduce the time taken by them to reach the destination and limit idling. In turn, this will reduce fuel consumption and lower the amount you have to spend each month on fuel.

Plus, it will please the customers to get a timely delivery, which also means more business.

2. Enhancing The Overall Productivity Of The Fleet

Fleet tracking tech lets you know the exact location of your fleet all the time, along with the time spent by each vehicle at one location.

One of the best parts about fleet tracking is that you can maximize productivity by pinpointing the exact location of the drivers.

For instance, the software might be programmed to send notifications to turn off the engine if the vehicle is idle for too long.

3. Tightening The Company’s Security Hold Over The Fleet

Tracking software enhances your security hold over the fleet vehicles because you will get a notification each time a vehicle is moved from its place in the garage or storehouse. All unauthorized uses can be dealt with immediately.

You will even get to reduce your insurance premiums by showcasing your level of commitment to protecting your fleet. So, this significantly brings down your insurance costs.

4. Effectively Improving Customer Services

Using real-time data collected through fleet tracking systems lets you inform the customer precisely about delivery times, which enhances customer satisfaction levels.

Companies like Samsara, which deal with industrial IoT and work to enhance fleet tracking efficiency and also driver safety, have their main focus on enhancing customer services.

After all, enhanced customer services directly translate to better ROI.

5. Monitoring Fuel Usage To Boost Your ROI

Fleet tracking software also involves fuel usage monitoring, which is crucial in boosting ROI in the fleet business. Scenarios, where drivers fill up their vehicles using the company’s fuel card, are not unheard of.

You can prevent fuel theft by knowing exactly when the vehicle was at the pumping station. Whether it was ever taken to the fuel pump or not will also be informed to you in time.

6. Improving Driver Management And Ensuring Their Safety

Imagine a scenario where the driver of your vehicle indulges in cornering, rash acceleration, or excessive braking. Driving habits like these not only end up wasting time but also cause excessive wastage of fuel. It can even lead to accidents putting the life of the driver at risk and damaging your vehicle.

You can ensure greater safety for your fleet and your drivers by introducing fleet tracking software in your system.

7. Maintaining Your Fleet In Prime Working Condition

Vehicle maintenance is crucial when it comes to increasing profitability. Well-maintained vehicles run longer, don’t break down easily, and require less money to operate. So, it saves both money and time for your business.

But, keeping track of an entire fleet of vehicles can be a herculean task if you don’t keep a proper fleet tracking system in place. With the right software, you will be informed about the maintenance schedule on time.

8. Keeping Digitized Logbooks To Ensure The Right Payment

Think of a scenario where your drivers log in inaccurate work hours on the weekly timesheets. Unknowingly, you will end up paying them more than they should get for the hours of work they have done.

Of course, most drivers will not take such an unscrupulous route. But, you can’t let even one or two drivers do it and let it have a negative impact on your ROI and other drivers.

9. The Income Tax Deductions From Fringe Tax Benefits

Fringe tax benefits refer to the benefits, both monetary and otherwise, that employees receive from the employer during their service tenure.

Employers actively offering fringe tax benefits to the employees even receive income tax deductions for it. You can even claim tax deductions for things you offer as employees’ fringe benefits. Fleet monitoring software that ensures drivers’ safety can come in handy in this regard.

10. Ensuring Greater Compliance With The Regulations

A high-end fleet management software also makes it easier for you to abide by the changes made within the chain of responsibility, updated, and tabled from time to time.

This helps the businesses save time and money, which the fleet operators can make the best use of, given the simplified compliance minus the paperwork. The digitized forms ensure rapid resolution and accelerated operations.

The Bottom Line

High-end GPS tracking systems are widely recognized now as a crucial component of service-based businesses. Through efficient management and effective data analysis, vehicle tracking tech restrict unnecessary outlays and boost profitability.

Whatever be your fleet size, if you are not using this advanced tech, you are simply missing out on a proven solution to bring down your operational costs in multiple areas. So, without delay, start with the fleet tracking tech and increase profitability.