5 Reasons Why you Need a Life-cycle Cost Analysis Tool

Over the past 10 years, vehicle management and replacement has become increasingly more important for fleets to consider as budgets get tighter from other industry factors and restrictions. How can a fleet adapt to the necessity of budget analyses and comprehensive fleet metrics on a short notice? Well, you can stop your search now and select a powerful life-cycle cost analysis tool for your fleet. Here are the top five reasons to start using a life-cycle tool today:

1. Access to data is easier and quicker

Many fleets have multiple locations and roles capturing information on a daily basis about different types of fleet assets. A life-cycle cost analysis tool will communicate directly with your fleet management software to analyze all of the data without the need for manually consolidating multiple data sources. This ensures that you have access to your information when and how you want it, without the duplicate errors you might see in your independent systems today.

2. No more hunting for spreadsheets

Having multiple stored spreadsheets that need to be emailed from person to person or saved on different file shares can be cumbersome to deal with on a daily basis. In addition, spreadsheets are prone to minor errors, which throw off all of the math in the rest of the sheet, without a safeguard to bring notice to, or rectify, the error. Life-cycle cost analysis software does away with all of these by centralizing all the data in one repository which is your fleet management software.

3. Data visualization is key

Need a way to visualize your fleet’s performance data? Life-cycle cost analysis software is equipped with comprehensive, customizable visual aids for your data. Whether you prefer charts, tables, graphs or another form of data, your software likely can accommodate your needs. There are mountains of data that your fleet management software tracks and this software can simplify it by offering simple, yet powerful visual representations to make your fleet’s data analysis a breeze.

Life-cycle Cost Analysis Tool

4. Asset performance analysis

Fleet managers make a lot of decisions on a daily basis and the most important ones are about the assets within their fleet. You need your software to be able to assess your assets in multiple ways: ranked against one another, against a benchmark and scored on a curve against dozens of criteria. Viewing your data at these varying levels of depth and analysis may provide a new insight into the problems and successes of your fleet. As a result, you can adopt and enact changes that bring out the best results at a fleet-wide level.

5. Asset life-cycle maintenance cost breakdown

The cost to maintain an asset is very important especially when it comes to deciding whether or not to retire an asset and if purchasing the same asset again makes financial sense for your fleet. A true life-cycle analysis will provide you the data in order to determine when it is the best time to replace an asset. Fleets are always changing, and this determination can help with a cost analysis on assets with different fuel types and if the asset should be leased or purchased.

With an ever-changing landscape and tight budgets, AssetWorks Capital Asset Management (CAM) can make it easier for a fleet manager to manage down costs associated to their fleet. There is no end in sight for the amount of data a fleet manager will need to have access to in the future, but with CAM, you are given a versatile tool that can help make sense of the data that leads to more informed decisions.

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