For large fleet organizations, complex vehicle assets can be worth millions of dollars.
In the fleet management industry, complex vehicle assets are different than light-duty fleet vehicles. Complex vehicles include garbage trucks, dump trucks, aerial vehicles, utility vehicles and even construction equipment. These assets are made up of one or more components from different vendors, and are either assembled internally or by a third party.
In most cases, a fleet professional cannot walk onto a lot and purchase one of these complex vehicle assets. Instead, these assets are often built to spec– meaning they are customized for the fleet organization’s unique needs.
As you can imagine, these complex vehicles and assets aren’t cheap.
From procurement and disposal costs to both scheduled and emergent maintenance, complex assets take up a lot of room in most large fleets’ budgets. An effective strategy for cost-savings with complex fleets is to accurately track asset life cycles.
Many fleet professionals today track asset life cycles in spreadsheets. While spreadsheets are easy to update, they often leave room for human error. All it takes is one typo or formula error to ruin the entire sheet.
The key to complex vehicle asset management? Automation.
Luckily, AssetWorks created a software solution to automate life-cycle cost analysis. With AssetWorks Capital Asset Management (CAM), fleet and asset managers can take back control of their life-cycle cost analysis processes.
CAM is designed to help find ways to minimize capital expenditures and operating expenses by maximizing the useful life of an asset. With CAM, organizations can reduce the cost of ownership and operation of their assets, improve operational efficiency and achieve sustainability goals.