It is no secret that AssetWorks FleetFocus enables fleets to enhance operational efficiency and cost-effectiveness through real-time fleet visibility, fuel consumption reduction, and decreasing maintenance costs. Not all fleet management software offers the same features as FleetFocus. There are many different solutions on the market, so it is worthwhile to calculate your return on investment (ROI) from your fleet management solution to ensure your current solution fits your fleet’s needs.
Fleet software can unlock many benefits for fleets, including increased driver productivity, improved customer service, route optimization, and more. When you have a solution with that much importance, you should measure its effectiveness within your operations to determine whether or not you are achieving the desired ROI.
That said, to measure your ROI, fleet managers should look into their gains:
When a vehicle gets taken off the road for unpredicted maintenance, revenue is instantly lost since it cannot perform its service. Fleet software optimizes maintenance programs to avoid this scenario from happening, resulting in labor savings:
- FleetFocus automatically schedules routine vehicle maintenance to ensure no day-to-day operations get impacted.
- FleetFocus integrates with GPS/Telematics to offer insight into vehicle health so managers can be alerted to fault codes, signs of emergent maintenance, or any safety issues that could be budget-draining and cause downtime if not addressed in time.
- Performing maintenance on a vehicle at the end of its life is wasteful. GPS/telematics data can alert when vehicles have reached the end of their life cycle and require replacement- saving fleets from having maintenance costs exceed replacement costs.
Monitoring assets lengthens their lifespan and ensures fleets get the most out of their investment. Fleets do not want to purchase vehicles if it is not necessary, so tracking asset utilization on their fleet management software allows managers to make data-driven decisions on vehicle acquisition.
Fleet software with telematics and fuel management integration allows fleets to optimize driver routes and monitor fuel consumption in real-time. Tracking fuel consumption and costs provide managers insight into their fuel economy by analyzing historical data on fuel consumption to determine usage patterns.
Fleet software with telematics integration offers managers data to analyze productivity metrics: the number of driving hours, driver performance, and idle time so fleets can eliminate wasteful habits.
When calculating ROI, you need to consider both the gains and costs from the investment:
Gains: These are the benefits achieved through utilizing data from your fleet management software- outlined above.
Costs: The cost of your fleet management software includes the cost of the solution itself, installation, maintenance, staff training, and any policy updates.
Calculate ROI: Once you have your gains and costs quantified, you can calculate ROI using the formula: ROI = (Investment Gains-Investment Costs)/Investment Costs.
Utilizing an ROI calculator, such as AssetWorks Capital Asset Management (CAM), does the math for you and provides instant access to multiple life cycle cost models on your fleet’s data.