Improving cost savings and efficiency with data analytics

Posted by

Hitanshi D Rathod

The increasing adoption of fleet management system has helped businesses across various verticals to operate more efficiently. While fleet managers have been successful at eliminating human error through the digital platform, they have merely scratched the surface in exploring the many benefits of the technology. One such opportunity is data analytics.

In the past, fleet managers were in disarray without an effective means to collect, analyze and use the information. Fortunately, fleet management software has opened up an endless flow of data, which if used intelligently, can improve cost savings and increase productivity.

Here are three areas where you can gather the most useful data insights.

  • Fleet

Being one of the most critical assets of your business, fleet generates a tremendous amount of information. You can analyze your vehicle performance based on historical data. You can measure the fleet utilization by analyzing factors such as the daily distance traveled and the number of jobs completed by the fleet. Additionally, you can draw up a vehicle’s total value to the business by considering its maintenance expenses, fuel costs, and mileage.

Such insights can help you get the most out of your fleet by increasing the utilization level for the necessary vehicles. Also, based on the expenses incurred for the vehicles, you can make informed decisions of replacing your vehicles, rather than spending on expensive visits to the workshop.

  • Fuel

Fuel expenses take up to 30% of a business’ operating costs. So even the smallest opportunities of reducing fuel wastage can generate substantial cost savings.

MoveX gives you a comprehensive glance at your fuel consumption and vehicle-wise costs. You can track fuel theft, vehicle mileage, unnecessary idling and aggressive driving behavior, all the factors which can increase your fuel expenses. Based on the insights, you can take the necessary steps to curb fuel wastage. Additionally, by understanding your consumption graph, you can plan your fuel budget.

  • Drivers

Unaccountability can be costly for your business. And so, keeping track of your driver performance is critical. Monitor unauthorized vehicle usage and aggressive driving behavior to reduce its adverse impact on your business. Where unauthorized vehicle usage is a matter of security, aggressive driving behavior can not only jeopardize the safety of your drivers and assets, but also deteriorate your vehicle condition.

To sum it up

While the data hub can bring significant improvement for your business, most may become overwhelmed by the information overload. So it is essential to use the right data. Define the objectives of implementing a fleet management system and identify all the data that can help in achieving those goals.

Gaining access to the right data at the right time can put your business one step above the rest. See how MoveX and its smart analytics can improve your operations. Request for a demo today.