The country is slowly starting to reopen as states work to roll back their “stay-at-home” orders. Coronavirus, also known as COVID-19, had a massive impact on businesses in all industries. Not only did many “nonessential” companies have to close their doors to avoid the risk of spreading the disease, their suppliers suddenly found themselves without many of their best customers.
Now that the country is coming out of the “stay-at-home” era, what can businesses do to improve operational efficiency, stand out in a recovering economy, and increase revenue to help pay off loans that may have been needed to keep the business afloat during the lockdown?
Coming out of the “Stay-at-Home” Era
Government subsidies and COVID-19 business loans helped many businesses stay afloat—but the aid was either too little or too late for many. As consumers rush to return to normal, a period of increased demand may hit certain economic sectors.
For example, the Economic Times predicted that “sectors like transportation, storage, warehousing would come back quickly once the lock- down [sic] is lifted.” Meanwhile, those businesses “which are affected due to human behaviour will take the longest time to recover,” according to the article.
Companies handling supply chains in the recovering economy will have a massive opportunity ahead of them—if they can stand out from the competition and win the business of new (and recovering) companies seeing increased demand as they open (or reopen). One way that companies can stand out and improve their operational efficiency is to use fleet telematics.
Why You Should Use Fleet Telematics
There are several benefits for using fleet telematics to help with vehicle maintenance and management. Some benefits include:
- Preventing Theft. GPS tracking devices can curtail vehicle and equipment theft—and improve the odds of recovering your assets intact if they are stolen!
- Reducing Fuel Waste. Certain driving behaviors such as hard braking and acceleration, excessive idling, and taking unplanned detours for personal trips all eat away at fuel efficiency. Telematics devices and software can reveal these wasteful behaviors so you can correct them and make your drivers more efficient. This, in turn, helps reduce fuel costs. Even heavy equipment can be made more fuel efficient by tracking its use and preventing idle time.
- Improving Maintenance Scheduling. Having your vehicles and equipment break down during use creates a lot of problems—and can be costly to fix. With fleet telematics, you can track when vehicles and other assets were last given maintenance, upcoming preventative maintenance due dates, and even vehicle diagnostic codes (when using telematics devices that can plug into a vehicle’s OBD-II port). This allows you to fix small issues for a low cost instead of waiting for something expensive to break—increasing operational efficiency and reducing maintenance costs.
- Increasing Accountability. Help guide your employees and ensure that they’re following rules like the Federal Motor Carrier Safety Administration’s (FMCSA’s) Hours of Service (HOS) rules—and prove it to regulators! With fleet telematics, you can track when drivers and equipment operators start or stop work. Then, you can organize that data into reports for regulatory organizations if you’re ever audited.
- Optimizing Equipment Life Cycles. Buying and selling fleet assets at the right time is crucial for maximizing fleet ROI while minimizing fleet costs. Telematics can help fleet managers better optimize equipment life cycles by tracking how old each piece of equipment is and identifying the best time to replace to ensure a high resale value. Additionally, being able to demonstrate that a vehicle or other asset was well-maintained can be crucial for negotiating high resale prices—telematics devices can help you optimize and document your maintenance efforts.
- Saving Money. Many of these benefits have a major impact on your business’ bottom line. By applying preventative maintenance, optimizing equipment life cycles, curtailing wasteful driver/operator habits, and preventing theft, telematics solutions can help companies save thousands of dollars on their fleet and asset management.
How to Get Started with Telematics
Are you ready to get started on improving your operational efficiency so you can stand out in a recovering economy? Get started with fleet telematics by reaching out to the Rastrac team today!
Rastrac is a leader in the field of fleet telematics and has helped many companies and government organizations realize new operational efficiencies that save time and money while improving productivity.
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