Rastrac recognizes how instrumental your fleet of vehicles is for your business in delivering promises to your customers. To best serve your employees and your buyers, your fleet needs to be properly managed and attended to; one of the most practical manners to do this is by monitoring and evaluating your fleet’s key performance indicators. Better known as KPIs, these metrics help determine where your fleet is at in terms of maintenance, operational optimization, and overall cost to your company.
Read on to get a better understanding of why fleet management KPIs matter, and which ones your fleet needs to be tracking!
Fleet management is the act of managing all the various tasks involved with running and monitoring vehicle and equipment fleets. This includes drive time, scheduled servicings, fuel intake, and more! As a fleet manager, you're in charge of maximizing efficiency while reducing costs, plus managing both your vehicles and the drivers who operate them throughout the day-to-day. Any business that relies on transportation will conduct some form of fleet management in order to keep these operations running smoothly.
Fleet management KPIs are the standards by which your vehicles should operate. These factors of fleet performance demonstrate how exactly your vehicles are functioning, potential areas of improvement or optimization, a comprehensive overview of the financial impact your fleet has on the organization’s budget, and more. Fleet managers have a variety of data available to them regarding the performance and longevity of their fleet vehicles, but utilizing this data in the most effective manner is critical for your business.
Fleet management KPIs are essential to monitoring and adjusting your fleet operations. Your fleet vehicles represent your company out in the world - you certainly want them working as efficiently and effectively as possible! Leveraging the data from your fleet vehicles in relation to your fleet’s KPIs provides a foundation for understanding vehicle performance or lack thereof.
Cohesive knowledge of fleet management KPIs is also helpful for keeping your fleet on track, and communicate the standard of performance each vehicle should be reaching. KPIs give your team a practical approach to service your budget and your customers.
It can be tough to figure out which fleet KPIs are critical to monitor and which are less important. Rastrac recommends the following metrics to track your fleet:
The vehicles don’t drive themselves; that’s why it’s essential to monitor driver performance and behavior through metrics such as:
The car is only as good as you keep it. Both internally and externally, your fleet vehicles should be kept in good condition whether in terms of routine oil changes or periodic cleaning of the interior or exterior of the vehicle. Such metrics to monitor on this front include:
The point of all this data is to give you a comprehensive understanding of how your fleet is being managed, delivering expectations, and ultimately costing your business to use. This is an overall metric that combines the initial cost of a vehicle, its fuel consumption, its maintenance, and all other costs related to owning and fielding the vehicle (including taxes, licenses, storage fees, etc.) for the company over time.
Tracking TCO for individual fleet assets and comparing them to the revenue they generate can be crucial for identifying opportunities to create cost efficiencies. Recognizing the real cost of your fleet can also help you and your team plan for the future growth of your company.
Rastrac fleet tracking software and GPS tracking devices help fleet managers gather critical information about their vehicular assets—such as start/stop times, driver behaviors, and current positions. This makes it easier to track your most important fleet management metrics so you can spend less time collating data and more time creating cost efficiencies.
Interested to learn more about how Rastrac can help transform your fleet management KPIs? Contact us today!