Toggle Menu Fleet Tracking System: 5 Key Business Benefits SCROLL Home > Resource Library > Articles > Fleet Tracking System: 5 Key Business Benefits There’s no such thing as “one-size-fits-all” when it comes to purchasing a fleet tracking system. Depending on the nature of your business and its priorities, your fleet tracking system can be configured in a way that will create value for your operation. Whether you’re managing three vehicles or a fleet of thousands of vehicles and assets, a GPS fleet tracking system helps businesses manage fuel costs, track vehicle usage and maintenance, comply with laws and regulations, protect drivers, and more. There are hidden costs of doing business, especially with increasing traffic congestion and rising fuel prices. A fleet tracking system can help control these costs as well as provide a host of other benefits. THE 5 KEY BENEFITS TO EXPECT FROM YOUR FLEET TRACKING SYSTEM 1. Cost Management According to the Teletrac Navman 2019 Telematics Benchmark Report, managing costs is the top challenge fleet businesses face today. The top three costs were Payroll Fuel Maintenance A fleet management system can help reduce fuel costs by tracking and alerting for excess idling, inefficient routing, and driver behaviours, such as harsh acceleration. Geofences are great for controlling payroll costs by letting managers know exactly where employees are located and when they start or stop working. Many of our customers also report that increases in efficiency has helped them reduce overtime costs, which are often big drivers of excessive payroll. We’re really happy with all the efficiencies we uncovered when we started to use the Teletrac Navman solution. We used to have to chase down timesheets from staff, and then check and double-check that they were accurate. Now, we can compare timesheets that the drivers are filling out with the GPS data we get from Teletrac Navman and make sure that everything is correct. From a maintenance perspective, fleet management systems can monitor and track maintenance requirements based on manufacturer recommendations or use engine diagnostics to build preventative maintenance plans that reduce unexpected maintenance and the associated costs caused by emergency call outs and unplanned downtime. 2. Risk Management From haulage companies to hotel shuttle services, fleets face a number of daily risks, and risk management is essential to keeping your fleet moving and your customers happy. Managing risk has been a top business challenge for customers since Teletrac Navman first launched its fleet tracking platform. With a fleet management system, businesses can reduce risk through: Real-time driver coaching/alerting Instant incident replay for accident investigation Benchmarking driver behaviour with scorecoards Audit and compliance support Staying on top of maintenance with digital pre-trip inspections While fleet management software doesn’t eliminate risk, it helps identify potential risk and mediates against risk with built-in reminders and reliable, real-time tracking data. 3. Growth and Expansion Understanding every aspect of your business and using data to make informed business decisions is the key to growth and expansion. With advances in AI technology and machine learning, leadership teams can make quick, in-the-moment decisions backed by actionable, real-time data. Not only does a fleet tracking system extend the lifecycle of your fleet, it removes inefficiencies and redundancies, helping firms reach more customers and better deliver on promises. For example, GPS fleet tracking can: Eliminate manual processes and increase capacity to take on more jobs Provide advanced communication tools to help increase customer service and enable businesses to demonstrate their commitment to safety and service in contract bids Better plan resource requirements to improve profitability Remove inefficiencies by making important data more readily available to all team members 4. Driver Safety Our roads are more dangerous than ever, and safety is a primary concern for fleet owners today. Nearly 50% of telematics users say their fleet tracking system has had an impact on incident reduction. Via driver training programs, real-time audible alerts and scorecards, a fleet tracking system can help reduce: Speeding Harsh braking and acceleration Tailgating With mounting pressures for better time management and more efficient routing, drivers are faced with a hurdle of challenges. However, with a fleet tracking system in place, studies show drivers are more careful and pay closer attention to laws and other potential violations. 5. Technology and Digital Transformation An effective fleet tracking system ultimately comes down to technology. From easily accessing your fleet data to seamlessly communicating with both employees and customers, the right technology is vital. By digitising paper-based processes, businesses can better compete in the modern era. Fleet management has changed drastically with the introduction of mobility solutions, advanced sensors, and AI technology. Together these tools enable businesses to understand performance, generate insight, and get the right information into the hands of all employees. But none of that matters if the technology isn’t easy to use. Teletrac Navman has embraced this and the TN360 platform brings together AI and machine learning, to help businesses interpret and share data with ease, through its insights tool. For more information on how TN360 can benefit your business, experience our AI-powered solution for yourself. PRODUCTS & PRICING Find the solution that’s right for your business in minutes In just three easy steps, our interactive product tool lets you match the right solution to your unique needs. 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