Reducing Total Cost of Ownership

Reduce the total costs of your fleet with real time purchase control. Make the most of your data and improve your vendor management.

March 4, 2020
Fleet Management Tips

Make The Most of Your Fleet Data

A lack of visibility over your fleet data will result in difficulty understanding your true costs and makes it challenging to accurately measure financial efficiency. Relying on multiple and often complex spreadsheets to calculate total cost of ownership is prone to error, time consuming and means you are always working with out of date information.

Many of us still persist with spreadsheets. The ability to aggregate all fleet data into a centralised and comparable format, can make the difference in understanding what is actually driving your costs in detail.

The faster your team compiles and analyses your costs, the easier you can benchmark your current cost environment against budgets and strengthen your forecasts. This means the ability to respond with meaningful, educated and strategic decisions at the times you need to.

Optimising Fleet Costs

Procurement and finance executives need to make informed data-driven decisions, to effectively optimise costs and plan efficiently for smarter business investment. The fleet team’s processes and information handling are critical in enabling this to happen.

Having the ability to isolate each element of the TCO and it’s contribution provides the insights that enable cost optimisation. Without the ability to make an accurate TCO analysis, companies can make serious errors in budget calculations and procurement decisions. Automating and digitising your fleet team’s processes with live data, is the answer to combatting information delay and consistently optimising fleet costs.

Moving Forward

Technology has transformed today’s fleet management practices and it continues to change these practices at a rapid rate. The speed in which new information becomes available and its relevance to our decision making, means we need to constantly find ways to stay at the forefront of this wave.

Incorporating new fleet management technology that can easily integrate with new data sources and existing business systems, is one of the most important levers to reduce costs. Integration can result in faster access to information and assists in better decisions being made.

Technology is changing quickly and many companies are finding that the systems that they just spent 12 months implementing, are now being made redundant by new solutions on the market, or at least aren’t as effective. It’s important to look at the future road map the technology provider can bring you, and how innovative the supplier is in their design.

It’s important to choose a technology partner that is there to work with you on your future goals, KPIs and vision. Consider companies that are using the latest technologies available, that work with agile development methodologies, and provide the latest connectivity methods to ensure you are always in front.

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