A transformation is happening in fleet management. Almost all asset management processes that were once handled entirely by hand are steadily going digital.
Perhaps the biggest trend is the use of artificial intelligence (AI) and digital automation to create connectivity. By automating processes and using data to drive productivity, a company can increase efficiency, reduce spending, and improve the overall effectiveness of its fleet management.
1. Making Data-driven Decisions for Your Fleet
Over the past few years, there has been a major push to collect and organize data about fleets. Companies are experiencing a wave of newfound efficiency when they finally digitize their fleet management and start gathering data points.
As data is collected, it begins to form patterns over time. Suddenly, it’s easy to see exactly where the company’s fleet is spending its time, how well everything is operating, where overages occur, and where the opportunity lies for better decision-making.
2. Enable Real-Time Improvements to Fleet Operations
One of the big benefits of automation and digitization is the ability to make real-time changes to your fleet management, moment by moment. With deep visibility into the status of assets, the asset manager can tweak options to adjust for the daily workflow and avoid mistakes.
For example, the fleet manager can make small, hour-by-hour timing decisions that improve the scheduling of deliveries. This improves on-time delivery, leaves customers feeling more satisfied, causes the company’s reputation to blossom.
3. Add Visibility to Your Fleet and Logistical Partners
Automated fleet management presents an opportunity for information sharing between organizations – adding visibility to an historically murky, manual process. Digital systems use inventory and fleet tracking, which means each company can anticipate when certain activities will occur.
This kind of information sharing helps establish accountability, so it’s easy to pinpoint where the responsibility falls for each step in the process. If something needs to be adjusted or improved, both organizations can work together to make it happen.
4. Fleet Efficiency Improvements Result in Lower Total Asset and Operations Costs
Asset tracking automation also allows tight control of expenses and inventories, which yields better budgeting and more efficient spending. The company is less likely to be caught off guard by nickel-and-dime expenses because spending becomes more predictable over time.
The digital platform may even allow price modeling that allows the company to run scenarios and make predictions about future fleet-related spending. For example, the company could make fuel cost predictions based on price modeling that can adjust for unavoidable changes in gasoline/oil prices.
5. Increase Productivity and Improve the Future Outlook
Through asset management automation, a company can improve fleet productivity and minimize extra costs. In fact, Stave AssetPath, an innovative asset management tool, has a track record of increasing labor utilization by 10% and reducing annual maintenance costs by more than 40%.
For a typical company, AssetPath brings financial benefits equivalent to 20% of a company’s total spending portfolio within 3 to 5 years. That’s a huge benefit of automating asset management.
Overview of Fleet Management Features of AssetPath