Fleet management is defined as the procurement, supervision and maintenance of vehicles, vehicular equipment, driver safety and associated costs of the retainment of vehicles. Studies show that the global fleet management industry is expected to reach a market value of approximately $33.9 billion by 2026, with a CAGR of 10.5%.
However, as the amount of data that fleet managers are expected to collect, track and analyze continues to increase, the use of low-code fleet management software is becoming increasingly popular. Fleet management software can enable fleet managers to accurately and efficiently automate and streamline various aspects of day-to-day business processes related to fleet management.
Importance of Fleet Management
1) Vehicular Maintenance and Upkeep
One of the most important aspects of ensuring that your business receives the highest possible return on investment from acquiring and retaining vehicles is regular vehicular maintenance and upkeep monitoring. At any given point in time, organizational vehicles should be ready for immediate use and should function appropriately.
Therefore, fleet management software can help fleet managers track vehicle locations, schedule regular maintenance checks, track costs of fuel, and more.
2) Driver Safety
Fleet managers are also responsible for overseeing and ensuring the safety of the drivers operating vehicles. This usually involves planning efficient driving routes, tracking hours of service and adjusting working schedules to avoid exceeding a certain number of hours and encouraging open communication between drivers and fleet managers.
Fleet Management can also help track driver safety habits in terms of adhering to speed limits, average braking intervals, and overall driving habits. Fleet management software can help your business collect and analyze this data to determine which drivers require additional training. 42% of businesses that utilize fleet management software reported a considerable reduction in the number of safety incidents due to driver behaviour.
3) Handling Costs
Fleet management is an extremely effective way to identify excessive vehicular costs and reduce the use of organizational resources. Fleet management can help fleet managers monitor fuel usage rates, idle engine times, driver overtime hours, route efficiency, legal compliance-related costs, insurance, and more.
Although some business processes are seemingly insignificant towards your business’s overall state of profitability, small vehicular costs can compound and ultimately impact your business’s ROI from vehicular acquisitions if not closely monitored.
4) Ensuring Efficiency
Effective fleet management can help significantly improve the efficiency of your business’s vehicular activity. Fleet management software can improve overall organizational productivity by calculating more efficient travel routes, performing preventative maintenance with available technicians, and closely monitoring fuel management.
This not only helps increase organizational efficiency but can also significantly improve your business’s profitability in the long run.
Crust – Create Your Own Fleet Management Software
Crust’s open-source, low-code platform is the perfect tool to help your business create its own powerful and advanced fleet management software. Crust’s low-code platform is equipped with data-rich dashboards, chart-making tools, automation engines, and much more. Try a demo so that your business can take advantage of the various benefits of fleet management software.