Understanding the Key Components of a Fleet Lifecycle Plan

Fleet managers are now being obliged to keep vehicles for considerably longer than usual. Companies, regardless of fleet size or kind, have a perception that full vehicle replacement or fleet extension is not always crucial and to get the most out of your fleet vehicles, regardless of petrol prices, economic situations, or the state of your company; fleet managers should have a strategy to extend the active lifespan of fleet vehicles and to prevent avoidable downtime.

Besides this, additional costs such as unanticipated downtime during extensive repairs should also be considered.

While formulating a vehicle lifecycle strategy, depreciation cost is an important factor that cannot be overlooked. According to an estimate, 60% of the acquisition cost might be lost in the first year alone due to depreciation, while the rate lowers over time. Besides this, other factors such as interests, taxes, and insurance premiums are also directly correlated with the depreciation value of an asset which also reduces when the value of vehicles diminishes.

Eagle-IoT is a cloud-based vehicle tracking and fleet management system known for robust preventive maintenance and scheduling tools that use inputs based on a vehicle’s daily average usage to compile a report about the utilization of assets. Eagle-IoT supports fleet owners and management companies in maximizing the lifespan of their fleet vehicles by addressing diverse areas of fleet such as tracking, video telematics, route planning, and maintenance providing them detailed insights and transparency where it matters the most.

Are you overloaded with Fleet Data Telematics?

Do you have the desire to stay on top of what data is reported but you don’t have the time to sit in front of a computer all day?

Fleet managers commonly indicate that they want to utilize all the fleet data while looking for a third-party aftermarket telematics, without realizing how much data their fleet will create. They are probably going to drown in it, sorting through it all seeking for the one or two items they are truly interested in.

Scalability is paramount to Eagle-I for reducing intricacy. There is no excuse for not capitalizing on technology that manages every last asset a company has.

Eagle-I ensures small fleet own leverage the telematics capabilities and manage technology costs paying only for services they use by offering a scalable system to filter in and filter out data, to keep things concise without losing their data and computing capabilitiesers.

You might be affected by what you don’t comprehend. Whether a company delays telematics adoption in spite of the need for it or another company has one but isn’t utilizing it to its full potential, both are losing out on crucial insights and contributing to Cost of Ignoring along with the corresponding productivity, safety, and financial benefits.

To boost the capabilities of telematics, fleet managers should consider present priorities and a critical task to complete and set actionable parameters over the course of a set period of time, and then focus on it and take action when presented with identifiable data

What is Expense Management and How it can be Beneficial for Fleet?

The pandemic’s lingering effects continue to have an impact on the cost and availability of goods and services, even though many parts of life have since returned to normal. Profits and operating costs have suffered from rapidly rising prices to a general sense of very real unease especially for the fleet managers; who are trying to run operations during these difficult circumstances.

Besides this, Eagle-IoT® Expense Management Solution allows you to monitor and identify under-utilized and over-utilized fleet assets to save costs and reduce risk. On the dashboard graphical overview of expenditures and performance of an asset or a group of assets are visible allowing you to analyze your asset which have become liability to the company and need to be retired from the fleet.

Eagle-IoT®  Expense Management Solution offers you to design whole year’s budget by using Service/Renewal module along with Analytics Dashboard, where each branch’s performance can be compared with expenditures. Just like performance comparison in an analytics dashboard, a comparison of expenditure is available between assets, and between branches.

How to Implement Expense Management Solution in Fleet?

The following steps must be carried out by any organization in order to implement a telematics solution:

Implement Changes: Finally, implement changes based on the analysis of the data. This may involve optimizing routes, reducing idle time, or improving driver behavior.

Analyze Data: The next step is to analyze the data to identify cost-cutting areas. Look for trends and patterns in the data and use this information to make informed decisions about fleet management.

Choose the Right Telematics System: In the second phase, it is critical to determine the appropriate telematics service provider that fits your needs. Consider a system which offers solution for expense management that also includes the vehicle’s lifecycle management such as Eagle-IoT®  which helps you in identifying under-utilized and over utilized vehicles

• Cost Reduction

Total cost of ownership for the fleet is a combination of fixed cost and variable cost, while fixed costs are established expenditures that don’t change regardless of usage; however variable costs can fluctuate and project directly on the budget.

For fleets, fixed costs may include Taxes, Fahas, Insurance, Depreciation, Licenses, Wasl Permits, Operation Cards, Loans, Lease payments, Driver’s Iqama while variable costs may be inclusive of Preventive Maintenance, Repairs, Fuel, Parking etc.

With Eagle-IoT® Expense Management Solution, companies can save money by tracking expenses and finding cost-cutting opportunities as Eagle-IoT®  software can be used as an indicator of your fleet performance and maintenance provider. Maintenance costs that can potentially create the biggest dent in your budget can also be an indicator of wrong choice of vehicle. Eagle-IoT® provides you an opportunity to have an in-depth analysis of vehicles based on their model, maker, fuel usage and distance travelled to provide you the comprehensive vehicle usage reports. Moreover, workshops can be assigned and maintenance costs can be recorded in the Eagle-IoT® platform whose footprints can be later tracked for gaining valuable insight

• Improved Efficiency

Expense management in fleet telematics can also lead to improved efficiency. By monitoring vehicle usage and identifying opportunities to optimize routes, driver behavior, companies can reduce fuel consumption, accident statistics and increase productivity. Minor and Major Accidents can be logged in Eagle-IoT® platform along with the name of driver and vehicle which can be later accessed to identify the pattern and to make corrective measures. Besides this, by monitoring driver behavior and accidents patterns driver and fleet safety can also be improved.

• Better Decision Making

With access to real-time data, companies can make better decisions about their fleet and driver. Trends and patterns in the data can be identified to make informed decisions about vehicle usage, maintenance, and repairs.

Fleet Optimization: All you need to know about CANbus

Telematics is a rapidly evolving technology that has transformed the automotive business. It has integrated several technologies, including CANbus data, GPS, cellular communication and sensors, to leverage data and allow remote data transfer seamlessly from vehicles to a central location.

With the incorporation of CANbus, fleet managers can now optimize their fleet operations based on the data collected; allowing the better resource allocation. Since the invention of CANBus (in the 1980s), it has gone far beyond its originally intended scope and has made significant advancements. Currently CANbus data has two widely used versions. Standard CAN version uses an 11-bit message ID while Extended CAN version uses the extended 29-bit message ID.

Eagle-IoT® provides a full spectrum approach to fleet management with CAN protocol. The integration of CANbus allows the fleet managers to access the following information on Eagle-IoT® platform

· Diagnostic Trouble Code

· Total Engine Cold Running Time

· Engine (all starts count, cold starts count, starts by ignition count)

· Handbrake applies on the ride

· Coolant temperature

· Oil temperature

· Doors status

· Windows status

· Seatbelt status

· Lights Status

· Vehicle identification number (VIN)

Diagnostic Trouble Code (DTC) are generated to notify about vehicle engine’s issues. Each system within your vehicle has threshold limits. When the vehicle detects that the issue exceeds the threshold value, it sends out a trouble code. OBD data obtained from sensors embedded in your fleet can later be analysed to decide which components should be changed before they break down or cause an accident. Moreover, root cause of most issues can also be diagnosed remotely.

The CANbus data facilitates real-time monitoring of vehicle performance. With the integration of CANbus data in telematics technology, the industry has witnessed significant improvements in fleet management, insurance, autonomous vehicles, and the development of new services and business models. While there are challenges associated with the technology, such as the risk of cyber-attacks, it is clear that the integration of CANbus data into telematics technology is here to stay

It is crucial to pick the right solution that not only offers built-in reporting but also automates workflow with instant reminders along with analytics and insights on the issues. Eagle-I offers all that your business needs.

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