Unlocking Fleet Equity: How Telematics Help Fleet Companies Stay Liquid during Uncertain Times?
As the world faces economic uncertainty, it’s more important than ever to recession-proof your fleet. With businesses struggling to stay afloat and consumers tightening their belts, companies that rely on transportation are finding themselves in a precarious position. In the current situation; achieving liquidity has also been an arduous task for most fleet companies. For fleet managers, unlocking fleet equity is essential to keep the business running during these trying times. But what exactly is fleet equity?
Under normal circumstances, the traditional method for unlocking equity would be through resale of assets, but that has become a tricky proposition in the wake of the global recession. With decreased demand and increased competition, it can be difficult to maintain cash flow and keep your fleet running smoothly
So, how do companies maintain liquidity amid such uncertainty?
Telematics: revolutionizing fleet management
Fleet can weather the storm of recession by taking proactive steps. Telematics -a game changer in the fleet industry. By harnessing the power of technology through telematics, fleet management has undergone a revolutionary transformation. By investing in telematics services, fleet organization can tap into the equity of their vehicle assets; to help free up cash flow and stay moving. It is vital for fleet companies to stay flexible, proactive, and responsive to the market by
Utilizing telematics and fleet management software to track vehicle usage and performance.
· Investing in training and development for drivers and fleet managers.
· Developing contingency plans for unexpected events.
With detailed and real-time insights on vehicle usage, fuel consumption, and maintenance requirements, fleet managers can make informed decisions to optimize operations and conserve energy. At the same time, inventory pools offer a smart way to share resources and reduce overheads.
In addition to reducing costs, Eagle-IoT fleet management software can provide better insight by uncovering cost-saving opportunities by understanding fleet’s total cost of ownership
Increased flexibility: Report on all expenses and operating costs to see a full financial picture of vehicle ownership to ensure your assets remain profitable.
Improved efficiency: To achieve economies of scale, Eagle-IoT provides the bird-eye view of the fleet to
· Identify assets which are liability
· Keep an eye on overhead costs
· Identify the cost-effective asset type to include in the fleet
· Plan the budget for next year
Fleet companies that invest in fleet management softwares are more likely to have vehicles that are well-maintained and up-to-date on safety features. With Eagle-IoT fleet management software fleet organizations can establish the threshold level for the replacement of their fleet
Eagle-IoT fleet management software offers way more than any other conventional fleet management systems. From the fleet analytics to daily task management, Eagle-IoT encompasses all the dimensions of fleet management. With insights obtained from Eagle-IoT platform, fleet managers can optimize their routes, reduce idle times, and detect and correct maintenance issues before they lead to costly breakdowns.
With Eagle-IoT fleet managers can utilize the insight about
· Fuel efficiency and identify areas where fuel costs can be reduced.
· Monitor driver behavior and identify risky driving habits that could lead to accidents.
· Schedule maintenance and repairs before problems occur, which can prevent costly downtime.
· Improve customer service by tracking vehicle location.
Inventory pools: a smart solution to stay liquid
Having a significant number of vehicles parked somewhere with no movement can be a real drag for any fleet organization. However, inventory pools can be a great asset to reduce that load. For those unaware of what inventory pools are, think of it as an organized car-share program for businesses. As the name suggests, a fleet of idle vehicles is pooled together and made available for other businesses to rent as needed. It’s a great way to generate revenue from unused assets while staying liquid. Plus, having access to a large pool of vehicles ensures better availability, increased efficiency and decreased downtime. It’s a smart way to scale fast without incurring a lot of capital costs.
However, managing inventory pools can be confusing and complicated without appropriate tracking and scheduling. But when combined with telematics, inventory pools can optimize fleet asset utilization. Inventory pools can be managed with Eagle-IoT asset Management where assets in the inventory pool will be automatically tracked. Eagle-IoT Asset Management consists of four pillars: optimal asset traceability, reliability, availability and performance. With the Asset Management solution, assets can be classified, maintenance schedules can be developed, and performance of the assets can be tracked.
Telematics and Asset Management are both powerful tools for fleet management industry. However, when used together, they create a synergy that allows fleet companies to maximize their return on investment. Eagle-IoT Fleet management software provides valuable data on vehicle performance, which can then be used to allocate inventory more efficiently. This results in fewer vehicles sitting idle and more revenue generated from every asset.
Case studies have shown that companies that implement both telematics and inventory pools experience significant increases in utilization rates and productivity. For example, one company saw a 20% increase in fleet utilization and a 25% reduction in vehicle downtime after implementing these systems. By combining these two solutions, fleet companies can stay liquid during uncertain times while also improving overall efficiency and profitability. It’s a win-win situation that every fleet company should consider.
From optimizing maintenance schedules to investing in fuel-efficient vehicles, Eagle-IoT covers everything you need to protect your bottom line during tough times. From optimizing maintenance schedules to investing in fuel-efficient vehicles, Eagle-IoT covers everything you need to protect your bottom line during tough times
Unlocking fleet equity is a vital strategy for fleet companies to stay liquid during uncertain times. By combining the power of telematics and asset management, fleet companies can identify usage patterns of vehicles, optimize their operations and increase profitability. Implementing inventory pool alongside telematics can help reduce expenses and improve customer service, giving companies an edge over their competition. It’s important to note that this process requires careful planning and execution to reap the full benefits of these solutions.
To unlocking fleet equity with telematics while maintaining financial stability