Using Statistics To Better Manage Your Fleet

Companies that rely on a fleet of vehicles to provide their customers with goods and services know that these fleets can harbor hidden costs that have a negative effect on each company's ROI. Managing fleets is critical when it comes to reducing unexpected costs and ensuring that your company vehicles are performing properly.

Advancements in fleet management technology have allowed companies to gather data concerning the performance of each vehicle within a fleet. Telematics can play a crucial role in allowing you to utilize statistics to better manage your company fleet over time.

You can't analyze what you can't see.

One of the most important ways that telematics has changed the way companies manage their fleet vehicles is by creating transparency in the performance of each vehicle. A company cannot analyze information that can't be seen, so having the opportunity to gather vital information and performance data in real time is important.

This data can then be analyzed thoroughly to help paint an accurate picture of vehicle performance. Statistical analysis begins with a robust telematics gathering program that allows companies to access hard data regarding the vehicles within their fleets.

Look for outliers.

Once you have gathered telematic data from each vehicle within your company's fleet, you can utilize statistical principles to help you identify which cars or trucks are driving up fleet costs. Plotting the data gathered through your telematics program will provide you with a visual snapshot of your fleet performance.

You must look for outliers within the data to identify the fleet vehicles that are having the greatest negative impact on your year-over-year costs and the reliability of your fleet. Outliers are essentially data points that are distant from other data points collected. Statistical outliers are those vehicles that are generating hidden costs for your company.

Be proactive, not reactive.

Utilizing statistics in your fleet management allows you to take a proactive approach in managing your company's assets rather than merely reacting to problems as they arise.

Instead of determining the number of vehicles at the mechanic shop or the actual cost of maintenance for a specific vehicle, you can use statistics to predict when company vehicles will need to be replaced or which vehicles are likely to experience mechanical problems.

This proactive approach lets you invest in preventative maintenance to help keep the costs associated with managing your company's fleet of vehicles as low as possible over time.

For more information, contact a local fleet management company