Tag: fleet management

fleet telematics

How Can Fleet Telematics Drive Success for Businesses?

Fleet operations are an integral part of many businesses and require companies to manage costs, maintain proper service, and ensure adequate productivity. To help achieve these goals, companies need to utilize technologies such as fleet telematics, which can provide real-time monitoring capabilities to track a fleet’s location and status.

Additionally, implementing a productive fleet telematics system significantly reduces fuel costs by optimizing routes based on traffic and service appointments and extends vehicle life with proactive maintenance alerts. It also offers a range of services that can reduce organizational overheads for companies and help them meet organizational requirements. This is compelling companies to adopt fleet telematics technologies to boost value capture and identify opportunities for change.

At SpendEdge, we understand the impact that telematics can have on fleet operations. Therefore, in this blog, we are highlighting some key benefits that companies should look to achieve while leveraging fleet telematics.

Integrating fleet telematics can play a vital role in the success of companies. Want to know how? Request a free demo now!

Key benefits of fleet telematics

Capital savings

Companies can easily put off purchasing additional vehicles if it gets an extra year or two out of a vehicle. With fleet telematics, companies can implement a GPS fleet tracking solution that improves maintenance practices and maximizes vehicle resale by providing maintenance history. The historical information can further be used for budgeting and cost analysis purposes.

Asset security

This is another crucial benefit of a GPS fleet tracking system. It reduces the chances of vehicle thefts and maximizes the chance of recovery. Furthermore, it can track the vehicle’s location and reduce replacement costs and insurance premiums at the same time.

Focus on the right metrics

As fleet operations involve trade-offs between metrics, companies can decide on the purpose of their fleet management process and align the metrics they want to improve. This helps them to avoid conflicts between stakeholders and prioritize actions required to improve the productivity of fleet operations.

Wondering how focusing on the right metrics can drive performance improvement?

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Real-time analytics

Fleet telematics allows companies to access data in real-time and obtain a proper understanding of vehicle usage. This helps companies to take appropriate measures for fleet management. Moreover, the fleet telematics system automatically reduces mileage as drivers become aware that their routes are being tracked.

Improve productivity

Fleet telematics data offers detailed insights regarding field operations. It sheds light on the activities of vehicles and drivers and improves fleet management capabilities. A comprehensive understanding of drivers’ activities, route plan adherence, and safety compliance helps companies to boost efficiency. However, companies need experts who can interpret fleet telematics data and identify opportunities for performance improvements.

Want to know how the fleet telematics system can improve your operational efficiency? Get in touch with our experts today!

 







IR21

4 Key Benefits of Fleet Management Solutions That Every Procurement Company Must Know

For any organization, it is important to have all the available fleet information up-to-date and properly vetted in order to enable quality strategic decisions and to provide clear visibility of the fleet. Poorly managed data, on the other hand, can lead to numerous issues such as budget overruns and phantom fleets. Here comes the role of fleet management solutions into play. The benefits of these solutions can be completely realized by your business only if it is integrated efficiently. Dedicated fleet management services offer a host of benefits like optimizing productivity through efficient time management software, saving money on fuel,  boosting the quality of customer service and increasing satisfaction of employees. Such benefits protect your business against unseen costs and market fluctuations. We understand that keeping fleet management services well-managed may be a challenge, but the fact that it is an important necessity for sustainability and growth, cannot be denied. Therefore, in this article, we have tried to provide a detailed insight into Contact USsome of the key benefits of our fleet management solutions:

Benefits of Fleet Management Solutions

Efficient fuel management

The possibility of reducing costs is one of the most significant benefits of fleet management services. An efficient route planning together with the fuel information leads to optimizing the excessive idle time costs and fuel consumption. Management of fleet will be also useful for planning the refuel locations. It becomes easy for the dispatchers to see in real time where each asset or vehicle is located in order to plan the most convenient route. Another benefit of fleet management solutions is that the traffic information helps in avoiding traffic congestion and wasting time and fuel in traffic jams.

Better customer service

Through fleet management services and integrated tracking system, customers get real-time information about the location of their assets. Additionally, they receive their cargo safely and on time due to efficient time planning. This improves the overall satisfaction of the customer and may lead to long-term involvement, meaning long-term business prospects with that customer.request proposal

Greater employees’ satisfaction

Proper fleet management services require dedication both from the employee and the employer. For its successful implementation, an efficient flow of information is very important. This means that the features of the fleet management services should be very well communicated to the employees. This can make employees feel satisfied with the result of the effort they put into the work.

Reduction in insurance costs

The theft prevention option through a GPS tracking system in fleet management solutions helps to minimize the insurance cost. Furthermore, it also helps to improve the road safety and reduce rates of accident, which can further reduce the insurance cost.


Having years of experience in working with fleet managers and leasing companies, SpendEdge promises to provide effective solutions to the problem. To know how our fleet management solutions can help you optimize your business, request a free demo now!

 

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Supplier Profiling: Boosting Supply Management and Identifying Key Competitors for a Fleet Management Firm

Overview of the Fleet Management Industry

Fleet management enables enterprises to track and maintain their vehicles in a quick, cost-effective, and accessible way. It typically involves functions such as vehicle tracking and diagnostics, and financing, driver management.  

The primary growth driver of the global fleet management industry is the increase in demand for transport and logistics. Fleet management firms offer several benefits such as enhancement in vehicle performance, maintenance planning, and scheduling of fleet routing, which enhances the fleet safety and also customer satisfaction. The other major factor driving fleet management industry is request free proposalthe need for organizations to streamline their operations for greater connectivity and reduce the hardware cost needed to perform the necessary fleet management. Furthermore, recent innovations like smart transportation solutions and connected vehicles will drive the market for fleet management solutions.

However, certain factors are restricting the growth of the fleet management firms. Some of the factors include:

  • Cost-reduction initiatives: The pressure to reduce costs typically comes from the top of the business hierarchy and is applicable to every department in the organization. When this responsibility falls on the shoulders of the fleet manager, the individual is faced with numerous variables in budgeting and forecasting.
  • Fuel price volatility: One of the major factors in the effectiveness of any cost-reduction strategy for fleet management firms is the volatility of fuel prices. Fuel prices are difficult to estimate, and as a result, difficult to budget. Therefore, creating a compelling cost-management strategy, then successfully executing it as planned, has become incredibly difficult for fleet management firms.

Many such factors are compelling firms in the fleet management space to leverage the use of supply management and supplier profiling solutions. Supply management and supplier profiling solutions help firms profile the most appropriate suppliers and reduce risks associated with production delays and ensure consistency in their service offerings.

The Business Challenge and Journey

Client background: A leading fleet management firm with business units spread across the globe wanted to better understand the latest industry trends and identify the key suppliers.

Client issue: The client wanted to keep track of the supply management performance and identify the strengths and weaknesses of their suppliers. Additionally, the client wanted to profile the most appropriate suppliers to reduce the time-to-market for their service offerings.

SpendEdge’s supplier profiling experts followed a scrupulous research methodology and carried out discussions with prominent stakeholders in the fleet management industry to help the client boost supply management and identify key competitors. The experts also compiled information from a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums.

Client journey: During the course of this supply management and supplier profiling engagement, the fleet management client profiled the most appropriate suppliers to reduce procurement costs and excess inventory costs. The client was able to maintain a customer-focused business to deliver the desired service quality to the customers.

Key questions answered in this supplier profiling engagement

The Results

With the help of SpendEdge’s supply management and supplier profiling solution, the fleet management firm was able to proficiently manage their supplier database and segment suppliers based on their criticality. This helped them minimize maverick spend.

To know more about our supplier profiling solutions and how we help fleet management firms

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IR23

Five Vehicle Telematics Companies That Will Change the Transportation Industry

Supercars, electric vehicles (EVs), autonomous cars, and shared mobility are all radically changing the landscape of fleet management and the automotive industry. On the same lines, telematics is combining automotive technology with computer science to create new possibilities in the fleet management sector. By merging GPS systems with onboard diagnostics, telecommunication systems, and other cars on the road, critical information can be shared which will improve fleet management, road traffic, and correct driver behavior. The benefits provided by vehicle telematics is endless. For instance, telematics GPS can send out data to insurance companies about an individual’s driving style or if any risky maneuvers are being performed. Vehicle telematics enables the connected car feature, which uses GPS and sensors in a car to communicate with other cars on the road and provide live weather, traffic, and parking info on the dashboard. Commercial telematics can be used by fleet management, insurance, automotive, utilities, and transportation companies.

Request Free SampleTop Vehicle Telematics Companies Affecting the Market Growth

Verizon

Verizon is a multinational telecommunications conglomerate that provides mobile communication network and information and entertainment services. It is also the largest wireless network provider in the US. Verizon telematics boasts an extensive product range including OEM professional services, usage-based insurance, Fleetmatics, Telogis, hum, Verizon Fleet Network, mbrace (Mercedes-Benz), and car-net (Volkswagen). Its vehicle telematics provides safety and security, remote access, infotainment, driver monitoring, personal assistance, navigation, fleet management, diagnostics, and maintenance features. In August 2016, Verizon acquired FleetMatics, a firm that provides SaaS-based GPS tracking system to increase its reach in the telematics market landscape.

Trimble

Trimble started out in 1978 by providing innovative positioning and navigation products. The company develops vehicle telematics solutions by integrating GPS, laser, inertial, and optical technologies with wireless technology, application software, and services. The company has a strong portfolio of about 1,200 patents under its name. Trimble’s in-vehicle navigation and telematics solutions consist of wide range of products including Bison DR + GNSS, Aardvark DR + GPS, Condor Family of GPS Modules, Buffalo GNSS Receiver, Antenna Companion Modules, Copernicus II, and OEM GPS Antennas.

TomTom

TomTom is a Dutch company formed in 1991 and is a market leader in PDA software with navigation applications such as Citymaps and RoutePlanner. It is the most popular navigation solution provider in Europe. Their award-winning fleet management solution, WEBFLEET provides real-time vehicle location information to communicate with the driver to help improve driver behavior and save on fuel costs. Additionally, the vehicle telematics solution also offers mobile WEBFLEET app, extensive reports, third-party solution integration, and order dispatch capabilities.

inseego

Inseego is a leading global provider of solutions for the internet of things (IoT) and software-as-a-service (SaaS). Inseego sells its vehicle telematics solutions under the brand name Ctrack. Ctrack includes asset tracking and monitoring, stolen vehicle recovery, fleet management, and usage-based insurance platforms. For enterprise, service provider, and government customers, their key solutions include Ctrack, DMA, a Subscription Management System, IoT and Mobile solutions supporting 4G and 5G for SD-WAN, mobile and fixed wireless connectivity.

MiX Telematics

MiX Telematics is a leading global provider of fleet management, mobile asset management, and driver safety and vehicle tracking services and solutions. The vehicle telematics company delivers solutions to its customers in more than 120 countries including vehicles ranging from trucks and buses to cars, vans, trailers, and motorbikes. Their fleet telematics solutions have over 625,000 subscribers worldwide who rely heavily on such solutions to boost efficiency by improving fuel consumption, driver behavior, utilization.

Read more about the top vehicle telematics companies along with telematics data, black box insurance, telematics system, pricing strategy, procurement best practices, and supplier evaluation criteria in SpendEdge’s upcoming report on the global commercial telematics market.

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Procurement Challenges Influencing the Travel Industry

The fleet management industry along with the car rental industry traditionally runs on a razor-thin margin because of high overhead costs. The travel industry thus relies on optimization methodologies to increase their overall profits. The companies achieve this through the increased scale of operations, improving process efficiency, and providing comprehensive service portfolio. In general, the travel industry faces lots of procurement challenges regarding vendor selection, technology integration, order processing, and real-time tracking. Here are some of the procurement challenges faced by the fleet management market and car rental services market in the travel industry:

Car Rental Services MarketCar Rental

  • The customers usually prefer having a wide range of selection to choose from while leasing out the car for purposes ranging from general commute to off-road trips. In such instances, the service provider should identify suppliers with a wide range of vehicles in their portfolio. Companies in the travel industry are facing challenges identifying suppliers that possess a wide range of vehicles such as economy cars, SUV, and luxury sedans
  • Engagement with suppliers is not over after the purchase of cars from the suppliers. The buyers require suppliers that can provide high-quality support services. It is challenging to locate suppliers having a well-established support network across the locations of engagement
  • A majority of companies in the travel industry are looking to abide by the emission standards and are thus preferring green vehicles. However, there are only a limited number of suppliers offering vehicles that run on alternative Lack of widespread availability of refueling options for such vehicles is hindering the success of green vehicles

Request Free SampleFleet Management Servicesfleeeeeeeeeeeeeeee

  • One of the most significant procurement challenge facing the fleet management services market is the inability to evaluate drivers’ riding behavior effectively. Increase in accident incidents can drive up repair costs and reduce vehicle performance. Players in this industry are trying to use data analytics to evaluate driver behavior effectively
  • In order to drive up economies of scale, fleet management companies usually follow the rule: The more, the merrier. However, there is a significant loss in opportunity costs as the majority of the vehicles stay idle.
  • Tracking vehicle status and getting every update about the activity in each of the vehicle is difficult across a large fleet. Such a lack of visibility over the maintenance process affects the maintenance of the fleet and increases the operational cost.

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IR32

Industry Best Practices Benchmarking Study for a Fleet Management Company

Category Overview

The fleet management industry is regarded as one of the primary industries in logistics and transport, driven by connected vehicles and smart transportation solution by various organizations. Over the years, this industry has seen an astonishing growth due to the higher efficiency and performance at reduced costs and a much-streamlined process. According to SpendEdge’s industry best practices experts, it has been noted that the tensions with procurement created by resource sharing, driver reimbursement, and life cycle costing are all affected by external market factors; thereby, challenging fleet management companies to cut down on costs. As a result, many fleet management companies have started adopting industry best practices studies to gain a list of diverse skill sets and establish themselves in this market space.

Moreover, the industry best practices studies offered by SpendEdge help fleet management companies adopt best-in-class sourcing and procurement strategies.

The Procurement Pain Point and Insights Offered

A leading fleet management company wanted to identify a list of the major competitor businesses and their key suppliers. Additionally, the client also wanted to implement a lean, scalable, best-in-class, and efficient procurement process and cut down costs. Furthermore, they also wanted to assess the sourcing and procurement best practices of peer group companies to serve their clients better.request free proposal

To cater to the specific category requirements of the client, the industry best practices experts at SpendEdge carried out a blended research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection methodologies.

During the course of this industry best practices study, the fleet management client was able to identify the key drivers for this procurement process transformation project, including organization design, technology, and optimization techniques. Additionally, the client was provided a list of the major competitor companies and their key suppliers to enhance their overall procurement process.

Key questions answered in this industry best practices study include

fleet management

Business Outcome

The industry best practices study helped the client implement a lean, scalable, best-in-class, and efficient procurement process. Additionally, the client was able to identify and discard the inefficient and unproductive processes across platforms. As a result, the fleet management client was able to cut down the overall cost.

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IR35

IoT: A Gamechanger in Supply Chain Planning

The age of computer and robotics is being overtaken by the advent of big data and Internet of Things (IoT). IoT is stirring up a revolution in all major industrial areas with a network of interconnected devices sending out commands to be executed without human intervention. Supply chain planning is one such area where IoT is altering the market landscape. Organizations adopting IoT are already reaping its benefit with reduced overall costs and increased efficiency. In the area of the supply chain planning process, IoT enables the business to monitor, communicate, analyze, and take actions in real time.

How can IoT Help Perfect the Supply Chain Planning Process?

Automate Inventory Levels

IoT can automate the process of maintaining optimal inventory levels. With the help of RFID and barcodes, sensors can identify stock levels for each item and automatically place orders to the suppliers.Get More Info

Predictive Maintenance

Various sensors in the manufacturing unit such as temperature, humidity, vibration, and speed can gather data and feed it to the central unit. The unit can thus analyze such data and alert users before a possible machine breakdown so that the necessary maintenance task can be performed.

Logistics Optimization

IoT significantly improves the in-transit visibility within the logistics ecosystem. Cloud-based GPS and RFID technologies allow for accurate tracking in terms of identity, location, and other information. Suppliers can then automate shipping and delivery by gathering data on estimated time of arrival, along with maintaining and tracking the quality of the product in-transit with temperature and humidity sensors.

Other Areas

Apart from these, IoT is also being used in fleet management, building intelligent networks, vendor management, and many other applications.

How Walmart Used IoT to Create a Competitive Advantage?

Walmart has recently secured a patent for a system of connected sensors to monitor customer’s product consumption patterns. The sensors are attached to products and are identified using technologies such as RFID, Bluetooth, bar codes, and radio frequencies. These sensors track how a product is used and its location. For instance, the tag reader on a fridge could scan the number of items inside it and monitor the food condition and reorder as per necessity. It analyzes usage pattern of the product to determine when a replenishment is required or if the item should be replaced or upgraded.

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Changing the Landscape of the European Fleet Management Market with Next-Generation Procurement Practices

The fleet management market in Europe has been exhibiting promising growth over the past couple of years. Modern vehicles are getting more fuel-efficient, environmental friendly, and having an extended vehicle life, which, in turn, is reducing the Total Cost of Ownership (TCO). This is subsequently contributing towards the growth of the fleet management market in Europe. The growth prospects for the fleet management market in Europe looks positive with the rising number of commercial vehicles.

Fleet procurement can be a complicated and time-consuming affair since a fleet manager has to deal with dynamic market-wideGet More Info variables such as country-wise regulations, fuel prices, maintenance labor rates, and other service-related costs. The impact of the decision usually is not instantaneous; it can be felt years after the decision has been made since it’s a massive investment with many complex components. Big organizations often involve their finance department along with procurement and compliance department to take the final decision.  It is advisable to include all affected stakeholder during the fleet procurement process as a best practice to avoid discrepancies.

European Fleet Industry Progressing Their Procurement Practices

The fleet industry in Europe is attempting to remain efficient by revisiting their current procurement practices and giving up on traditional measures to adopt industry best practices. Advancement of technology is easing the pressure on the fleet industry by enhancing the car performance in terms of powertrain, fuel-economy, engine optimizations, safety features, and smartphone integration. Also, lowered insurance costs, maintenance and fuel costs, tax rates, and time efficiency factors are driving down the TCO of a vehicle.

Here’s a look at how the fleet industry is improving their procurement practices:

Fleet Procurement Best PracticesTrends in European Fleet Management Market

Shifting Focus Towards Mobility Management

Europe, in particular, accounts for the highest car-sharing service per capita with a customer base of over 2 million. The car sharing practice would hurt new-car purchases but would significantly reduce the TCO as several fixed costs such as maintenance, repair, depreciation, and insurance are shared.

Stakeholders in the fleet procurement are also exploring blending connectivity options to bring about efficiency. Apart from extending the services provided by the leasing companies, they are exploring ways of delivering added value through data management andSE_Demo2 predictive flexibility. Customers are offered a wide variety of mobility solutions with the advent of multimodal transport solutions, vehicle analytics, and car-sharing. This, in turn, pushes the car manufacturers to accommodate their business activities to provide a one-stop solution to customers. Car manufacturers are reliant on autonomous and electric vehicles to enhance features, increase driver safety, and bring down the overall running costs. Fleet managers are thus compelled to look for innovative options to not only save on procurement costs but also enhance the value to their organization.

How can Driverless Cars Shape the Fleet Management Industry?

Driverless cars have brought about a paradigm shift in the fleet management industry. Intensive machine learning and automation have transformed the driverless car technology to such an extent that such vehicles can operate itself better than a human. Automotive players along with technology giants are investing huge sums in this technology to roll out more autonomous cars in the European roads.

This breakthrough technology will affect a fleet manager’s decision-making process. Here’s how:

Driver-less CarsTelematics to Enhance Fleet Performance

Telematics takes the efficiency of fleet management to the next level by carrying out an analysis of driver data and suggesting measures to improve the effectiveness. The goal of telematics is of efficient driver management by means of collecting driver data to provide timely feedback to assist drivers on safer driver behavior. Also, driver incentives are associated with key metrics to ensure optimal driver behavior. The incentive calculations are done using sophisticated analytics – taking into account parameters such as mileage, fuel usage, idle time, and driver behavior, which rewards them using points-based systems. The real-time data gathered from a telematics system can provide constant updates to reduce delays and handle traffic more efficiently.

Telematics

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IR4

Procurement Market Intelligence Study on the Best Practices for Managing Company Cars

The Procurement Pain Point

To understand the general practices in providing company cars to employees, a global leader in manufacturing and supplying cost-effective healthcare solutions approached SpendEdge to engage in a research study focused on the assessment of the best practices for the management of company cars in the target regions. The procurement market intelligence study on company cars management would also help the client gain comprehensive insights into the supply market, pricing, and procurement strategies specific to company cars category.

The primary objective of this company cars management study was to help the client gain a clearCapture understanding of the general best practices for company cars management and the procurement strategies for offering such services to employees. Additionally, this procurement market intelligence study on company cars management also helped the client gain insights on how companies classify perk and non-perk cars.

To meet the category requirements for company cars management, SpendEdge’s team of procurement market intelligence experts followed a blended approach of combining in-depth secondary research with primary interviews and track the latest developments and procurement trends in the market. Morover, our procurement market intelligence experts also reached out to industry experts and key stakeholders to understand the market’s short and long term growth prospects and changing trends for company cars management.

Procurement Insights Offered and the Outcome

To address the requirements specific to the needs of the client – a global company manufacturing healthcare devices – we deployed a team of supply market analysts who followed a blended research methodology consisting of in-depth qualitative and quantitative research followed by data analysis and insights development. Our procurement specialists worked directly under a project manager with significant experience in conducting specific procurement studies for vehicle fleet categories.

In a mere span of just five weeks, the client – a leading healthcare company that primarily focuses on manufacturing medical devices – was able to gain a clear understanding of the practices followed inCapture providing cars to employees and also gain insights on the procurement best practices, which would help reduce the overall cost for the company. Additionally, the procurement market intelligence solution for company cars management also helped the client develop robust strategies for the effective management of company cars for employees and also understand the approaches and policies followed by other peer group companies.

Some of the additional questions answered by our procurement market intelligence study on company cars management includes

 

– What are the general best practices for company cars management?

– What is the basic operating model?

– Do companies typically lease, or purchase vehicles?

– What are the typical pricing/leasing options?

– What are the average prices per car?

– Do the peer group companies utilize vehicle tracking companies as a way to monitor personal use?

 

This case study offers comprehensive information on how our procurement market intelligence study helped a global client understand the best practices for company cars management.

 

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