Fuel prices are at a low point in recent history, and many analysts predict that they will continue to fall for at least a short period of time. Several factors have precipitated our current oil market, and the resulting consumer savings at the pump, but to most people, the only important part is the lower cost of fueling their cars and commercial vehicles. For many businesses that operate a fleet of vehicles, the savings have been tremendous.
Given that the dramatic spike in fuel prices that occurred after Hurricane Katrina hit drivers in their wallets just ten years ago, attitudes toward current pricing lean largely toward enjoying it while it lasts, not thinking present rates will last indefinitely. However, if your company is enjoying increased profits due to lower spending on fueling your fleet of vehicles, you would probably jump at the chance to make those savings and profits a part of your long-term business plan. Fortunately, modern technology has an answer for you: fleet tracking systems designed to help you increase productivity and lower operating costs.
Many people think of fleet tracking technology as little more than “air traffic control” systems that let you monitor the locations of your vehicles and give your drivers directions. In reality, modern systems use precise location tracking coupled with real-time data logging to give you unprecedented insight into ways you can plan for optimal efficiency of both schedules and fuel consumption. Software designed to make the best use of all of your fleet data allows you to make more stops in less time, increasing productivity, and shows you the parts of your routes that require the most fuel so you can plan alternatives.
The effect is often twofold. For example, you may learn that one of your routes includes several long traffic lights and some steep hills with low speed limits. By changing your route to avoid these obstacles, even if it means a slightly longer distance overall, you can save time and fuel, and can potentially incorporate more stops along the way. By avoiding lights and keeping to level ground, your drivers can complete their route faster while refueling less, and can add stops along the way. Making changes like these gives your company instant savings and higher productivity. With new data being logged every minute, you can continually fine-tune your fleet management for optimal performance.
Of course, in order to realize the benefits of fleet tracking tools, you do need to invest in the vehicle-mounted devices and the systems that operate them at your hub or headquarters. While these systems offer clear benefits, the cost of incorporating them into your business may be enough to stand in the way. Thankfully, there is an alternate route available. By financing your fleet tracking equipment with a vendor like TimePayment, you can implement the technology your business needs now and pay for it over time in manageable installments. The fuel savings and increased productivity your company can see right away, coupled with the ease of financing your equipment, make upgrading to modern fleet tracking systems a simple choice. After all, low fuel prices can’t last forever – but investing in equipment that lowers your operating costs and makes your drivers more efficient will benefit your business regardless of market fluctuations.
To learn more about leasing your fleet tracking equipment, the financial products available to you, and how you can generate savings, profits, and efficiency with fleet tracking technology, contact a representative of TimePayment today.