Return on Investment Series: COI

by marketing fleetistics | Nov 30, 2019 | ROI, Fleet Management, GPS Tracking

Telematics & GPS Cost of Ignoring

Simply stated, the cost of ignoring is money left on the table. Cost of ignoring (COI) can be thought of as the amount of lost savings that result when a company fails to undertake a strategic business investment that would otherwise improve operational efficiency. For fleet managers it can be thought of as the incremental operating costs resulting from the improper use of telematics or lack thereof.

ROI v. COI

COI has the same strategic goals as ROI, however there are a few fundamental differences as seen in the table below. The primary difference is that COI is focused on minimizing operating costs, whereas ROI is focused on maximizing incremental revenue.

Finding Savings

Each fleet is unique, and therefore each fleet can have drastically different cost structures. In our research, we found that two variables specifically impacted a fleets operating costs: vehicle class and vehicle mileage.

Here is an example: A long-haul Heavy-Duty (HD) fleet will have a very different cost per mile (CPM) breakdown than a low-mileage Light-Duty (LD) fleet. In general, the HD fleet will likely have larger proportional fuel expenses per mile, but the fleet will have larger collision and claims CPM.

Savings opportunities available to a specific fleet will change based on the fleets operating characteristics. This can make the opportunities difficult to identify and quantify.

In the next series, we will discuss using our Fleet Savings Summary Report to quantify the ROI & COI.

View previous Return on Investment Series post here.

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Four Benefits to the ELD Mandate

by marketing fleetistics | Nov 29, 2019 | FMCSA-ELD-DVIR, Fleet Management, Geotab, Uncategorized

The ELD Mandate Can Improve Your Business

FMCSAs ELD Mandate provides an outstanding opportunity to simplify and streamline your handwritten recording process. Fleetistics electronic log systems automate the process. This reduces the time required to compile and maintain driver records. Automation means savings for your company. Let us take a look at the benefits of the Fleetistics ELD/eLog/Hours of Service system:

Benefit #1 Elimination of handwritten log books. Fleetistics electronic log system replaces the handwritten log book with an easy-to-use mobile app run on an Android tablet or iOS iPad. Gone are the days of trying to decipher illegible log entries.

Benefit #2 Simplified roadside compliance reporting. When roadside log inspection is required, drivers simply click a button to instantly display a fully compliant report. As changes occur to reporting requirements, our system incorporates those changes.

Benefit #3 Real-time status for dispatchers. Dispatchers and other office-based personnel can obtain a drivers current status instantly.

Benefit #4 Digital verification of logs. Never again will it be necessary to chase down a driver to obtain a signature to verify a log entry. Digital verification is provided through the tablet app.

The FMSCA ELD Mandate provides the perfect opportunity to automate the process of maintaining driver log information. Our system also automates compliance with the ELD rules. As changes occur to recordkeeping requirements, our system incorporates the changes to provide users with automatic compliance.

For a live demonstration of the Fleetistics ELD/eLog/Hours of Service system, contact your account manager today.

Return on Investment Series: Article 1

by marketing fleetistics | Nov 28, 2019 | GPS Tracking, Fleet Management

Telematics & GPS ROI

Return on investment (ROI) is a performance measure used to evaluate the efficiency of an investment, or to compare different investments. ROI measures the amount of return on an investment relative to the investment. To calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment, and the result is expressed as a percentage.

The telematics industry has come a long way since the days of downloading data when a vehicle returns to home base and providing dots on a map. Today, telematics can provide fleet managers instant reports on location, vehicle driving behavior, maintenance alerts and so much more, thus providing a significant ROI.

5 Pillars of Fleet Management for Return on Investment

Safety – Speeding, harsh driving behavior, reverse, seatbelt, accident reduction
Productivity – Stop duration, dispatch, route efficiency, sales/service calls, timely service
Optimization – Proactive maintenance, odometer readings, vehicle health, fuel consumption
Compliance – Company policies, State/Federal laws, HOS
Expandability – Integrate with 3rd party software, power of the IOX, marketplace

Click here to request more information.

Flex Solar Asset Tracker for Geotab

by Eron Iler | Nov 26, 2019 | Assets & Equipment, Fleet Management

Flex Solar Asset Tracker

The Flex solar asset tracker represents a new evolution in the asset tracking space for the Geotab fleet management and GPS tracking lineup. Geotab has utilized the wired GO Rugged system for many years on heavy equipment. The GO Rugged reports telematics and engine fault code data on many types of equipment such as Caterpillar making it a great tool for equipment maintenance. However, this level of detail and the embedded features of the GO Rugged are not always needed.

Solar Asset GPS Tracker

The Flex solar asset tracker is a device ideal for asset inventory. Knowing the location of all trailers every morning from the once a day heartbeat can significantly improve asset utilization and the right sizing of your asset inventory. By selling off a single underutilized asset, you can fund a GPS tracking and telematics platform for most fleets for a lifetime.

When an asset is in motion the Flex devices recognizes the movement through an accelerometer and switches from inventory tracking to active tracking. When actively tracking, the Flex solar asset tracker will plot and transmit the trailer at a rate of once per minute. This optimized tracking provides fleet managers with the right data for the situation which keeps data costs as low as practical.

The Flex asset tracker brings many great features to the Geotab modular platform. The solar panel enables the device to provide more detail and last longer than devices that do not have a recharging capability to either internal or replaceable batteries. The solar panel gives the Flex asset tracker virtually an indefinite field life until the batteries wear out or the plastic gets brittle after many years of exposure. The Flex is IP-67 rated so it is designed to withstand mother nature and provide reliable long-term GPS tracking. Devices using replaceable batteries require someone to locate, travel to and replace the batteries which adds labor cost to managing the GPS trackers in the field.

Asset Tracker Installation – Easy!

Installing the Flex solar asset tracker is extremely easy. The Flex should be installed vertically to easily allow snow and dirt to fall or rinse off. The solar cell generally charges from zero power to full power in 4-5 days of direct summer sunlight. On cloudy days the solar cell will charge at a rate of about 40%. When fully charged the battery can go 3-4 months with no sunlight (which never happens) and continue to report once per day.

If you are looking for an asset tracker or a complete GPS tracking and telematics solution, Fleetistics offers many great options. A Fleetistics advisor will work with you to find the right fleet management solutions to meet your needs for the lowest investment.

Call 855.300.0527 or Contact Us

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Selecting An Asset Tracker

by Eron Iler | Nov 20, 2019 | Fleet Management

Selecting an asset tracker is an important decision. Therefore taking the time to define your requirements is critical to getting it right the first time. Once an asset tracker is deployed it is difficult and expensive to service or replace when unforeseen issues arise. Clearly defining your top priorities prevents costly mistakes. In contrast many cool features are tempting to pursue, but sticking to the core functionality you require results in better decision making.

Available Networks for Asset Trackers

First of all, choose the appropriate communications network. Satellite communication is more expensive but works in remote areas. Cellular communication allows for more data and is less expensive, but may not work in remote areas. This one variable cuts the number of available devices and solutions to consider in half. Where cell service is not available, satellite tracking is the only reliable way to go.

Power Options for Asset Trackers

Next, determine how you will power the asset tracker. There are three primary choices but some systems offer a combination. You can connect to the asset’s power source, use battery powered devices, or solar powered devices that are recharging whenever exposed to light. Battery powered devices are available in rechargeable or replaceable battery models. The best power option is determined by many variables. Here are a few good questions to consider.

Do the assets often sit idle and unpowered?
How frequently are they moved?
Are the assets difficult to get to?

Solar devices are excellent choices when long life and low maintenance are concerns. Rechargeable devices work well for assets that are tended and moved frequently. In contrast, hard-wired devices are an excellent choice for yellow steel.

Purpose – What Data is Needed?

Finally, consider the amount and type of data needed to meet your asset tracking goals. Ultimately your return on investment depends upon getting the right data.

While construction equipment often warrants a GPS device that updates more often when in motion than when idle, trailers scattered across the country can be managed with a single daily location update. Understanding how the asset tracker reports is key to meeting your goals.

There are a few other decisions to make, but these will become more obvious as you narrow down the choices for asset trackers. Weather resistance, ease of installation, availabilty of replacement batteries, and PTO monitoring capability are factors to consider. Creating a spreadsheet to document the variables for each asset tracer you are considering is very helpful. Follow the process, and in the end the decision will be clear.