Fleet asset management software plays an integral role in enabling fleet managers to better manage their vehicles and other assets.
In this article, we’re taking a closer look at why fleet asset management is so important, and some of the key benefits this software offers fleet managers:
What is Fleet Asset Management?
Fleet management is a form of asset management. In strict accounting teams, vehicles that are purchased for long-term use are assets. As are vehicles that are financed, if they have a value greater than the balanced owed.
However, all vehicles are considered assets to most businesses in the sense that they provide a crucial role to the business, there are costs involved, and they require careful management.
Asset management is the process of procuring, maintaining, monitoring, and improving the efficiency of a business’s assets.
For a fleet manager, this means accurately measuring the performance of vehicles and other fleet-related assets to maximise their efficiency and improve ROIs.
Benefits of Fleet Asset Management Software
Here is a look at 6 of the key benefits of using fleet asset management software for organizations of all sizes:
Detailed Asset Cost Analysis
Having complete visibility and knowing the true cost of operating your fleet, maintaining your assets, and the value of your assets helps fleet managers make better data-driven decisions.
From having a detailed understanding of your vehicle maintenance costs and fuel consumption to depreciation and netbook values, fleet asset management software provides detailed asset cost analysis.
This level of detail gives fleet managers and other financial analysts a better picture of an organisation’s final health. As well as enabling decision-makers to gain data-driven insights in ways they can further cut costs.
Real-Time Asset Tracking
One of the main advantages of integrating fleet management software is the ability to track your assets in real-time.
This helps fleet managers identify potential problems – and solutions – quickly and helps make better data-backed decisions.
You can also implement changes or run ‘what-if’ scenarios and look at what the impact of those decisions will be.
In addition to this, asset management software enables you to reduce paperwork and manual tasks. You can upload asset details in PDFs and other document formats, and call these documents electronically.
Cutting costs is at the heart of what a fleet manager does. Using asset management software makes finding ways to save costs associated with assets a lot easier to identify.
Seeing all of your operating costs, asset values, and depreciation costs in one place gives you greater visibility. Along with tracking asset reliability and durability, far-future forecasting, and much more.
Asset management software like FleetCheck enables you to set KPIs that are important to your business. Giving you a bespoke solution to finding areas where you can cut asset-related costs.
A lot of fleet managers are still using spreadsheets to manage their assets. This comes with some serious limitations, an increased risk of human error, lacks security and is more time-consuming than using software.
Spreadsheets are an outdated way of tracking and managing fleet assets. If you’re still using spreadsheets, please call us today to arrange a demo of our software and we can guarantee you’ll see the benefit of moving to our FleetCheck fleet management software.
Asset Inspection App
We’ve developed a driver walkaround checking app that helps reduce paperwork and facilitates a more robust and reliable way for fleet managers to manage their biggest assets, vehicles.
You can create your own custom checksheets, and drivers can perform their daily checks and send the information back to FleetCheck via remote data.
This helps create a DVSA compliant robust audit trail while saving a lot of time on manual tasks. Multiply this by the number of vehicles in your fleet, then by the number of days using the app and you’ll see how quickly the number of hours saved grows.
Better Equipment Management
If you’re in the construction industry, you’ll know how difficult it can be to keep track of your machinery, plant, and equipment.
By using the Allocation feature within FleetCheck, you can trace where all of your equipment is and perform inventory checks.
Asset management software will also ensure all of your equipment is compliant, keep a record of where machinery has been used, any defects reported, maintenance, and anything else relevant to the item.