{"id":13640,"date":"2022-05-01T16:55:12","date_gmt":"2022-05-01T14:55:12","guid":{"rendered":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/?p=13640"},"modified":"2022-05-01T16:56:02","modified_gmt":"2022-05-01T14:56:02","slug":"telematics-39","status":"publish","type":"post","link":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/2022\/05\/01\/telematics-39\/","title":{"rendered":"8 Steps for Documenting the ROI of Telematics"},"content":{"rendered":"

IntelliShift<\/i><\/span><\/p>\n

Proving the ROI of video telematics is easier than you think.<\/b><\/span><\/p>\n

Telematics can yield all sorts of gains: reduced insurance, repair, and replacement costs due to increased safety; reduced fuel costs through driver coaching and proactive maintenance; avoiding fines by remaining compliant with government regulations; and lowered operational expenses and increased potential for revenue through optimized dispatching and routing \u2014 just to name a few. But how do fleets document all of those returns on their investment? Seven industry insiders share their tips.<\/span><\/p>\n

Step 1:\u00a0Establish a Baseline<\/span><\/h2>\n

Recording how your fleet is running before implementing telematics is the first step for documenting ROI. After all, you can\u2019t truly track the impact of your solution without comparing the before and after.<\/span><\/p>\n

\u201cTo successfully understand the ROI behind implementing telematics, managers should establish a baseline before installing and utilizing the hardware to compare against the metrics after the hardware has been installed for a few months; this comparison will help identify ROI,\u201d said Sherry Calkins, associate vice president, strategic partners, Geotab.<\/span><\/p>\n

Meghan Saunders, partner marketing manager, Fleetio, said tracking baseline data is critical for helping fleets show how telematics help solve the challenges they face. \u201cYou should establish your current costs and challenge areas, then document the data once you have your fleet management software solution, like Fleetio, along with your telematics provider,\u201d she said. \u201cThis will likely show improvement in your previous challenges, resulting in enhanced performance and cost savings.\u201d<\/span><\/p>\n

\"Geotab\u2019s<\/span>
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Geotab\u2019s latest model of its industry\u2010leading telematics device, the GO9+. Geotab<\/span><\/p>\n<\/figcaption><\/figure>\n

Saunders said one Fleetio customer documented a 48% reduction in maintenance spend by comparing month-over-month maintenance costs before their investment in Fleetio and then again after their investment. \u201cBy having their maintenance records fully documented and easily accessible by their team, they were able to avoid over-spending on maintenance by performing PMs on time and ensuring their drivers were not performing PMs too frequently,\u201d she explained.<\/span><\/p>\n

Step 2:\u00a0Choose Which Metrics to Track<\/span><\/h2>\n

Comparing against a baseline is great in theory, but how does it work in practice? An important part of that process is identifying which metrics to track.<\/span><\/p>\n

\u201cData is plentiful and should be applied intelligently to the specific needs and context,\u201d said Edward Montes, CEO, GPS Trackit. \u201cFor instance, a services fleet should have distinct metrics from a long-haul trucking fleet.\u201d<\/span><\/p>\n

The list of potential metrics is a long one, so it\u2019s wise to track those that align with your key fleet goals. A few examples include:<\/span><\/p>\n

Improved Safety<\/strong><\/span><\/p>\n