Leveraging performance and delivering more fruitful results is what every business management expects from its workforce. But this performance appraisal can only be seen when it is being monitored and measured continuously. And this works for not only the human workforce, but is the key for the business relying on their on-wheels assets: their fleet vehicles. Be it driver or vehicle detail, keeping the entire data at the fleet manager’s fingertips makes it easier for businesses to calculate and elevate the performance. Such performance monitoring is done by analyzing it on few parameters. These parameters are termed as ‘Performance Metrics’.
In a bid to obtain desired results and make your fleet operations smooth, we have drafted seven important performance metrics that need to be tracked by fleet managers. Keeping an eye on them and assessing the performance through them will increase your fleet’s overall efficiency. For your better understanding, in this blog, we have divided these seven metrics into three major categories. So let’s discuss these 7 performance metrics in detail –
Metrics of cost has always been a decisive factor in determining the success of any organization. Minimizing operational costs and delivering profits have always been on the hotlist of the fleet managers. Apart from the factors, such as fuel prices that are not in our control, there are multiple parameters, which can define the fleet’s costing –
Wear and tear of any spare part are inevitable, especially in the case of large business fleets. But simultaneously the service life of those parts and vehicle inventory is in our control. Proper and timely maintenance of these parts reduces vehicle downtime to a greater extent. Thus, tracking of fleet inventory helps to minimize the stock-outs and unnecessary expenses as well. So, keeping an eye on the fleet inventory becomes an important metric to be monitored on a regular basis by fleet managers.
- Tracking over and under usage
This is one of the trickiest and daunting tasks for fleet managers to deal with. Ensuring equal utilization of all the vehicles plays a pivotal role in increasing the lifespan of vehicles and avoiding technical glitches. Thus managers should track each vehicle’s working hours or keep records of distance travelled in the whole day. On the contrary, monitoring the under usage of any vehicle becomes important too. Thus, tracking this metric helps managers assign the work to a particular vehicle as per its condition and capacity.
Managing a huge fleet that comprises of bulky vehicles, demands for some extra efforts towards maintenance. And this can’t be executed single-handedly until you have a technological helping hand with you. Fleet management and tracking system offer a range of feature that helps managers to keep a regular check on the performance metrics related to maintenance.
Larger the fleet is, greater needs the efforts to check the fleet health. It becomes impossible for managers to perform vehicle inspections before embarking on every business trip. And a small scope of error during the journey may cause huge and irreparable losses to fleet budgets. So, regular vehicle inspection becomes a substantial metric for analyzing the fleet’s performance, and hence should be tracked by fleet managers. With a fleet management software, you can’t just carry out vehicle inspections in minutes, but can have records of past failures and downtimes as well through DVIR (Daily Vehicle Inspection Reports).
Adding to this, you can perform inspections generating customized reports and forms. This enables managers to track every small or critical issue with the fleet that needs serious attention.
- Choose service over repairs
It is among the core issues of any fleet that along with boosting the performance of vehicles, the managers focus on increasing the lifespan of vehicles too. So, this metric of timely service and maintenance should always be kept paramount in the fleet manager’s watchlist. Manually keeping an eye on the service and maintenance schedules escalates the chances of delaying or missing out servicing. This gives a severe blow to the fleet’s heath and performance. But now with automated systems and software this performance index can be easily tracked, as alerts and notifications help avoid missing the important or due service dates.
Last but not the least category of these performance metrics. Dealing with the huge amount of fleet data is itself a challenging task and holds a greater significance. Through multiple measures managers can track any information and assess performance. Let’s have a look at them –
Storing, managing and retrieving vital fleet info is a hard nut to crack for managers, and having all details on paper add more complexities to their jobs. But at the same time, it is important to keep a track of it. In such a situation, digitizing the whole system is the fix to this issue. Storing the vehicle and driver details on a centralized platform makes it easier for managers to monitor and retrieve it anytime and anywhere. Tracking this metric helps saving money, time and resources that eventually boost the productivity of the organization.
- Monitoring safety standards
When it comes to the safety and security of fleet vehicles, especially while they are on the move, the evolving fleet management technology becomes an aid. It helps fleet managers keep a track of the safety of vehicles through unique and robust features, viz. geofencing, live location tracking, theft alert, auto-ignition off, etc.
Supplementing to the vehicle safety, securing people on roads and travelling through fleet vehicles, also becomes the responsibility of fleet managers. Thus, tracking and controlling careless driving activities can be termed as the most important fleet metric. Modern fleet systems are equipped with sensors that timely report any such activities, avoiding further mishaps.
- Assessing drivers’ performance
Till now, we had ample of discussion related to the metrics dealing with fleet vehicle’s performance, safety and maintenance. Now let’s turn our heads towards an important but usually overlooked metric: drivers’ performance assessment. Along with the vehicle, the driver’s productivity is pivotal in increasing the fleet’s efficiency, and hence it needs to be tracked.
Through a fleet management system, managers can keep a tab of individual driver’s performance, and can rate them accordingly. Such ratings foster a healthy competition among drivers and make them crave more to perform better. Through customized and exportable reports managers can also find the loopholes or underperforming assets in the systems.
This blog helped you identify the important metrics that need to be tracked regularly in order to make your fleet become better. Along with these seven listed metrics, more are the parameters that help to determine the productivity of fleet, and thus to have a system equipped with all such performance measuring indices is a prime need of today. Basecamp Scout is a perfect blend of such features and tools that make tracking these metrics a cake walk for them and profitable deal for businesses.