Managing fleet assets is a complicated process, and you always want to ensure you get the most out of the assets at your disposal. If you find that your attempts to boost your fleet asset utilization are missing the mark, you’re not alone.
Asset utilization is a challenge for fleets of all kinds; half of fleet assets sit unused. Luckily, tools and technology solutions can help you get your asset management back on track. Let’s discuss how you can best augment your fleet asset utilization.
No. 1: Measure Fleet Asset Utilization Consistently
When faced with the challenge of enhancing fleet asset utilization, you can take advantage of new and innovative processes to help you do the job you need to do. You’ll need to focus on specific KPIs that will help you improve your asset utilization within the shipping supply chain. These include:
- Owner/Operator to Driver Ratio: If this ratio is low, you’ll have more opportunities for in-house drivers to bring in more affordable freight rates.
- Percentage of Loaded Miles: When this percentage increases, you’ll have better fleet asset utilization.
- Loads per Truck per Week: Tracking this ratio will alert you to missed load opportunities within your shipping network.
- Percentage of Brokerage Revenue: Tracking profits and losses from brokers means you’ll see better returns.
No. 2: Analyze Data to Create Benchmarks
If you cannot see and analyze freight data, you won’t be able to maximize your fleet asset utilization. You must be able to make improvements based on data. So many fleet businesses leave freight data untouched when they don’t use external data source pools. But what exactly do you do with your data?
Fleet management software helps you analyze data regarding your assets so you can apply the insights to your asset utilization plan. You can use this data to find more missed opportunities and boost the performance of your equipment.
No. 3: Reduce Profit Loss with More Efficiency
While it may be easy to see when your business isn’t making the profit you expect, it is often hard to take action to fix the problem. You must choose the best loads for your trucks that maximize revenue, but there are a lot of other factors to consider.
Delays at pickups, road closures, and other similar problems can also cost your fleet money. Fleet management software helps you navigate these problems with real-time tracking and easy-to-use data. All of the information you need is in one simple place.
No. 4: Employ Preventative Maintenance
When maintenance is unstable, you’ll find that your assets’ life expectancy is much lower. Regular maintenance ensures the prolonged survival of your assets, so you get more profit from your investment. This element is often overlooked when considering asset utilization, but it is critical to ensure you get the most of what you have.
Use Fleet Management Software to Augment Fleet Asset Utilization
Fleet management software can help you accomplish any of your asset utilization goals with ease. Azuga offers the best fleet management software on the market, asset trackers, and other tools that help you get the most out of your fleet’s assets. See what you can do with fleet management software by trying out a demo of our tools.