Part of being a fleet manager is constantly analyzing the performance of your fleet to see where you can improve. One of your top goals is maximizing your fleet’s efficiency, ensuring you get the most work and revenue you can for the money you put in. There are many ways to measure your fleet efficiency, and you can gather any data you need using fleet management software. Let’s explore some KPIs you should be tracking.
Revenue per Truck
You’ll undoubtedly want to know how much revenue each truck on your fleet brings in. This KPI will help you pinpoint wasteful habits like downtime and empty miles. You can measure your average per-truck efficiency by dividing total monthly revenue by the number of trucks you have. Continue doing this for several months, taking seasonal changes into consideration, and you can establish how efficient each of your trucks is.
Fuel prices are rising, and fuel is already the most significant spend for any fleet business. Your fleet management solution can help you monitor fuel usage and determine where you may be generating waste. Some factors that impact fuel usage include your vehicle’s condition, the type of vehicle, and driver behavior. Most class 8 trucks have an average MPG of 7.27. However, if your truck is fuel efficient, your MPG should fall between 8.5 to 11.5 MPG.
Learn how you can get more mileage out of your fuel in our blog article, “3 Ways to Reduce Fuel Costs.”
Operational Cost per Mile and Truck
Tracking your fleet’s operational costs is immensely beneficial to your business. When using this approach, you should focus on two aspects: cost per mile and cost per truck. Establishing your cost per truck can tell you whether you’re efficiently managing expenses. Be sure to account for unused downtime and capacity.
Cost per mile can tell you how much profit each truck brings in with each load. This can inform your decisions about how much to carry.
Truckload Capacity Usage
If you typically carry less than a truckload, you should measure the truckload capacity for your truck. If your trucks often operate with unused space, your profit margin is reduced. To calculate this figure, create a percentage for used capacity compared to the total capacity of each truck. The recommended percentage for a single truck is 50%, so a more efficient truck should have an average utilization of at least 80%.
Get the Data You Need with Azuga
When gathering data, you need a fleet management solution that works at all levels of fleet management. That’s where Azuga comes in. Our fleet management software is a comprehensive approach to managing your fleet. Gather data on maintenance, safety, spending, and more. You can even automatically generate some of the figures mentioned in this article with our reports feature! To see how we can help you optimize your fleet’s efficiency, speak with one of our experts today.