Automotive Fleet Magazine estimates that “an average fleet wastes between 5% and 10% of its annual budgeted dollars.” Most fleets have room to improve when it comes to efficiencies. One great way to optimize your fleet is by using vehicle performance reporting. Managers of high-performance vehicles can especially benefit from this type of reporting.
Valuable performance statistics can be generated from vehicle performance reporting. These statistics can help managers to better optimize their fleets. In this article, we will explain how vehicle performance reporting can benefit your fleet, how to set performance reporting goals, and how to supercharge vehicle performance reporting with telematics. In addition, we will outline key fleet vehicle performance metrics.
How to Set Vehicle Performance Reporting Goals
Vehicle performance reporting is most effective when used to track and reach goals. The metrics of your vehicle performance reporting should be tied to strategic objectives as well as being central to its core mission.
Key Performance Indicators (KPIs) are quantifiable measurements that can be utilized to gauge a fleet’s long-term performance. If you are looking to develop meaningful KPIs to guide your vehicle performance reporting you should identify key supporting measures and gather supporting data for each, engage stakeholders, and consider external and internal factors.
Look to form metrics around available data—vehicle connected data, for instance. Be sure to align your metrics with your fleet’s strategic goals. These may involve productivity, cost management, sustainability, or risk factors. Fleet managers should implement benchmarks for each KPI by using data from similar fleets or internal historical data.
Supercharge Vehicle Performance Statistics with Telematics
Telematics opens up a wealth of data on your fleet. Fleet managers would be wise to consider alternative options to historical indicators (fuel economy or accidents per million miles for example). Telematics can open up a whole world of vehicle performance statistics unknown to managers still utilizing historical indicators.
Combining a fleet’s strategic goals with telematics data can generate clearly-defined KPIs that accelerate vehicle (and business) performance. Vehicle performance can be gauged with telematic metrics like hard braking or acceleration, idling, speeding, average time at each consumer site, or revenue per visit.
Make sure to always be continually reviewing and renewing your key performance indicators. It’s important to note that managers should ensure they align with your fleet’s goals. KPIs should evolve alongside your company objectives. Vehicle performance reporting should always be an ongoing task.
Key Fleet Vehicle Performance Metrics
Performance metrics help fleet managers scrutinize how their fleet is performing. Tracking these metrics is key to ensuring a fleet is operating at an optimized level. Vehicle performance metrics are integral to tracking fleet downtime and the effectiveness of a fleet’s maintenance operations——both of which greatly impact the bottom line.
Below are some examples of the best vehicle performance metrics fleet managers should be tracking.
Preventative Maintenance Program Compliance
This vehicle performance metric tracks the number of preventative maintenance tasks performed on schedule. This metric is integral to your fleet’s operational efficiency. When maintenance tasks are not completed on time a maintenance program becomes ineffective.
When maintenance programs break down in efficiency, unplanned vehicle downtime increases. Fleet managers should aim for 95% of maintenance tasks to be completed on time. Fleet’s with high-performance vehicles will especially benefit from preventative maintenance program compliance as repairs on more expensive vehicles are generally greater.
Scheduled Repair Rate
Scheduled repair rate is a vehicle performance metric that tracks the portion of repairs that are identified and completed. This metric is highly important as repairs that are not conducted can result in unplanned (and expensive) vehicle downtime and breakdowns. Fleets should utilize the best vehicle performance parts they can acquire. Fleet managers should aim for around 60-70% scheduled repair rate.
Road Call Rate
This metric of vehicle performance tracks the percentage of repairs performed on broken-down fleet vehicles that can’t make it back to the repair center. Combine this metric with your scheduled repair rate to gain insight into how effective your preventative maintenance process is. Fleet managers should have a target rate of 2% for road calls.
Fleet Availability Rate
This metric tracks the percentage of time during which a fleet manager can guarantee the regular availability of a fleet vehicle. The vehicles most critical for fleet operations should have the highest availability rate. Fleet managers should aim for a fleet availability rate of around 95%.
Fleet Vehicle Comeback Rate
This metric measures the frequency with which a fleet vehicle returns to the repair center for the same repair within a set time period. A high fleet vehicle comeback rate is a sign of poor service quality. Fleet managers should aim for a fleet vehicle comeback rate of only 1%—repairs should only have to happen once!
Repair Turnover Rate
This metric tracks the time it takes to complete a repair. Fleet managers should aim for a one to two-day turnaround on their fleet vehicle repairs.
Fleet Maintenance Metrics for High-Performance Vehicles
Fleets of high-performance vehicles can’t cut corners when it comes to maintenance. Vehicle performance reporting can help you gauge how your maintenance operation is doing and track your progress as you improve it.
There are three main metrics managers of high-performance vehicles should be aware of: inspection results, diagnostic trouble codes (DTC), and repair turnover.
Driver Vehicle Inspection Reports (DVIRs) contain a wealth of data that can be utilized by fleet managers to improve preventative maintenance strategies and lessen vehicle downtime.
Using a telematics device with fleet management software lets managers of high-performance vehicles receive DTCs remotely in real-time. This live information can help fleet managers better plan maintenance tasks.
Vehicle downtime is expensive for fleets. High-performance vehicles are no exception. Fleet managers should track repair turnover and ensure the productivity of the maintenance department.
Vehicle performance reporting can be utilized by fleet managers to optimize their fleets. To help your fleet set and reach these goals check out Azuga. The experts at Azuga aim to improve fleet safety, boost productivity, and save companies thousands per year.