How does your vehicle tracking system stack up? Quartix offers some quick tips for calculating return on investment
For any busy company with pressures and priorities, opting for a new vehicle tracking system can be a decision that unfortunately falls to the wayside. Whether or not a telematics solution is already in place, many businesses forget to put aside time to re-evaluate and review the market. Meanwhile, technology is evolving and decisions to transform services are becoming increasingly critical to achieving sustainable and profitable operations. The question is: How does your vehicle tracking system stack up?
Quartix’s experience with over 13,000 businesses has shown that small changes can make huge differences. What works for one company also might not always apply to another setting. We find many businesses understand the importance of considering which telematics package best supports their fleet operations, but they lack a way of reviewing their current system’s return on investment against any alternatives. That’s why we’ve constructed a simple formula to help businesses to calculate the costs, project the potential benefits and accurately weigh up their options. It’s a great way to help stakeholders decide exactly where to invest money.
Our step by step guide is free to download and helps you assess just how much benefit your business will derive from any vehicle tracking solutions you are considering. You can use it to form a sound business case for change, with real-life examples of your fleet’s data. The benefit of investing in a new telematics system can often be dismissed as ‘keeping up with technology’ or simply chasing the lowest price. Here’s how you’ll ensure that all the benefits are fully understood:
- The stats: Give context to costs and savings by using real fleet data from your business.
- Demonstrate the value that your suggestions will bring to all aspects of the business.
- Quantitative and qualitative: Remember to also cover areas of the business that will see a difference in quality.
- Give practical examples of how a system will influence operations.
- Address the business risk of not changing against the risks associated with new alternatives.
- State how to measure success. It’s important to track the success of your decision.
- List the key performance indicators that will be used to measure improvements.
The operational characteristics of your fleet can easily be put into perspective by answering a few simple questions, outlined in Building a Business Case for a Vehicle Tracking System. The process not only includes weighing up the running costs of the system and its impact on the running costs of your fleet, it also involves creating a checklist of desired benefits that will provide a clear link between your vehicle tracking system and your business objectives. This can help gauge how many key areas a tracking system will be able to help you with. The vehicle tracking system features that your business needs will depend on which key benefits are relevant and important to your business.
There are ways to pre-empt questions from those reviewing your recommendation for a new vehicle tracking system. Firstly, determine that adequate budget is available to invest in each option that you are considering. Secondly, consider if there is anything else to add to your concerns list to ensure that each option meets your business needs. Is the system reliable and is there a support package? Will it introduce new ways of working and how will that change be managed?
Once you have assessed the immediate benefits and risks, it’s important to step back and look at how a vehicle tracking system will affect your business on a wider scale. Perhaps your business uses other software that the GPS tracking system would ideally integrate with and more unique requirements may arise. A few pointers are listed here.
To take the test and assess your vehicle tracking savings potential, head over to quartix.net and download the free guide.
If you would like to learn more about the Quartix system or the benefits of vehicle tracking, contact 01686 806 663 or enquiries@quartix.net
Tel: +44 1686 806 663
www.quartix.net
Twitter: Quartix
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