The TOP 8 fleet metrics to pay attention to

How to start managing your fleet using a data-first approach 

1. MAINTENANCE & REPAIR COSTS

Breakdowns & Unexpected Repairs 

• Vehicle breakdowns can be costly and disrupt operations. By closely monitoring maintenance and repair costs, you can identify vehicles that require frequent repairs or have increasing maintenance expenses. TIP: track interval maintenance costs separately from one-off maintenance and repair costs to help determine what vehicles are increasing in cost, this will help you decide when it’s time to remarket them.  

2. INTERVAL & PREVENTATIVE MAINTENANCE COSTS

• Regular maintenance schedules should be set up for all vehicles to prevent major breakdowns and prolong their lifespan. This will reduce overall maintenance costs. If you start to see the costs of routine maintenance for a specific vehicle increase it may be an indication to look further into it, and perhaps it might be time to look at replacing the vehicle.  

3. VEHICLE DOWNTIME

• Minimizing vehicle downtime is crucial for maintaining efficient fleet operations. Downtime directly impacts productivity and customer satisfaction. We suggest tracking the time a vehicle spends off the road due to maintenance, repairs, or other reasons. Analyzing downtime data allows you to identify trends, implement preventive measures, and plan for backup vehicles. This can be a tricky number to track, working with a fleet management company can not only help you reduce this cost but also understand your baseline so you can accurately predict your costs of operations.  

4. DRIVER BEHAVIOUR & SAFETY

Safe driving is not only essential for reducing accidents and injuries but also for improving fuel efficiency and vehicle longevity. Tracking metrics such as harsh braking, speeding incidents, and overall driver behavior helps you identify high-risk drivers and provide targeted training and feedback. Improving driver safety can lead to fewer accidents and reduced insurance costs. When you work with ThinkFleet, we can provide you with monthly reporting to help you understand driver behaviour. See the image for the types of reports we can produce for you.

5. INSPECTION REPORTS DATA

• When your drivers complete inspection reports at the beginning of their shifts it helps to keep your fleet compliant and alerts managers of anticipated repairs or issues with the vehicles. It will also help drivers be more accountable and ensures that any required claims are processed properly. When you work with ThinkFleet under our maintenance program we ensure these reports are completed, we also compile the data and reach out to you when something needs your attention.  

6. ODOMETER READING

• Keeping track of each odometer reading will help indicate when preventative maintenance should be scheduled. On a larger scale, it will be a key contributor to determining your fleet strategy, ie. what vehicles you will remarket and when. TIP: Consider opting for telematics in your fleet. Telematics data eliminates the risk of manual errors in odometer reporting and provides complete visibility into your fleet. 

7. FUEL USAGE

• As you know, fuel costs are a significant portion of your fleet’s operating expenses. By keeping an eye on fuel consumption you can identify fuel-wasting vehicles, address potential maintenance issues, and even consider adopting alternative fuels or more fuel-efficient vehicles. Improving fuel efficiency not only saves costs but also helps reduce your fleet’s carbon footprint. 

8. TOTAL COST OF OWNERSHIP (TCO)

• The Total Cost of Ownership metric provides a comprehensive view of a vehicle’s expenses over its entire lifecycle. It includes not just the initial purchase cost but also ongoing expenses like fuel, maintenance, repairs, insurance, downtime, and depreciation. Comparing TCOs of different vehicle models will help you make informed decisions about fleet additions or replacements, considering long-term savings and efficiency gains. More on this here!

In the modern era of fleet management, data-driven decision-making is the key to success. By paying close attention to these top metrics you can make informed choices to optimize fleet performance, reduce costs, enhance safety, and improve overall operational efficiency. Embracing technology and advanced fleet management software enables efficient data collection, analysis, and reporting, providing you with the insights you need to keep rolling!

Not sure where to start when it comes to data metrics and your fleet. We are here to help.