15 Metrics Every Fleet Manager Should Be Tracking

vehicle-fleet

Fleet managers are always trying to get the best out of their fleet vehicles; part of their job is to lower the business costs, increase profit margins, and keep the fleet perfectly safe.

This allows businesses to invest in other things that matter like insurance coverage for commercial vehicles such as Rideshur, and it also makes way for the business to secure much-needed discounts from the insurance company.

For this, a manager must analyze key metrics to understand how well their fleet is performing and where it is lacking.

Key Metrics For Evaluating The Fleet Performance

Here are 15 important metrics to be monitored (and why) by every fleet manager:

  1. The daily vehicle inspection reports reveal much about the state of vehicles and the company’s attitude towards resolving the issues.
  2. Preventive maintenance schedules help fleet managers cut down the maintenance costs, as long as they adhere to the schedule.
  3. On-board diagnosis reports deliver key insights about the state of your vehicle, the issues it faces, and possible solutions.
  4. The time spent out of action for all of your vehicles undergoing maintenance; this lets a managers deduce which repair/maintenance service is the most time-efficient.
  5. Odometer readings, especially for vehicles with telematics systems installed, allow fleet managers to better plan preventive maintenance and to keep the cars in top shape.
  6. Fuel usage and wastage are important factors to consider as they directly affect the productivity and profitability of your fleet business.
  7. Determining the total cost of ownership for your fleet is a bit hard, but it can give managers key insights about developing sound strategies for new purchases, replacements, etc.
  8. The average hours of usage for all of your assets is another important metric as it allows you to get the best ROI for your fleet.
  9. If your manager was tracking the metrics mentioned above like odometer readings, TCO, and average use, then they’ll also be able to deduce and track vehicle replacement requirements.
  10. The availability of different replacement parts for your vehicles and other essential inventory items.
  11. The location history and other data delivered by the telematics system is another important well-spring of information about the state and performance level of any fleet.
  12. Safety/risk statistics can also help fleet managers identify areas of improvement concerning car accident possibilities.
  13. Driver performance data is yet another important area to explore if you want to keep your fleets safe and operating optimally.
  14. The technician productivity metrics will allow you to get the best out of your technical staff (or from a third party, if you’ve outsourced the department).
  15. Lastly, you need to put all of these together in terms of performance excellence and assess how well your fleet is doing in all of these areas.

Bottom Line

Fleet metrics give quantitative insights into the challenges faced, allowing the managers to respond accordingly and make amends wherever needed.

Your fleet is bound to perform well in certain areas but not so well in others, once you identify the margin by which the performance is lacking, the rest will be simple.

Good luck!