Managing a fleet of vehicles is a big job, and while there are many tools you can use to make it easier (like automation), you still need to spend quite a bit of time coming up with the metrics you’ll track.
Running a profitable, functional fleet requires knowing how each vehicle is performing at any given time, along with tracking routine maintenance and opportunities for warranty reimbursements on repairs. This requires tracking specific metrics.
So, which metrics should you track? It depends. To get a good idea of your options, here are the top four metrics fleet managers track across various industries.
1. How well your KPIs are being met
It’s a good idea to start tracking the efficacy of your Key Performance Indicators (KPIs) because all too often, KPIs are created arbitrarily to keep people on track and they don’t support business decisions. However, you may not know right away if you need to change yours.
Your fleet’s success will depend on choosing the right KPIs. For example, fleet management experts at Cetaris explain that your maintenance KPIs should pass the HAATT test. The KPIs you choose need to be:
Helpful for decision-making
Agreed upon by all stakeholders
Applied to clean and accurate data
Timely, accurate, and actionable
Tied to long-term business goals
Take a good look at your KPIs and look for patterns that may indicate they aren’t helpful. How often do your KPIs influence decisions? Are they only something you discuss in meetings? Do the people you hold responsible for your KPIs actually have an impact on those numbers, or are people being held responsible for outcomes they don’t control?
KPIs should not be created for the sole purpose of holding employees accountable for their tasks, but rather, how their work impacts the overall business.
2. Daily maintenance task completion
Your maintenance team will have plenty of tasks to perform each day, and it’s crucial to track how easily and often they get their daily work completed.
Your maintenance team’s ability to complete their work will drastically influence how effective your business operates. If there is anything holding your teams back, like ending the day with overdue PMs, and purchase orders that remain open for more than a week, you can only get to the root if you’re tracking these tasks.
3. Gas mileage
You may not be able to increase gas mileage beyond the usual tips and tricks , but tracking this metric will alert you to potential problems with your vehicles. For example, if each vehicle in your fleet will naturally experience a slight reduction in gas mileage over time as the vehicle ages. What isn’t normal is when gas mileage decreases noticeably beyond what’s considered typical.
A decrease in gas mileage can indicate a variety of different problems, like bad alignment, worn tire tread, improperly inflated tires, a bad oxygen sensor, misfiring spark plugs, and even a dirty air filter. When you track your fleet’s gas mileage, you’ll get a heads up to check for these and other potential issues.
4. Repairs that qualify for warranty reimbursements
When you don’t track warranty reimbursements, it’s easy to forget about filing claims, but that’s costing you more than you might think. Even when done in house, repairs can get expensive. However, you can save a significant amount of money on repairs by tracking your warranty reimbursement opportunities with fleet management software. For example, sometimes warranties cover brake fluid flushes , which are important maintenance tasks.
When your software application alerts you that a particular repair is covered, the system will assign someone on your maintenance team to start the reimbursement paperwork, and like clockwork, you’ll get paid each time your vehicles qualify. Many fleet managers have been able to save thousands of dollars this way, and that’s a significant amount of money that you can reinvest back into your business.
5. Route efficiency
How efficient are your routes? Whether you’re delivering groceries or showing up for repairs, the roads your drivers travel matter. If they’re not taking the most efficient routes possible, you’re spending more money on gas and payroll, and putting more wear and tear on your vehicles that will add up over time.
Tracking route efficiency will help you optimize the routes your drivers take, and with the right software, routes can be calculated on a daily basis based on current traffic conditions.
Improve your fleet by tracking essential metrics
You can’t improve your business if you aren’t measuring your performance. Once you start tracking critical metrics, you’ll have the insight necessary to methodically improve and grow your business.
