Imagine shaving a substantial chunk off of your operating costs, while generating more revenue per vehicle. Those are the direct benefits of using fleet management software. Efficiencies gained through remote vehicle tracking and diagnostics can lead to notable cost reductions–and even reduced insurance premiums by way of risk management.
If your business has vehicles, here’s how fleet management software can automate processes, minimize manual errors and power a whole new level of productivity and profitability.
What is fleet management software?
The core purpose of fleet management software is to help businesses keep track of their vehicles and make sure they’re running smoothly. Data collected from each vehicle–such as battery level and location–is communicated to the backend operating system, which in turn sends commands to control vehicle output or access.
Have you ever lost track of an asset or wondered if a driver took a longer-than-necessary route? Fleet management software eliminates these uncertainties.
Key features of fleet management software
Beyond seeing where your vehicles are in real-time, a vehicle tracking system can offer insights into usage patterns and performance metrics. With dozens—or thousands—of connected vehicles sending signals multiple times a minute, a wealth of data is at your fingertips. But having data isn’t the same as using it.
Fleet management software’s visual analytics and reporting tools handle the heavy lifting for you, presenting clear, concise reports that aid in decision-making. And that’s not all. From vehicle performance to rider behavior, you get a complete picture to help optimize every aspect of your fleet.
To get a better idea, here are a few key features of Joyride’s own fleet management solution:
Location Tracking
Stay one click away from knowing where vehicles are, who is using them and how they’re performing
Live Map and Heat Map
Visualize hotspots, analyze rider behavior and identify high-demand areas
Geofencing
Define where vehicles must be parked, and take precautionary measures around potential risk areas
Customer Billing
Configure billing plans and manage payment gateways across public, private and rental fleets
Admin Roles
Share tiered data access with fleet managers, franchises, clients and operating partners
Vehicle Health
Remotely assess vehicle availability, battery level and total fleet metrics, such as utilization and idle time
Event Triggers
Set triggers to be notified of specific actions and events concerning fleet vehicles
Scalable System
Oversee fleets in multiple locations, currencies, time zones
Benefits of implementing fleet management software
Since every trip and transaction is logged automatically, a fleet management dashboard gives you a high-level perspective of productivity, as well as the ability to examine specific issues. The immediate insights from data collection can have such a profound impact on operations that businesses often see a return on investment shortly after implementing these systems.
These are the three main benefits that Joyride-powered mobility businesses rave about the most:
Extended vehicle lifespans
Purchasing or leasing a fleet requires substantial upfront capital which must be recouped before any profits are to be made. The trouble is, vehicles depreciate over time, and high usage rates for shared mobility and rental vehicles accelerates this process.
With GPS vehicle tracking software, operators can effectively monitor the whereabouts of their assets, reducing instances of misplaced or lost vehicles.
Proactive maintenance practices also significantly contribute to extending the lifespan of fleet vehicles. For instance, Voi’s Voiager 4 model, launched in 2021, has an estimated lifespan of 4.6 years for the frame and 3.7 years for each battery. This is a substantial improvement compared to the early days of the industry when shared e-scooters only lasted a few months.
Reduced labor costs
Labor is a significant cost for shared mobility fleets due to the need for constant monitoring, charging and rebalancing of the vehicles. Traditional fleet management practices, reliant on outdated infrastructure and manual processes, often create friction and inefficiencies.
By optimizing labor productivity through fleet management software, companies can reduce these costs significantly, ensuring that their workforce is focused only on tasks with high impact. Lanterne’s integration with Joyride provides even greater benefits; such as demand forecasting and optimized rebalancing routes.
Lower insurance premiums
Insurance costs are sky-high for shared mobility and rental fleets due to the perceived risk associated with multiple drivers/riders and varied usage patterns. These fleets often require extensive coverage options, including theft, damage, and general liability insurance to protect against a wide range of risks.
Implementing real-time telematics and incident avoidance systems can reduce insurance costs by as much as 5-10%. While insurers are unlikely to provide discounts for new businesses, fleets that demonstrate lower risk profiles through comprehensive data collection may be able to negotiate better premiums in year two and beyond.
Choosing the right fleet management software for your business
Selecting the right fleet management software to invest in can feel like a monumental task, but it doesn’t have to be. Start by assessing your specific fleet requirements.
For example, if fuel efficiency for your logistics vehicles is a top priority, look for software with comprehensive route optimization features.
Likewise, if you are a distributor renting out various vehicle makes and models to consumers, a multi-modal fleet management system will be essential.
Save time and money
A system that tracks and manages vehicles is a valuable investment across all types of fleets and use cases. Joyride’s solution can power everything from golf carts and LSVS, to rental scooters, e-bikes, cargo trikes and beyond.
Contact us to learn more about how we’ve supercharged fleet productivity and profitability in 250+ global markets.
