3 July 2024

Does your telematics solution help fleets save money?

Hand filling up the car with fuel. Marker saying "Lower Fuel consumption"

Telematics solutions have the potential to do great things for fleet customers. Location tracking, route optimization, and operational efficiencies are just a few benefits. But, fleets are demanding more from their telematics suppliers, to help them address the latest business challenges.

In this blog post, I focus on three hot topics for fleets to help you determine whether your telematics solution is ahead of the game when it comes to outranking your competitors.

Read quick guide: Telematics customers & ESG reporting

1. The management of driver safety

Driver safety is perhaps the most crucial component of fleet management. It involves keeping drivers safe, but also helping to keep members of the public safe and positively contributing to society.

As a telematics solution provider, you have the potential to deliver valuable driver safety insights to fleets, enabling them to see which drivers are highest and lowest risk, where improvements can be made, and helping them to determine what action should be taken to mitigate risk.

It’s also worth noting that Environmental, Social & Governance (ESG) regulations – that might already apply to your customers – require companies to submit information about their social impact. For your customers, fulfiling these regulations involves sharing data relating to driver safety, including how they measure and manage it.

2. A focus on the environment

Sustainability management has never been more important to fleets than it is now. There are multiple reasons for this. The UN Sustainable Development Goals urge companies to play their role in transforming our world for the better.

Added to that, investors, customers and other stakeholders are increasingly concerned with companies’ impact on the planet. And, of course, ESG regulations require companies to be transparent about, and report on, their climate impact.

Does your telematics solution enable fleets to measure their carbon footprint? If not, it can be easily enhanced to do so, without the need for additional technology.

3. It’s all about the bottom line

For any business, money matters. And the more you can help your fleet customers to reduce costs, the better. The great news is that addressing points 1 and 2 above helps your customers to save money. Here’s why:

Safety: If your telematics solution helps your customers to measure and mitigate driver risk, it also helps them to reduce crashes, injuries, downtime, repairs, insurance, and damage. And, research has shown that a company culture that prioritizes safety experiences benefits such as higher employee retention, well-being and efficiency.

Sustainability: Ensuring your telematics solution enables your customers to measure and mitigate climate impact also helps them to reduce fuel consumption, vehicle maintenance costs, tire use and helps to prolong the vehicle lifecycle.

In summary, fleets are looking to uncover greater value from their telematics solutions so they can get to grips with the business challenges that matter most. If you don’t evolve your solution to meet your customers’ needs you could find yourself being left behind by the competition.