Nearly half of the workers in fleet management realize a return on investment within six months of implementing a GPS tracking system. In a survey conducted by Bobit Business Media’s Fleet Group, more than 1,100 business owners, fleet operators, and general managers participated in a survey regarding their biggest fleet management challenges, and how they use technology to solve them.
Approximately four out of 10 fleets utilize GPS fleet management. As the technology gains traction, we can expect more businesses to realize its benefits and establish a reliable system. In fact, 51 percent of current users have been with their provider for over three years and 80 percent of all users are satisfied with their current GPS system.
Current users of GPS tracking ranked improved productivity, improved routing, and improved customer service as the top benefits. By tracing travel routes of their fleet, managers can make suggestions on better pathing for their drivers, which may decrease travel distance, time, and save money on fuel. In addition, productivity is increased as a direct result of improved routing as drivers are now able to make deliveries in less time, and businesses are able to provide better service for their customers from faster delivery turnarounds.
The number one reason, for many other purchases as well, is cost. To implement GPS tracking, businesses must purchase devices, implement backend systems, and provide training, which could be a costly upfront investment. Secondly, the lack of need for the technology deters fleet managers from implementing GPS tracking. For example, smaller fleets may not have the demand to fully utilize the benefits of tracking. Last of all, implementation takes time. Installation may be quick, however training may take days or weeks depending on the fleet size and operational efficiency.
Triumph Commercial Finance offers alternative financing options that are in tune with today’s economic environment. We understand the challenges associated with acquiring equipment and machinery needed to do business while still holding onto operating capital. Our experienced team of experts knows the ins and outs of equipment finance in order to make sure all needs are met.
To learn more about the ways that Triumph Commercial Finance can help your company experience success while maintaining growth through different financing options, please visit our website.