What is IoT in vehicles and how did it originate?IoT is a network of
Fleet visibility is important to every business owner. When a manager has access to data and visibility into the fleet, they’re already ahead of the industry norms. They understand that a real-time data analysis will give them a peek into what’s really happening.
Every business wants an ROI or Return on Investment for every piece of technology that they onboard as part of their Operations ecosystem. If we, as business owners are aware that fleet analytics can not just fix but also improve the workflow, then how does one prove it?
Features like Telematics and Location Intelligence have become more integral than just being an add-on feature. Other such necessary features would be Real Time Visibility, Alerts and Theft Prevention.
After speaking to many of our clients, I decided to look at all cost factors and tabulate the average returns of all our clients to make the ROI Calculator. The calculator can be used by any fleet owner to get an idea of the expected cost benefits. As of now, the calculator already takes into account the primary devices that we provide all our clients with. Additionally, it also comes with an Anti-Theft technology to make up for lost revenue in penalties or cargo theft.
With the help of this data, business owners can solve issues themselves in the most optimal manner using the technology.
3 Ways The ROI Calculator Can Help You Business
- Increased Flexibility - When and where to ensure maximum efficiency
- Increased Efficiency - How to increase revenue using the entire fleet
- Cost Savings - How to deliver in time without wasting labour, resources and costs.
How To Run the ROI Calculator
We ask the user to insert certain details about their fleet -
- Fleet Size
- Device Of Interest
- E-Locks Quantity
The user is free to select the type of device which is best suited for their operations. For example, the user can choose between OBD Devices and Wired Devices.
- On-board Diagnostic devices or OBD are basically used to convert data from the vehicle engine into a more readable format, which then goes to the backend for us to analyse. OBD devices are a sophisticated technology which can capture data like the real time location of the vehicle, , fault codes, servicing alerts and much more.
- Wired Devices are a more rudimentary version of OBD devices which can only tell the geo-location of the vehicle.
On a side note, the user can also dabble in e-locks. E-locks are basically used for remote locking or unlocking of merchandise in the trucks. This is a great way to prevent any theft, making it an ideal buy for high-value merchandise where even the petty thefts can amount to lakhs or even crores of rupees in lost goods.
After the required data has been fed to the calculator, the user will be asked to feed in additional data according to the categories given below -
- Vehicle Type
- Idling Information
- Fleet Run Rate
- Fuel Rate
- Mileage Metrics
- Maintenance Frequency
- Labor Cost
- Safety Related Information
- Merchandise Value Information
- Other Details Related To Productivity etc.
Using the above-fed data, the calculator then uses deductive formulae based on pre-existing data on fleets on the platform. The following metrics are accounted for -
- Mileage Improvements
- Idling Visibility
- Vehicle Breakdown Prevention
- Safety Improvement
- Theft Related Savings
- Maintenance Reduction
The calculator calculates the ROI on the basis of each of the above mentioned metrics. For example, according to previous data, cabs/buses showed a 5% improvement in mileage as opposed to heavy vehicles like trucks which showed a 7% improvement.
Another such vertical would be where our calculator determines the number of months for a new feature to break even and start making profits. This can be done using Fleetx’s Devices & Software Intelligence in Breakeven Term Metric.
The general formula used is -
((Gains - Costs)/Costs)* 100 i.e. ROI
We can claim that our customers optimised their work flow by a certain percentage. However, the reality is that each fleet environment is vastly different from the other and these numbers can not be generalised.
This is exactly where our expert consultants come into the picture and help you maneuver into the optimal plan of action to gain maximum cost benefit.
If you would like to have an ROI calculation for your Fleet, Please Redirect Here.
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