How can you increase profit using your fleet's ELD data?

 

Effectively leveraging the Best ELD Devices can assist in enhancing profit by optimizing operations and improving overall efficiency. Most carriers have used ELD in recent years to comply with the FMCSA's ELD mandate. While many first saw ELDs as a burden, those who picked the correct solution rapidly changed their minds.

Because ELD systems, when combined with a quality fleet management solution, may provide unmatched data on a carrier's operations. The appropriate solution can transform this data into actionable insights to help your company boost profitability and grow.   

Let's understand how a firm increases its profits using the fleet's data.

1. Idle Time Tracking Helps You Save Money on Fuel

Gasoline accounts for 24% of operational costs, according to ATRI. This figure has lately climbed as fuel costs have rebounded from their 2016 lows. There are numerous ways to use fleet ELD data, and the Best ELD For Small Fleets helps to reduce fuel use, but idle time is one of the most important.

A heavy-duty truck ideally burns around 8 gallons of fuel each hour. The average vehicle runs for about 1,800 hours each year. A fuel price of $3.10 per gallon corresponds to a $4,464 annual cost per vehicle.

2. Avoid vehicle failures

Vehicle repairs are costly. Aside from the part replacements, you're frequently charged for a tow truck and external mechanics. Freight delays caused by failures can also irritate critical clients, resulting in lost future revenue.

Some ELDs can continuously monitor your fleet's vehicles for errors and provide them in simple reports. You can set up real-time notifications as well.

3. Billing Precision

The Best ELD For Small Fleets is a good source for tracking the amount of time spent on specific jobs. Ensure correct billing to clients and receive complete payment for your services.

Over to you

Using the Best ELD Devices and applying these tactics, you may optimize your fleet's operations and eventually boost profitability. Regularly evaluating and analyzing ELD data is critical for continuous growth and financial success in fleet management operations.

To know more about Telematics GPS Tracking please visit our website: etrucks.com

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